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General information

TOP-10 gold producer with growing output and financials. Historically had moderate corporate governance (related party transactions, etc), but starting with 2019 is paying dividends and shows signs of governance improvement
  • Current market environment: positive. Prices of production are 18.1% higher compared to the last 12 months (LTM)
  • Prices of production are at 99.9% percentile over the past 5 years, adjusted for inflation (are close to maximum)
  • Dividend yield for the last twelve months 12.8%
  • Free cash flow yield -25.8% (LTM), projected -34.2%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 0.0%
  • Share price is 33.4% higher than minimum and 48.7% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (6.4x vs
    )
  • The company is overvalued by EV / projected EBITDA multiple compared to target level (
    vs
    )
  • Taking into account the impact of the key rate 18.0% on the change in financial parameters: EBITDA adjustment is -5 937 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 10 430 mln rub, expected mult is 15.0x, target mult is 8.8x, potential is -133.5%

Key Financials (Download financials)

Ticker: SELG
Share price, RUB:  (-1.3%)46.83
year average price 47.00  


year start price 51.27 2024-09-14

max close price 59.38 2024-09-24

min close price 35.40 2024-12-16

current price 46.83 2025-09-13
Common stocks: 1 030 000 000
Dividend Yield:  12.8%
FCF Yield LTM / expected: -25.8% / -34.2%
EV / LTM EBITDA:6.4x
EV / EBITDA annualized: 12.9x
Production prices change from LTM: 18.1%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 48 235
Net Debt (m RUB): 89 575
EV (Enterprise Value): 137 810
EBITDA LTM (m RUB): 21 457
Net Income LTM (m RUB): -9 132
EV / LTM EBITDA: 6.4x
Net Debt / LTM EBITDA (if EBITDA > 0): 4.2x
Average daily trading volume for the week, RUB mln: 178
P / B 2.5x
EBITDA margin ann-d 18.8%
Net income margin ann-d -7.6%

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 14 214+36% 3 902+45% 7-55% -1 078-59%   -2 146+68%
2025 q1 14 214+36% 3 902+45% 7-55% -1 078-59%   -2 146+68%
2024 q4 16 318-13% 7 442+95% 4 715>+200% -3 231+24%   -1 729+41%
2024 q3 22 119+37% 5 976+48% 3 445+49% -3 745+41% -1 429+17% -1 353+23%
2024 q2 10 426-1% 2 687+12% 16-98% -2 618-28% -1 277+31% -1 277+31%
2024 q1 10 426-1% 2 687+12% 16-98% -2 618-28%   -1 277+31%
2023 q4 18 822+34% 3 817+21% 959-19% -2 609+70% -1 353+58% -1 224-37%
2023 q3 16 162+77% 4 031+103% 2 308>+200% -2 665<-100% -1 219+30% -1 096-64%
2023 q2 10 495+81% 2 403-11% 708-54% -3 631<-100% -973<-100% -973<-100%
2023 q1 10 495+81% 2 403-11% 708-54% -3 631<-100%   -973
2022 q4 14 027+15% 3 148-37% 1 184-68% -1 537<-100% -859+43% -1 957>+200%
2022 q3 9 112-29% 1 982-56% 426-88% 1 863-50% -936>+200% -3 054>+200%
2022 q2 5 790+2% 2 696+14% 1 548+5% 5 355+185% 8<-100% 5 188<-100%
2022 q1 5 790+2% 2 696+14% 1 548+5% 5 355+185% 8  
2021 q4 12 152+6% 5 011+16% 3 649+8% 2 413+13% -601+113% -507+28%
2021 q3 12 862+25% 4 545+23% 3 561+19% 3 691<-100% -258-51% -413-19%
2021 q2 5 656+10% 2 360+5% 1 477-7% 1 882<-100% -568 -568+14%
2021 q1 5 656 2 360 1 477 1 882   -568
2020 q4 11 509+58% 4 323+60% 3 371+94% 2 142+89% -282-41% -397-6%
2020 q3 10 330+12% 3 692+42% 3 000+88% -2 269<-100% -528 -512+39%
2020 q2 ( 2222 , 2223 ) 5 146+38% 2 250+89% 1 596>+200% -2 011>+200%   -496+22%
2019 q4 7 293+21% 2 698+29% 1 735+25% 1 132>+200% -475 -422+57%
2019 q3 9 224+33% 2 602+50% 1 598+22% 326-61%   -369+68%
2019 q2 3 742+97% 1 188+56% 45-80% -464+22%   -405+17%
2019 q1 3 742 1 188 45 -464   -405
2018 q4 6 042+29% 2 100+33% 1 388+165% 134-73%   -270+171%
2018 q3 6 916+14% 1 730+33% 1 305+34% 842+54%   -220+95%
2018 q2 1 904+67% 760+117% 222>+200% -380+168%   -348+113%
2017 q4 4 6740% 1 584-18% 524-68% 499-83%   -100-38%
2017 q3 6 045+2% 1 304-8% 977-20% 546+1%   -113-51%
2017 q2 1 143+20% 350-1% 66-57% -142-42%   -163-26%
2017 q1 1 143+20% 350-1% 66-57% -142-42%   -163-26%
2016 q4 4 672+32% 1 920+55% 1 630>+200% 2 862<-100% -221 -161-9%
2016 q3 ( 2234 , 5926 ) 5 945+36% 1 422+50% 1 216+47% 538<-100% 74+62% -231+92%
2016 q2 956+87% 354>+200% 152<-100% -243+104%   -219+23%
2016 q1 956+87% 354>+200% 152<-100% -243+104%   -219+23%
2015 q4 3 535>+200% 1 237+147% 283+24% -541-40%   -177+48%
2015 q3 4 357+53% 947-4% 826-1% -161-23% 45 -120<-100%
2015 q2 511+27% 101<-100% -84-56% -119-55%   -178+53%
2015 q1 511+27% 101<-100% -84-56% -119-55%   -178+14%
2014 q4 ( 2239 , 2240 , 2241 ) 1 107-77% 500-71% 228-74% -896<-100%   -120+53%
2014 q3 2 848+123% 989<-100% 831+149% -209>+200%   46<-100%
2014 q2 403-22% -123<-100% -190<-100% -267+15%   -116-63%
2014 q1 402>+200% -122+92% -190>+200% -267+23%   -156-22%
2013 q4 ( 2244 , 2245 ) 4 769 1 722 894 616   -78
2013 q3 1 279+68% -6<-100% 334+90% -50<-100%   -112>+200%
2013 q2 516>+200% 85>+200% 5<-100% -233+44%   -311>+200%
2013 q1 90 -64 -56 -217   -199
2012 q4            
2012 q3 763 362 176 186   -25
2012 q2 138 16 -104 -161   -87
2010 q4 98 338+47% 60 750+78% 50 435+80% 40 290+105%   -1 062-22%
2010 q3 98 338>+200% 60 750>+200% 50 435>+200% 40 290>+200%   -1 062>+200%
2009 q4 66 969>+200% 34 222>+200% 27 950>+200% 19 631>+200%   -1 364>+200%
2009 q3 842 298 172 101   -56
2008 q4 550+45% 103-11% 352>+200% 318>+200%   -111
2008 q3            
2007 q4 378+21% 116+35% 62+87% 56+81% 3+26%  
2007 q3 378 116 62 56 3  
2006 q4 312 86 33 31 2  


