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General information

Rostelecom PJSC is Russia's national telecommunications operator, with points of presence in all Russian regions. The Company provides a wide range of telecommunications services, including telephone, broadband and mobile data, television, and cloud and IT solutions. Rostelecom serves residential, corporate and government customers.
  • Good financial results growth rate 12.4% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (10.5%)
  • Dividend yield for the last twelve months 4.3%
  • Free cash flow yield -66.6% (LTM)
  • Share price is 26.0% higher than minimum and 41.1% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (3.1x vs
    )
  • Fundamental value created in LTM (estimate)
  • Taking into account the impact of the key rate 17.0% on the change in financial parameters: EBITDA adjustment is -39 962 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 272 305 mln rub, expected mult is 3.6x, target mult is 3.4x, potential is -22.2%

Key Financials (Download financials)

Ticker: RTKM
Share price, RUB:  (+0.2%)63.54
year average price 63.94  


year start price 78.90 2024-09-18

max close price 81.01 2024-09-24

min close price 50.42 2024-12-16

current price 63.27 2025-09-17
Share price (preferred), RUB:  (+0.9%)61.15
Common stocks: 2 574 910 000
Dividend Yield:  4.3%
FCF Yield LTM: -66.6%
EV / LTM EBITDA:3.1x
EV / EBITDA annualized: 3.0x
Last revenue growth (y/y):  13.5%
Last growth of EBITDA (y/y):  11.3%
Historical revenue growth:  11.8%
Historical growth of EBITDA:  9.1%
Target EV / EBITDA (hist percentile):
Express share price potential:
Fundamental value created in LTM:
Fundamental value created in LTM:
 Mult Upside-13.4%
 FCF Creation-66.6%
 Growth+12.4%
 Growth Corr+1.0%
 
 Sum-66.7%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 176 425
Net Debt (m RUB): 766 265
EV (Enterprise Value): 942 690
EBITDA LTM (m RUB): 305 028
Net Income LTM (m RUB): 10 826
EV / LTM EBITDA: 3.1x
Net Debt / LTM EBITDA (if EBITDA > 0): 2.5x
Average daily trading volume for the week, RUB mln: 386
P / E 16.3x
P / E ann-d7.3x
P / B 0.6x
EBITDA margin ann-d 39.2%
Net income margin ann-d 3.0%

Revenue and EBITDA

Quarterly values (m RUB)

Change (y/y)

Cash Flow

FCF (m RUB), before FX effects elimination

Net Debt / Cash and Equivalents (m RUB)

Share price and dividends (Download history)

Share price

Payment RUB per share

Multiple and potential

EV / LTM EBITDA and 50% percentile

Potential dynamics

Daily trade volumes

Millions of RUB

P/B and P/E multipliers

P / B

P / E

MSFO data *The values are shown in mln RUB The % change shows the difference from the same period last year

View as Pivot Table       Export as Pivot Table (xlsx)



Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q2 ( 12266 , 12289 ) 203 462+13%   37 091+20% 6 054-55% 1 971+22% -31 574+69%
2025 q1 ( 9824 , 12288 ) 190 143+9%   33 247+5% 6 790-46% 1 844+30% -29 949+64%
2024 q4 ( 9345 , 12287 ) 233 890+12%   31 422+18% 4 719+152% 2 509+144% -27 938+68%
2024 q3 ( 9208 , 12286 ) 192 988+11%   30 350-11% -6 737<-100% 1 801+66% -21 894+77%
2024 q2 ( 8915 , 12285 ) 179 311+11%   30 801+24% 13 567+43% 1 613+70% -18 711+68%
2024 q1 ( 8629 , 12284 ) 173 756+9%   31 807-6% 12 511-28% 1 422+63% -18 216+59%
2023 q4 ( 7702 , 8924 ) 209 337+23%   26 527+25% 1 875-52% 1 028+21% -16 604+41%
2023 q3 173 928+29%   34 239+52% 13 564+58% 1 088+39% -12 356-3%
2023 q2 ( 3226 , 8923 ) 162 268+20%   24 838-5% 9 515-16% 947+35% -11 168-24%
2023 q1 159 560   33 739 17 373 872 -11 431
2022 q4 170 695+2%   21 191+165% 3 866>+200% 853+43% -11 776+7%
2022 q3 134 707-5%   22 462+6% 8 573+2% 782+32% -12 711+26%
2022 q2 134 680-3%   26 282+21% 11 386+2% 702<-100% -14 654+63%
2021 q4 ( 2129 , 2924 ) 167 573+3%   8 009+10% 450<-100% 598+176% -11 008+25%
2021 q3 ( 2130 , 2925 ) 141 213+5%   21 228-8% 8 398-30% 594-4% -10 055+27%
2021 q2 ( 2131 , 2926 ) 138 589+9%   21 798+20% 11 174+40% -269<-100% -8 967-4%
2021 q1 ( 2132 , 2927 ) 131 958+9%   22 672+20% 11 810+53% 1 282+98% -8 893+8%
2020 q4 ( 2133 , 2928 ) 163 009+72%   7 295<-100% -1 522-86% 217<-100% -8 809<-100%
2020 q3 134 988+61%   23 087+121% 11 988+87% 619-16% -7 929+57%
2020 q2 ( 2135 , 2930 ) 127 279+59%   18 195>+200% 7 990>+200% 899+1% -9 354>+200%
2020 q1 ( 2136 , 2931 ) 121 613+55%   18 947+95% 7 712+37% 646+106% -8 272+81%
2019 q4 ( 2137 , 2932 ) 94 867+9%   -26 739+70% -10 957+43% -385<-100% 6 623-16%
2019 q3 ( 2134 , 2138 , 2933 ) 83 727+5%   10 455-4% 6 412+12% 741+120% -5 052+14%
2019 q2 ( 2139 , 2934 ) 80 160+4%   2 701-68% 2 283-26% 889+75% -1 491-65%
2019 q1 ( 2140 , 2935 ) 78 667+3%   9 709+16% 5 631+46% 313-45% -4 575+13%
2018 q4 ( 2141 , 2936 ) 87 257+4%   -15 690<-100% -7 658<-100% 158<-100% 7 873<-100%
2018 q3 79 414+5%   10 933+19% 5 702+46% 337-52% -4 445+9%
2018 q2 77 365+3%   8 343-26% 3 095+10% 509<-100% -4 301-26%
2018 q1 76 203+8%   8 357+3% 3 864+23% 565+17% -4 054+11%
2017 q4 84 113+5%   9 312-17% 4 169+16% -133<-100% -3 815-14%
2017 q3 75 614+4%   9 177-22% 3 906-4% 703<-100% -4 067-6%
2017 q2 75 166+5%   11 303+37% 2 825+76% -110<-100% -5 802+36%
2017 q1 70 436-3%   8 093-5% 3 150+5% 481-13% -3 666-11%
2016 q4 80 407-1%   11 248+19% 3 586-13% 421<-100% -4 451<-100%
2016 q3 72 7810%   11 815+19% 4 060+98% -133-86% -4 342+9%
2016 q2 ( 2147 , 2151 ) 71 7940%   8 271-15% 1 601-61% 222-57% -4 275+6%
2016 q1 72 4640%   8 502-12% 3 002-27% 551+6% -4 107+2%
2015 q4 81 019+11%   9 475-17% 4 116-43% -542<-100% 3 787<-100%
2015 q3 72 4960%   9 944-13% 2 046-72% -927<-100% -3 990+184%
2015 q2 72 130-1%   9 692-10% 4 114-19% 518 -4 018>+200%
2015 q1 72 130-1%   9 692-10% 4 114-19% 518 -4 018>+200%
2014 q4 72 705-20%   11 481-42% 7 199-42% 47-94% -1 403-70%
2014 q3 72 705-20%   11 481-42% 7 199-42% 47-94% -1 403-70%
2014 q2 72 622>+200%   10 792>+200% 5 088+108%   -178+75%
2014 q1 72 622-6%   10 792-11% 5 088-26%   -178-95%
2013 q4 90 404   19 741 12 373 841 -4 677
2013 q3 90 404+17%   19 741+47% 12 373+25% 841 -4 677+6%
2013 q2 5 564-93%   1 373-92% 2 450-75% 1 330+120% -102-97%
2013 q1 77 049-4%   12 132-29% 6 844-41% 428-48% -3 827+4%
2012 q4            
2012 q3 76 985+2%   13 434-9% 9 902+8%   -4 398+26%
2012 q2 80 853+13%   16 407+14% 9 975+4% 604+199% -3 890+17%
2012 q1 79 958   17 052 11 691 820 -3 666
2011 q4 74 483+8%   17 243+37% 13 656+74% 895+30% -2 826-4%
2011 q3 75 250   14 775 9 203 664 -3 497
2011 q2 71 799   14 407 9 556 202 -3 324
2010 q4 68 933   12 570 7 835 686 -2 950


