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General information

  • Current market environment: negative. Prices of production are 15.9% lower compared to the last 12 months (LTM)
  • Prices of production are at 6.1% percentile over the past 5 years, adjusted for inflation (are close to minimun)
  • Dividend yield for the last twelve months 1.2%
  • Free cash flow yield -22.4% (LTM), projected -39.2%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 0.0%
  • Share price is 31.8% higher than minimum and 78.7% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (141.8x vs
    )
  • The company is undervalued 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 -4 387 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is -27 602 mln rub, expected mult is -7.1x, target mult is 9.0x, potential is -381.0%

Key Financials (Download financials)

Ticker: SGZH
Share price, RUB:  (-0.7%)1.489
year average price 1.5368  


year start price 1.4100 2024-09-16

min close price 1.2400 2024-12-27

max close price 2.0600 2025-02-25

current price 1.4880 2025-09-15
Common stocks: 78 450 000 000
Dividend Yield:  1.2%
FCF Yield LTM / expected: -22.4% / -39.2%
EV / LTM EBITDA:141.8x
Production prices change from LTM: -15.9%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 116 812
Net Debt (m RUB): 69 766
EV (Enterprise Value): 186 578
EBITDA LTM (m RUB): 1 316
Net Income LTM (m RUB): -34 551
EV / LTM EBITDA: 141.8x
Net Debt / LTM EBITDA (if EBITDA > 0): 53.0x
Average daily trading volume for the week, RUB mln: 145
P / B 1.8x
EBITDA margin ann-d -25.0%
Net income margin ann-d -73.7%

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 20 268-22%   -8 801>+200% -14 946>+200% 446-22% -8 085+29%
2025 q1 24 567+8%   -1 487+80% -6 819+32% 427-20% -7 749+43%
2024 q4 25 914+5%   -1 470+42% -6 393+55% 520+19% -7 426+80%
2024 q3 25 914+5%   -1 470+42% -6 393+55% 520 -7 426
2024 q2 26 107+24%   -391-67% -4 312+20% 569 -6 259
2024 q1 22 818+8%   -826-31% -5 182+44% 536 -5 402
2023 q4 24 777+90%   -1 035<-100% -4 128<-100% 437-48% -4 121
2023 q3 24 777+8%   -1 035<-100% -4 128<-100%    
2023 q2 21 089-18%   -1 203<-100% -3 596<-100%    
2023 q1 21 089-33%   -1 203<-100% -3 596<-100%    
2022 q4 13 053-46%   1 597-73% 17<-100% 844>+200%  
2022 q3 22 944-5%   1 597-73% 17<-100% 844>+200%  
2022 q2 25 773+5% 12 788+48% 4 942+1% 5 818+53% 1 073>+200% -2 374+162%
2022 q1 31 244+28% 12 788+48% 5 320+9% 6 001+58% 360+183% -2 374+162%
2021 q4 24 162+29% 10 262+65% 5 819+81% 3 815<-100% 84+84%  
2021 q3 24 162+29% 10 262+65% 5 819+81% 3 815<-100% 84+84%  
2021 q2 24 454+45% 8 639+76% 4 893>+200% 3 791<-100% 128>+200% -907+4%
2021 q1 24 454+45% 8 639+76% 4 893>+200% 3 791<-100% 127>+200% -907+4%
2020 q4 18 776+32% 6 203+40% 3 207+77% -97<-100% 46+141% -842-8%
2020 q3 18 776+32% 6 203+40% 3 207+77% -97<-100% 46+141% -842-8%
2020 q2 16 911+13% 4 901-15% 1 547-40% -1 056<-100% 39+131% -8750%
2020 q1 16 911 4 901 1 547 -1 056 39 -875
2019 q4 14 252-2% 4 446-12% 1 809-15% 920>+200% 19+7% -917+1%
2019 q3 14 252-2% 4 446-12% 1 809-15% 920<-100% 19+7% -917+1%
2019 q2 14 996 5 732 2 564 1 991 17 -875
2018 q4 14 473+33% 5 041+77% 2 141+117% 3<-100% 18+82% -907+52%
2018 q3 14 473 5 043 2 125 -14 18 -907
2017 q4 10 915 2 841 989 -110 10 -598


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (8 085 - 446) * 4 / (69 766 - -42)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 66 641>+200% 198 840-5% 69 766-55% 43.8% 53.01x
2025 q1 -5 738 205 948 165 361 17.7% 5.46x
2024 q4 1 084-95% 206 554-1% 161 101+15% 17.1% 16.12x
2024 q3         14.52x
2024 q2 13 870-57% 208 962-3% 155 127+13% 14.7% 14.12x
2024 q1         13.89x
2023 q4 23 364-44% 208 219-9% 140 530+100% 10.5% 15.14x
2023 q3         12.37x
2023 q2 32 455-31% 215 466+4% 136 741+17%   12.42x
2023 q1         9.52x
2022 q4 42 054-9% 228 090+9% 0<-100%   5.05x
2022 q3         4.29x
2022 q2 46 814+3% 207 279+66% 116 737+178% 4.5% 3.45x
2022 q1         3.25x
2021 q4 46 191>+200% 209 309+134% 83 559+36%   2.87x
2021 q3         1.70x
2021 q2 45 560>+200% 125 178+49% 41 953-26% 7.5% 1.64x
2021 q1         2.96x
2020 q4 8 868-36% 89 418+17% 61 606+29% 5.2% 3.35x
2020 q3         4.00x
2020 q2 12 209-12% 84 141+10% 56 966 5.9% 4.96x
2020 q1         4.07x
2019 q4 13 849+3% 76 561+5% 47 921+5% 7.5% 3.69x
2019 q3         4.65x
2019 q2 13 849 76 561     6.23x
2018 q4 13 386-6% 72 956+19% 45 832 7.8%  
2018 q3          
2017 q4 14 171 61 546      