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (2 146 - 0) * 4 / (105 900 - 844)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 19 445+3% 194 859+21% 105 900+89% 8.2% 4.17x
2025 q1         3.79x
2024 q4 21 602-16% 179 171+33% 84 602+63% 8.4% 3.41x
2024 q3 9 861-67% 154 420+9% 68 645+35%   3.73x
2024 q2 18 871-41% 161 648+8% 56 094+25%   3.64x
2024 q1         3.55x
2023 q4 25 621-33% 134 944-1% 52 022+17%   3.46x
2023 q3 30 035-16% 141 690+28% 50 981+1%   3.43x
2023 q2 31 734-16% 150 110+40% 44 776-4%   4.59x
2023 q1         4.44x
2022 q4 38 355+22% 136 133+60% 44 311+7%   4.30x
2022 q3 35 677+18% 110 817+33% 50 403+35%   3.72x
2022 q2 37 738+52% 106 860+36% 46 566+15%   2.79x
2022 q1         2.57x
2021 q4 31 495+37% 85 304+13% 41 540+3%   2.36x
2021 q3 30 360+121% 83 463+26% 37 329-15%   2.50x
2021 q2 24 851+8% 78 775+4% 40 582   2.68x
2021 q1         2.79x
2020 q4 23 067+8% 75 404+31% 40 136+48%   2.91x
2020 q3 13 722-30% 66 090+19% 43 896+84%   3.21x
2020 q2 ( 2222 , 2223 ) 23 067+26% 75 404+40%     3.59x
2019 q4 21 275+9% 57 689+13% 27 066+35%   3.77x
2019 q3 19 663-2% 55 569+12% 23 904+83% 6.7% 3.78x
2019 q2 18 281-64% 54 034+6% 21 277 8.4% 3.80x
2019 q1         3.72x
2018 q4 19 519+3% 51 186+15% 20 094+23% 6.0% 3.64x
2018 q3 20 114-55% 49 552+30% 13 051 8.0% 4.17x
2018 q2 51 186>+200% 51 186+28%     5.03x
2017 q4 19 036+64% 44 475+49% 16 295+52% 2.8% 5.36x
2017 q3 44 475>+200% 38 017+32%     4.00x
2017 q2 11 648+69% 39 880+42% 15 882+6% 4.2% 3.16x
2017 q1         2.92x
2016 q4 11 629+58% 29 831+13% 10 708-22%   2.69x
2016 q3 ( 2234 , 5926 ) 8 228+1% 28 752+24% 12 410+68% 5.1% 3.93x
2016 q2 6 908-18% 28 073+24% 14 962+97% 5.8% 6.58x
2016 q1         7.48x
2015 q4 7 345-15% 26 340+11% 13 732+109% 5.2% 8.77x
2015 q3 8 119-66% 23 111-2% 7 407 4.0% 15.42x
2015 q2 8 467-21% 22 697+10% 7 579+21% 9.4% 380.97x
2015 q1         761.93x
2014 q4 ( 2239 , 2240 , 2241 ) 8 610-19% 23 677+22% 6 564+28% 7.3%  
2014 q3 23 677+121% 23 677+24%      
2014 q2 10 700>+200% 20 605>+200% 6 284>+200% 7.4%  
2014 q1          
2013 q4 ( 2244 , 2245 ) 10 569 19 447 5 109 6.1%  
2013 q3 10 717 19 061 4 160 10.7%  
2013 q2 309 618 207 599.1%  
2013 q1          
2012 q4          
2012 q3          
2012 q2          
2010 q4 730 898+100% 730 898+100% -79 879<-100%    
2010 q3          
2009 q4 0 00% 00%    
2009 q3          
2008 q4   0 0    
2008 q3          
2007 q4 0        
2007 q3          
2006 q4          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 -6 983<-100% -5 101+88% 9 052+100%
2025 q1 -6 983<-100% -5 101+88% 9 052+100%
2024 q4 6 371+123%   1 779<-100%
2024 q3 3 495-4% -4 727+118% -2 682-59%
2024 q2 3 991-38% -2 708+51% 4 523<-100%
2024 q1 3 991-38% -2 708+51% 4 523<-100%
2023 q4 2 853-56% -1 826-50% -3 578<-100%
2023 q3 3 658<-100% -2 167-46% -6 486<-100%
2023 q2 6 458<-100% -1 794-59% -3 826<-100%
2023 q1 6 458<-100% -1 794-59% -3 826<-100%
2022 q4 6 553>+200% -3 629+77% 2 931<-100%
2022 q3 -820<-100% -4 002+64% 5 740<-100%
2022 q2 -1 716<-100% -4 348+161% 7 597<-100%
2022 q1 -1 707<-100% -4 357+162% 7 597<-100%
2021 q4 1 570-67% -2 052-15% -311-73%
2021 q3 3 154+197% -2 434+88% -631<-100%