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (31 574 - 1 971) * 4 / (766 265 - 54 592)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 ( 12266 , 12289 ) 285 375-3% 1 402 228+10% 766 265+23% 16.6% 2.51x
2025 q1 ( 9824 , 12288 ) 279 301-3% 1 375 335+10% 754 555+22% 16.1% 2.54x
2024 q4 ( 9345 , 12287 ) 273 6180% 1 380 913+11% 718 675+13% 15.3% 2.42x
2024 q3 ( 9208 , 12286 ) 269 835-8% 1 331 557+11% 683 266+23% 12.7% 2.40x
2024 q2 ( 8915 , 12285 ) 294 967+6% 1 277 114+12% 624 093+17% 11.9% 2.25x
2024 q1 ( 8629 , 12284 ) 288 093+5% 1 246 6680% 618 715 11.9% 2.26x
2023 q4 ( 7702 , 8924 ) 274 284+13% 1 243 808+11% 634 447 10.7% 2.29x
2023 q3 292 468+20% 1 198 832+7% 554 380 8.9% 2.10x
2023 q2 ( 3226 , 8923 ) 278 169+14% 1 141 795+2% 535 034 8.4% 2.07x
2023 q1 274 284 1 243 808     2.16x
2022 q4 243 691+7% 1 124 663+2%     2.26x
2022 q3 243 691+5% 1 124 663+7%     2.32x
2022 q2 243 691+9% 1 124 663+9%     2.38x
2021 q4 ( 2129 , 2924 ) 227 402+4% 1 102 888+10% 566 566+10% 7.9% 2.50x
2021 q3 ( 2130 , 2925 ) 231 807+25% 1 055 742+12% 560 734+18% 7.3% 2.67x
2021 q2 ( 2131 , 2926 ) 223 875+18% 1 035 204+13% 544 207+16%   2.67x
2021 q1 ( 2132 , 2927 ) 230 221+27% 1 007 934+13% 521 151+17% 6.3% 2.64x
2020 q4 ( 2133 , 2928 ) 217 676-17% 999 761+37% 516 407+109% 7.2% 2.73x
2020 q3 185 079-29% 942 465+41% 476 438+105% 6.1% 2.91x
2020 q2 ( 2135 , 2930 ) 189 801-25% 916 174+40% 470 770+106% 7.2% 3.37x
2020 q1 ( 2136 , 2931 ) 181 363-29% 889 917+36% 447 145+91% 6.9% 3.77x
2019 q4 ( 2137 , 2932 ) 262 188+4% 728 276+13% 247 254+16%   3.94x
2019 q3 ( 2134 , 2138 , 2933 ) 261 883+3% 670 544+7% 231 899+2% 7.6% 2.00x
2019 q2 ( 2139 , 2934 ) 254 710+3% 656 420+8% 228 172+4% 1.1% 2.01x
2019 q1 ( 2140 , 2935 ) 256 583+1% 654 328+9% 234 281+10% 7.4% 2.11x
2018 q4 ( 2141 , 2936 ) 250 953+1% 646 766+15% 212 288+15%   2.00x
2018 q3 253 583+4% 623 781+12% 228 018+17% 7.3% 2.12x
2018 q2 246 990-1% 610 429+9% 218 664 7.0% 2.12x
2018 q1 254 802+1% 601 176+8% 212 303+15% 6.7% 2.01x
2017 q4 249 3640% 560 229+1% 184 836+2%   1.99x
2017 q3 244 082-1% 556 621+1% 194 4050% 7.0% 2.03x
2017 q2 249 364+4% 560 2290%     1.94x
2017 q1 251 491+1% 556 6890% 184 435 7.1% 1.94x
2016 q4 248 6330% 555 682+1% 181 798+2% 9.1% 1.90x
2016 q3 245 735-2% 551 0860% 194 317   1.98x
2016 q2 ( 2147 , 2151 ) 239 435-3% 560 862+2% 188 601+8% 8.7% 1.89x
2016 q1 248 633 555 682     1.78x
2015 q4 249 664+2% 551 3200% 177 586+1%   1.77x
2015 q3 249 664 551 320     2.27x
2015 q2 245 682>+200% 548 0660% 174 197 8.3% 3.10x
2015 q1         6.46x
2014 q4 245 227+3% 548 634>+200% 175 211-19% 3.2%  
2014 q3          
2014 q2 97<-100% 548 634+1%      
2014 q1          
2013 q4 238 8320% 93 048-84% 216 976 7.2%  
2013 q3          
2013 q2 208 187-13% 544 371+2% 182 133-2% -2.7%  
2013 q1          
2012 q4 238 832-11% 567 190+11%      
2012 q3 252 208 551 911 198 031 8.9%  
2012 q2 238 023 535 865 185 510 7.1%  
2012 q1          
