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General information

Leading integrated alluminum producer. Owns substantial stake in Norilsk Nickel. Subject to alluminum and power prices volatility. As the company beneficiary (O. Deripaska) remains under US sanctions, the company is not included in target portfolio, because it may be deincentivized to pay dividends which would settle on US restricted accounts
  • Current market environment: negative. Prices of production are 3.9% lower compared to the last 12 months (LTM)
  • Prices of production are at 65.3% percentile over the past 5 years, adjusted for inflation
  • Dividend yield for the last twelve months -2.4%
  • Free cash flow yield -14.7% (LTM), projected -26.4%
  • Share of USD-denominated sales in revenue of the company (estimate) 91.0%
  • Share price is 17.0% higher than minimum and 31.2% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (14.2x vs
    )
  • The company is overvalued by EV / projected EBITDA multiple compared to target level (
    vs
    )
  • Taking into account the impact of the key rate 17.0% on the change in financial parameters: EBITDA adjustment is -31 178 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is -29 671 mln rub, expected mult is -37.7x, target mult is 9.0x, potential is -280.0%

Key Financials (Download financials)

Ticker: RUAL
Share price, RUB:  (+0.2%)32.575
year average price 34.37  


year start price 31.06 2024-09-18

max close price 43.50 2025-03-17

min close price 27.84 2025-07-11

current price 32.31 2025-09-17
Common stocks: 15 193 010 000
Dividend Yield:  -2.4%
FCF Yield LTM / expected: -14.7% / -26.4%
EV / LTM EBITDA:14.2x
EV / EBITDA annualized: 10.4x
Production prices change from LTM: -3.9%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 494 912
Net Debt (m RUB): 555 871
EV (Enterprise Value): 1 050 783
EBITDA LTM (m RUB): 73 992
Net Income LTM (m RUB): 17 302
EV / LTM EBITDA: 14.2x
Net Debt / LTM EBITDA (if EBITDA > 0): 7.5x
Average daily trading volume for the week, RUB mln: 650
P / E 28.6x
P / B 0.5x
EBITDA margin ann-d 7.7%
Net income margin ann-d -1.2%

Revenue and EBITDA

Semi-Annual 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

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Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 H1 656 862+27% 123 162+4% 22 012-45% -7 599<-100% 14 500-34% -51 012>+200%
2024 H2 629 420-8% 148 752+36% -5 028+4% 24 901<-100% 21 394<-100% -34 408+5%
2024 H1 517 050+13% 118 935+112% 39 948<-100% 51 296+58% 21 971+6% -15 979-23%
2023 H2 685 534+120% 109 207>+200% -4 843-87% -6 044-69% -7 297-6% -32 764<-100%
2023 H1 459 015-17% 56 209-70% -2 548<-100% 32 428-75% 20 770+31% -20 847-63%
2022 H2 311 588-34% 11 951-92% -37 526<-100% -19 699<-100% -7 741<-100% 5 720<-100%
2022 H1 551 954+36% 184 499+52% 118 215+69% 129 636-14% 15 896>+200% -57 101+64%
2021 H2 471 228+30% 150 758+5% 81 908>+200% 85 704+78% 2 745<-100% -23 606-46%
2021 H1 404 735<-100% 121 071<-100% 69 969>+200% 149 891>+200% 1 857-89% -34 836>+200%
2020 H2 361 367+15% 143 339+179% 13 487>+200% 48 154+56% -5 438<-100% -43 618+82%
2020 H1 -280 025 -34 524 7 393 8 648 16 739 -8 021
2019 H2 314 421 51 295 2 793 30 816 1 444 -23 979


Balance


Implied interest rate for 2025 H1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (51 012 - 14 500) * 2 / (555 871 - 0)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 H1 949 783-7% 1 887 4030% 555 871+5% 13.1% 7.51x
2024 H2 1 140 440+15% 2 257 391+16% 639 159+33% 4.1% 7.43x
2024 H1 1 025 825+2% 1 889 240-2% 531 906-5% -2.3% 4.84x
2023 H2 995 406+10% 1 939 487+7% 482 251+6%   7.18x
2023 H1 1 009 855+32% 1 918 609+47% 562 016+97% 0.0% 14.32x
2022 H2 907 641+15% 1 816 536+16% 456 291+59%   1.56x
2022 H1 764 238+12% 1 307 808-13% 285 187-7% 28.9% 0.77x
2021 H2 786 998+63% 1 563 378+22% 287 235-30% 14.5% 1.31x
2021 H1 682 205 1 494 861+21% 306 408 21.5% 1.32x
2020 H2 482 795>+200% 1 282 288>+200% 409 892   2.73x
2020 H1   1 236 902     5.05x
2019 H2 6 747 17 814     9.07x