2021 q2 1 035>+200% -1 663+134% -799<-100%
2021 q1 1 035 -1 663 -799
2020 q4 4 719<-100% -2 405+70% -1 153<-100%
2020 q3 1 064>+200% -1 295+27% 351-62%
2020 q2 ( 2222 , 2223 ) 220-72% -710-5% 903<-100%
2019 q4 -973<-100% -1 414+155% 1 610>+200%
2019 q3 271-88% -1 017+76% 913<-100%
2019 q2 785+179% -748+176% -307>+200%
2019 q1 785 -748 -307
2018 q4 168 -555-24% 53-86%
2018 q3 2 313+84% -578-9% -400-61%
2018 q2 282 -271<-100% -74-15%
2017 q4   -729-34% 375<-100%
2017 q3 1 260 -632-2% -1 033+31%
2017 q2   133<-100% -87<-100%
2017 q1   133<-100% -87<-100%
2016 q4   -1 109-52% -800<-100%
2016 q3 ( 2234 , 5926 )   -646-1% -791+102%
2016 q2   -289>+200% 244-57%
2016 q1   -289>+200% 244-57%
2015 q4   -2 321>+200% 967<-100%
2015 q3 1 094>+200% -655<-100% -391+35%
2015 q2 -557+64% -1<-100% 566>+200%
2015 q1 -557+64% -1<-100% 566>+200%
2014 q4 ( 2239 , 2240 , 2241 ) 849<-100% -650+6% -217<-100%
2014 q3 255-73% 84-82% -289-77%
2014 q2 -339>+200% 308<-100% 40-41%
2014 q1 -339+95% 307-59% 35<-100%
2013 q4 ( 2244 , 2245 ) -360<-100% -611>+200% 583>+200%
2013 q3 939>+200% 475<-100% -1 282<-100%
2013 q2 -35-66% -38-97% 69-95%
2013 q1 -174 746 -580
2012 q4 6 -53 46
2012 q3 270 -1 517 1 251
2012 q2 -105 -1 300 1 410
2010 q4 55 316+81% -331<-100%  
2010 q3 55 316<-100% -331+111%  
2009 q4 30 560>+200% 612<-100% 318>+200%
2009 q3 -140 -157-6% 318>+200%
2008 q4 62+50% -167-43% 106
2008 q3   -167-43% 106
2007 q4 41<-100% -293+2%  
2007 q3 41 -293  
2006 q4 -7 -288  
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 587+61% 12-28% -27-86% -2 835-31% 1 566>+200% -1 895+153%
2025 q1 ( 9581 , 9751 ) 587+61% 28+61% -18-89% 2 899<-100% 1 429>+200% -1 146+72%
2024 q4 575+60% 27+60% -73-69% -1 851-80% 1 524+182% -1 327+91%
2024 q3 359-45% 17-45% -153<-100% -866<-100% 959+101% -1 194+128%
2024 q2 364+66% 17+66% -193+98% -4 089<-100% 487+41% -750+15%
2024 q1 364+66% 17+66% -162-11% -838<-100% 417+38% -666+30%
2024 q0            
2023 q4 360+66% 17+66% -236-29% -9 287<-100% 540+122% -695+12%
2023 q3 658>+200% 31>+200% 250<-100% 21 689<-100% 476+168% -524+11%
2023 q2 219-1% 10-1% -97+62% 927<-100% 346-4% -653-13%
2023 q1 219+1% 10+1% -182-20% 1 078+189% 303+46% -513+33%
2023 q0            
2022 q4 217+1% 10+1% -333+96% 9 911<-100% 244+70% -622+153%
2022 q3 217-37% 10-37% -155<-100% -3 966>+200% 177+39% -474+114%
2022 q2 220>+200% 10>+200% -60-73% -4 031+114% 359+183% -749>+200%
2022 q1 216>+200% 10>+200% -227+48% 373-96% 207+70% -386+176%
2021 q4 215-88% 10-98% -170<-100% -2 325<-100% 143 -246
2021 q3 345>+200% 16<-100% 52<-100% -332<-100% 128 -222
2021 q2 19+15% 1-48% -220+80% -1 888>+200% 127 -166
2021 q1 19+11% 1>+200% -153+40% 8 715<-100% 122 -140
2020 q4 1 738>+200% 475<-100% 287<-100% 4 687-46%    
2020 q3 19-93% 0<-100% -115>+200% 7 680>+200%    
2020 q2 17-41% 2<-100% -122-9% -323<-100%    
2020 q1 17-9% 0<-100% -110+52% -602-59%    
2019 q4 94+29% -96>+200% -219+57% 8 681>+200%    
2019 q3 265 67 -20 1 447    
2019 q2 29-43% -3<-100% -134>+200% 1 307+43%    
2019 q1 19-12% -4<-100% -72-31% -1 486-16%    
2018 q4 73 -8 -140 365    
2018 q3            
2018 q2 50 11 -9 912    
2018 q1 ( 5919 , 5920 ) 21 4 -104 -1 772    
2017 q4            