2011 q4 267 926 511 108 160 150 5.1%  
2011 q3          
2011 q2          
2010 q4          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 ( 12266 , 12289 ) 22 463-36% -30 748-13% -231 340-40%
2025 q1 ( 9824 , 12288 ) 19 073-67% -43 860+14% 233 118-40%
2024 q4 ( 9345 , 12287 ) 77 411+187% -65 411-6% 0<-100%
2024 q3 ( 9208 , 12286 ) 29 654-18% -39 500+26% 00%
2024 q2 ( 8915 , 12285 ) 35 073-15% -35 441+31% -386 991>+200%
2024 q1 ( 8629 , 12284 ) 57 373-15% -38 446+103% 387 055>+200%
2023 q4 ( 7702 , 8924 ) 27 001-23% -69 925+168% 32 923<-100%
2023 q3 36 131+1% -31 339+42% 0+100%
2023 q2 ( 3226 , 8923 ) 41 039+38% -26 953+9% -76 328>+200%
2023 q1 67 236 -18 978 76 328
2022 q4 35 265-41% -26 117-54% -8 309<-100%
2022 q3 35 787-8% -22 021-26% -18 671<-100%
2022 q2 29 661+17% -24 765-20% -8 848<-100%
2021 q4 ( 2129 , 2924 ) 59 342-1% -56 582+9% 0<-100%
2021 q3 ( 2130 , 2925 ) 39 056-15% -29 783-2% 0<-100%
2021 q2 ( 2131 , 2926 ) 25 384+55% -30 788+11% 0+100%
2021 q1 ( 2132 , 2927 ) 28 688+68% -30 687+18% 0<-100%
2020 q4 ( 2133 , 2928 ) 59 744+189% -52 145+80% 44 551-91%
2020 q3 45 938+120% -30 242+69% 62 690-4%
2020 q2 ( 2135 , 2930 ) 16 329+12% -27 699>+200% -62 690>+200%
2020 q1 ( 2136 , 2931 ) 17 034+162% -26 025+16% 128 821>+200%
2019 q4 ( 2137 , 2932 ) 20 656<-100% -28 935+6% 489 802<-100%
2019 q3 ( 2134 , 2138 , 2933 ) 20 925+15% -17 845+9% 65 075+21%
2019 q2 ( 2139 , 2934 ) 14 594+25% -5 867-59% -10 594<-100%
2019 q1 ( 2140 , 2935 ) 6 508-22% -22 343+48% 10 749+20%
2018 q4 ( 2141 , 2936 ) -5 766<-100% -27 287+48% -66 000<-100%
2018 q3 18 271+1% -16 325+35% 53 673<-100%
2018 q2 11 654+18% -14 442+16% 3 372<-100%
2018 q1 8 308-44% -15 125-15% 8 955-92%
2017 q4 28 957+17% -18 462+23% 0<-100%
2017 q3 18 020-1% -12 125-7% -9 152+23%
2017 q2 9 893+20% -12 451-16% -103 746-32%
2017 q1 14 899-6% -17 714-7% 112 899-30%
2016 q4 24 833+7% -15 060-2% 149-96%
2016 q3 18 1850% -13 029-14% -7 471+66%
2016 q2 ( 2147 , 2151 ) 8 258-49% -14 804+8% -152 822<-100%
2016 q1 15 901-3% -18 964+13% 160 301<-100%
2015 q4 23 141+12% -15 363-26% 3 312-58%
2015 q3 18 225-12% -15 225-27% -4 493<-100%
2015 q2 16 344-8% -13 703<-100% 0+100%
2015 q1 16 344-8% -16 775<-100% -2 131-91%
2014 q4 20 597<-100% -20 787<-100% 7 871-22%
2014 q3 20 597<-100% -20 787<-100% 7 871-22%
2014 q2 17 757-25% 4 695<-100% -22 797<-100%
2014 q1 17 757-21% 4 695<-100% -22 797<-100%
2013 q4 -7 805<-100% 4 970<-100% 10 087<-100%
2013 q3 -7 805<-100% 4 970<-100% 10 087<-100%
2013 q2 23 609+7% -15 945-24% 4 117>+200%
2013 q1 22 611+2% -15 945-24% 4 117<-100%
2012 q4 46<-100% -160-99% -280-83%
2012 q3 25 586+22% -21 559-12% -10 634>+200%
2012 q2 22 005+7% -20 929+64% 1 112-78%
2012 q1 22 149 -20 872 -815
2011 q4 21 582+2% -15 316+18% -1 688<-100%
2011 q3 20 949 -24 523 -2
2011 q2 20 582 -12 790 5 131
2010 q4 21 256 -12 961 0
RSBU data *The values are shown in mln RUB The % change shows the difference from the same period last year