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 H1 77 566<-100% -46 120+119% -69 792>+200%
2024 H2 82 421-44% -81 229+24% 20 165<-100%
2024 H1 -36 588<-100% -21 063-31% -9 442-92%
2023 H2 146 445>+200% -65 638-2% -52 036<-100%
2023 H1 18 222<-100% -30 730<-100% -111 414+48%
2022 H2 48 662+42% -67 052+22% 161 994<-100%
2022 H1 -73 923<-100% 95 992+6% -75 235+185%
2021 H2 34 250-51% -54 822>+200% -111 774+188%
2021 H1 49 468>+200% 90 618>+200% -26 368+101%
2020 H2 69 583+31% -18 179<-100% -38 826+27%
2020 H1 12 066 27 758 -13 112
2019 H2 53 029 7 897 -30 463
RSBU data *The values are shown in mln RUB The % change shows the difference from the same period last year

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Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q2 9 029>+200% 9 029>+200% 8 026>+200% 6 139>+200% 13 994+164% -13 290+186%
2025 q1 155 009>+200% 155 009>+200% 154 526>+200% 188 947>+200% 11 204+82% -10 846+132%
2024 q4 27 121-10% 27 121-10% 26 553-11% 43 508-50% 11 369+114% -10 954+131%
2024 q3 0<-100% 0<-100% -654<-100% -4 470<-100% 8 667+58% -8 156+65%
2024 q2 2 544+100% 2 544+100% 1 600<-100% 2 032>+200% 5 293+4% -4 641+2%
2024 q1 2 700+100% 2 700+100% 2 125<-100% 2 556<-100% 6 146+2% -4 672-13%
2023 q4 30 062+34% 30 062+34% 29 676+35% 87 762<-100% 5 319-29% -4 733-21%
2023 q3 836-15% 836-15% 80-84% 2 799<-100% 5 497-7% -4 930+17%
2023 q2 0<-100% 0<-100% -974+56% 66<-100% 5 070-25% -4 549+12%
2023 q1 0<-100% 0<-100% -480<-100% -399<-100% 6 023+73% -5 392+68%
2022 q4 22 356>+200% 22 356>+200% 21 953>+200% -66 191>+200% 7 485+87% -5 972+40%
2022 q3 983-68% 983-68% 518-79% -13 956<-100% 5 940+57% -4 205-7%
2022 q2 1<-100% 1<-100% -626<-100% 33 149-79% 6 763+189% -4 079-9%
2022 q1 70 322>+200% 70 322>+200% 69 524>+200% 52 332<-100% 3 474+51% -3 206-26%
2021 q4 4 155-45% 4 155-45% 3 405-54% -5 102<-100% 3 995>+200% -4 265+187%
2021 q3 3 102 3 102 2 453 366 3 784 -4 529
2021 q2 150 219 150 219 149 551 154 326 2 339 -4 463
2021 q1 5 098 5 098 4 722 -2 197 2 300 -4 341
2020 q4 7 516 7 516 7 334 6 467 559 -1 484
2020 q3            


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (13 290 - 13 994) * 4 / (17 987 - 0)

Q Total equity Total assets Net debt
 
2025 q2 1 396 674+20% 1 854 744+11% 17 987+40%
2025 q1 1 390 534+20% 1 824 768+7% 25 564<-100%
2024 q4 1 201 587+4% 1 770 575+7% 35 709+15%
2024 q3 1 158 079+8% 1 725 475+8% 26 754-76%
2024 q2 1 162 549+9% 1 669 581+9% 12 829-88%
2024 q1 1 160 517+9% 1 698 347+15% -10 043<-100%
2023 q4 1 157 961+8% 1 650 3700% 31 079-38%
2023 q3 1 070 199-6% 1 598 420+2% 112 897>+200%
2023 q2 1 067 401-8% 1 530 234+4% 107 017>+200%
2023 q1 1 067 334-6% 1 475 1260% 44 755-73%
2022 q4 1 067 582-1% 1 653 775+17% 50 107-76%
2022 q3 1 133 773+5% 1 559 646+10% 22 686-89%
2022 q2 1 165 175+8% 1 472 516+4% 14 149-93%
2022 q1 1 132 026+5% 1 471 166+4% 164 751-20%
2021 q4 1 079 695+16% 1 412 559+4% 205 389-38%
2021 q3 1 079 695 1 412 559 205 322-38%
2021 q2 1 079 695 1 412 559 205 322
2021 q1 1 079 695 1 412 559 205 322
2020 q4 932 302 1 360 867 331 398
2020 q3     331 398
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company