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (1 895 - 1 566) * 4 / (66 453 - 0)

Q Total equity Total assets Net debt
 
2025 q2 30 768-18% 117 541+21% 66 453+108%
2025 q1 ( 9581 , 9751 ) 33 603-23% 109 794+16% 47 372+33%
2024 q4 30 704-31% 110 485+30% 49 105+69%
2024 q3 32 555-42% 103 687+12% 46 053+94%
2024 q2 37 541+10% 97 138+51% 31 922+37%
2024 q1 43 690+31% 94 403+57% 35 653+86%
2024 q0     35 653+23%
2023 q4 44 528+38% 84 996+32% 29 079+119%
2023 q3 55 876+151% 92 705+105% 23 698+45%
2023 q2 34 186+40% 64 437+35% 23 251+18%
2023 q1 33 260+1% 60 120-2% 19 158+6%
2023 q0     29 079
2022 q4 32 181-1% 64 600+32% 13 293-4%
2022 q3 22 270-31% 45 298-7% 16 325+17%
2022 q2 24 388-25% 47 783-2% 19 666+41%
2022 q1 32 836+1% 61 378+26% 17 993+29%
2021 q4 32 474 48 858 13 909+103%
2021 q3 32 474 48 858 13 909+100%
2021 q2 32 474 48 858 13 909+193%
2021 q1 32 474 48 858 13 909>+200%
2020 q4     6 858>+200%
2020 q3     6 951<-100%
2020 q2     4 752+56%
2020 q1     4 268+79%
2019 q4     1 537-19%
2019 q3     -1 290-11%
2019 q2     3 043+61%
2019 q1     2 386+26%
2018 q4     1 895-23%
2018 q3     -1 457
2018 q2     1 895
2018 q1 ( 5919 , 5920 )     1 895
2017 q4     2 452
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company