View as Pivot Table       Export as Pivot Table (xlsx)



Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q2 114 862+12% 1 182<-100% 1 182<-100% -1 543<-100% 12 740+157% -26 508+64%
2025 q1 108 643+10% 190<-100% 190<-100% -4 403-6% 12 902>+200% -23 595+59%
2024 q4 137 787+8% -5 846<-100% -5 846<-100% 35 209>+200% 10 398+141% -25 432+48%
2024 q3 110 814+13% 1 464-4% 1 464-4% -9 275>+200% 6 990>+200% -21 414+115%
2024 q2 102 690+9% -664<-100% -664<-100% 33 267+119% 4 950>+200% -16 115+38%
2024 q1 99 214+11% -364<-100% -364<-100% -4 676<-100% 3 580+163% -14 835+60%
2023 q4 127 269+13% 1 689<-100% 1 689<-100% 2 253<-100% 4 312+172% -17 153+108%
2023 q3 97 803+12% 1 529-58% 1 529-58% -2 472<-100% 2 044+28% -9 937+16%
2023 q2 94 151+14% 828-78% 828-78% 15 196+155% 1 190-32% -11 716+8%
2023 q1 89 605 5 361 5 361 2 536 1 360 -9 250
2022 q4 112 411+36% -1 985<-100% -1 985<-100% -6 658<-100% 1 583 -8 233
2022 q3 87 118+6% 3 645-9% 3 645-9% 2 757-68% 1 592 -8 577
2022 q2 82 640+4% 3 682+166% 3 682+166% 5 952-28% 1 749 -10 815
2021 q4 82 647-5% 2 565-38% 2 565-38% 4 408<-100%    
2021 q3 82 453-4% 3 998-52% 3 998-52% 8 521+20%    
2021 q2 79 640+1% 1 386-55% 1 386-55% 8 298>+200%    
2021 q1 77 238+1% 366-91% 366+24% 3 536+69%    
2020 q4 87 064+9% 4 168-6% 4 168-6% -2 324+176%    
2020 q3 86 088+13% 8 247+79% 8 247+79% 7 105+105%    
2020 q2 79 114+6% 3 094-32% 3 094-32% 2 248-16%    
2020 q1 76 255+4% 4 296-1% 296-93% 2 094+174%    
2019 q4 79 931+5% 4 427-26% 4 427-26% -841<-100%    
2019 q3 76 211 4 617 4 617 3 468    
2019 q2 74 584 4 524 4 524 2 689    
2019 q1 73 061+2% 4 347-6% 4 347-6% 764<-100%    
2018 q4 76 485 6 010 6 010 1 345    
2018 q3            
2018 q2            
2018 q1 71 757 4 619 4 619 -728    
2017 q4            


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (26 508 - 12 740) * 4 / (512 977 - 0)

Q Total equity Total assets Net debt
 
2025 q2 317 1980% 1 214 392+12% 512 977+29%
2025 q1      
2024 q4 323 129+14% 1 199 555+19% 471 993+19%
2024 q3 287 919-5% 1 121 210+14% 439 922+28%
2024 q2 318 255+5% 1 083 158+14% 398 771+22%
2024 q1 284 989-2% 1 023 691-1% 409 133+3%
2023 q4 283 375-2% 1 012 162+7% 398 183+12%
2023 q3 304 382+5% 981 344+4% 344 307-3%
2023 q2 301 863+5% 948 8440% 328 125-8%
2023 q1 289 665 1 030 105 398 183
2022 q4 288 765 947 796 356 786+14%
2022 q3 288 765 947 796 356 786+12%
2022 q2 288 765 947 796 356 786+14%
2021 q4     312 923+6%
2021 q3     319 985+3%
2021 q2     311 929+3%
2021 q1     299 500+7%
2020 q4     294 916+34%
2020 q3     309 286+40%
2020 q2     302 540+38%
2020 q1     281 069+25%
2019 q4     220 253+9%
2019 q3     221 004+10%
2019 q2     219 995+9%
2019 q1     225 550+12%
2018 q4     201 515+6%
2018 q3     201 515
2018 q2     201 515
2018 q1     201 515
2017 q4     190 502
More information for subscribed users:
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Potential and Created Value,
commodities affecting the company