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 -15 115+99% -948<-100% 15 842+149%
2025 q1 -3 934-53% -1 141-10% 4 754+122%
2024 q4 1 878<-100% -2 760+35% 1 382-28%
2024 q3 1 878<-100% -2 760+35% 1 382-28%
2024 q2 -7 580+96% 1 293<-100% 6 367<-100%
2024 q1 -8 329+115% -1 267-47% 2 137<-100%
2023 q4 -2 321<-100% -2 045-67% 1 929-80%
2023 q3 -2 321<-100% -2 045-67% 1 929-80%
2023 q2 -3 871>+200% -2 377-82% -1 328<-100%
2023 q1 -3 871>+200% -2 389-82% -1 316<-100%
2022 q4 4 091-37% -6 271-56% 9 607-10%
2022 q3 4 091-37% -6 271-56% 9 607-10%
2022 q2 -592<-100% -13 554+86% 9 378-33%
2022 q1 -76<-100% -13 554+86% 8 862-37%
2021 q4 6 528+41% -14 408>+200% 10 702<-100%
2021 q3 6 528+41% -14 408>+200% 10 702<-100%
2021 q2 2 161+148% -7 274+90% 14 048>+200%
2021 q1 2 160+148% -7 275+91% 14 048>+200%
2020 q4 4 621+118% -3 036+85% -1 582>+200%
2020 q3 4 621+118% -3 036+85% -1 582>+200%
2020 q2 871-17% -3 833>+200% 3 138<-100%
2020 q1 871 -3 818 3 123
2019 q4 2 1240% -1 644-3% -278-71%
2019 q3 2 124+3% -1 6440% -278-71%
2019 q2 1 043 -1 270 -125
2018 q4 2 124>+200% -1 700-38% -946<-100%
2018 q3 2 071 -1 646 -946
2017 q4 640 -2 753 2 826
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 1 044+2% 280+35% 168+179% -10 802>+200% 3 496+20% -5 683+11%
2025 q1 1 044+5% 234-35% 118-52% -2 496+68% 3 211+26% -6 659+50%
2024 q4 1 002-8% 453+11% 361+71% -1 746+14% 3 499+54% -6 628+76%
2024 q3 1 021-1% 350-14% 320+99% -2 473<-100% 3 461+62% -5 953+88%
2024 q2 1 019-1% 208-53% 60-83% -1 518<-100% 2 921+45% -5 141+85%
2024 q1 992-4% 359>+200% 243<-100% -1 487<-100% 2 541+51% -4 436+81%
2023 q4 1 084-88% 408-95% 211-97% -1 527<-100% 2 269+34% -3 764+56%
2023 q3 1 032-11% 406+176% 161>+200% 46<-100% 2 136+107% -3 162+69%
2023 q2 1 034+23% 448+147% 349<-100% 400<-100% 2 011+121% -2 772+84%
2023 q1 1 033>+200% 85>+200% -52-31% 100-99% 1 686+91% -2 445+46%
2022 q4 9 338>+200% 8 444>+200% 8 227<-100% 3 908-65% 1 690+143% -2 419>+200%
2022 q3 1 165>+200% 147>+200% 32<-100% -444<-100% 1 030+73% -1 875>+200%
2022 q2 844>+200% 181>+200% -1-99% -1 729>+200% 910+50% -1 511>+200%
2022 q1 00% 00% -75+133% 6 835>+200% 883+98% -1 669>+200%
2021 q4 00% 00% -154>+200% 11 271>+200% 695 -562
2021 q3 0 0 -78 2 121 594 -304
2021 q2 0 0 -123 -245 606 -373
2021 q1 0 0 -32 409 446 -348
2020 q4 0-25% 0>+200% -19+26% 2 001+59%    
2019 q4 1+18% 0+5% -15-33% 1 257+46% 261-15% -212+34%
2018 q4 0 0 -23 861 306 -158


Balance


Implied interest rate for 2025 q1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (6 659 - 3 211) * 4 / (107 223 - 0)

Q Total equity Total assets Net debt
 
2025 q2      
2025 q1   183 424+6% 107 223-5%
2024 q4 38 363-15% 181 145+5% 17 281-83%
2024 q3 40 109-14% 190 986+14% 121 867+23%
2024 q2 42 582-8% 185 678+13% 125 089+39%
2024 q1 43 796-4% 173 197+15% 112 309+42%
2023 q4 45 002-1% 172 043+13% 103 196+28%
2023 q3 46 508+12% 166 925+26% 99 003+32%
2023 q2 46 049+9% 164 345+35% 89 893+57%
2023 q1 45 449-19% 150 980+27% 78 860+131%
2022 q4 45 549-7% 152 676+39% 80 329>+200%
2022 q3 41 640-15% 132 006+20% 74 732+197%
2022 q2 42 145-14% 122 084+11% 57 176+128%
2022 q1 55 914+14% 118 763+8% 34 113+36%
2021 q4 49 079 109 585 25 129+95%
2021 q3 49 079 109 585 25 129
2021 q2 49 079 109 585 25 129
2021 q1 49 079 109 585 25 129
2020 q4     12 898+192%
2019 q4 12 868+11% 20 590-1% 4 410-17%
2018 q4 11 638 20 885 5 312
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company