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General information

Samolet Group provides infrastructure construction services. The Company develops and sells residential, commercial, and industrial properties. Samolet Group serves customers in Russia.

Current market environment: positive. Prices of production are 16.4% higher compared to the last 12 months (LTM)
Prices of production are at 99.4% percentile over the past 5 years, adjusted for inflation (are close to maximum)
Pretty weak financial results growth rate 9.1% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (49.1%)
Dividend yield for the last twelve months 0.0%
Free cash flow yield -119.4% (LTM), projected -107.1%
Share of USD-denominated sales in revenue of the company (estimate) ≈ 0.0%
Share price is 4.9% higher than minimum and 79.0% lower than maximum for the last 3 years
The company is undervalued by EV / LTM EBITDA multiple compared to target level (8.2x vs
)
Taking into account the impact of the key rate 14.0% on the change in financial parameters: EBITDA adjustment is 0 mln rub as NetDebt * (expected key rate - 3 years average 14.3%) / 2, expected EBITDA adjusted for key rate increases is 99 690 mln rub, expected mult is 7.7x, target mult is 9.0x, potential is +234.0%

Key Financials (Download financials)

Ticker: SMLT

Share price, RUB: (+1.2%)871.5

year average price 1163.57

year start price 1325.00 2024-11-09

min close price 831.00 2024-12-19

max close price 1532.00 2025-03-20

current price 871.50 2025-11-08

Common stocks: 61 580 000

Dividend Yield: 0.0%

FCF Yield LTM / expected: -119.4% / -107.1%

EV / LTM EBITDA:8.2x

EV / EBITDA annualized: 7.4x

Last revenue growth (y/y): 0.1%

Last growth of EBITDA (y/y): 18.1%

Historical revenue growth: 42.3%

Historical growth of EBITDA: 56.0%

Target EV / EBITDA (hist percentile):

Express share price potential:

Потенциал с учетом ускорения/замедления

	Mult Upside	+391.7%
	FCF Creation	-119.4%
	Growth	+9.1%
	Growth Corr	-40.0%

	Sum	+241.3%

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 53 667

Net Debt (m RUB): 698 012

EV (Enterprise Value): 751 679

EBITDA LTM (m RUB): 91 403

Net Income LTM (m RUB): 5 283

EV / LTM EBITDA: 8.2x

Net Debt / LTM EBITDA (if EBITDA > 0): 7.6x

Average daily trading volume for the week, RUB mln: 812

P / E 10.2x

P / E ann-d14.6x

P / B 1.0x

EBITDA margin ann-d 29.8%

Net income margin ann-d 1.1%

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

Фьючерсы

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Название	Инструмент	Дата экспирации	Последняя цена	За день	Дневной объем млн руб	Цена акции	Контанго / бэквордация	Annualized
Фьючерсный контракт SMLT-12.25	SSZ5	2025-12-19	891.00	0.0%	41.5	871.5	+2.2%	+21.8%
Фьючерсный контракт SMLT-3.26	SSH6	2026-03-20	928.00	0.0%	1.2	871.5	+6.5%	+19.0%

MSFO data *The values are shown in mln. 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 H1	170 9670%	65 120+5%	50 295+18%	1 843-61%	4 498+50%	-47 851+31%
2024 H2	168 234+9%	48 491-11%	38 813-14%	3 440-80%	4 310+116%	-36 222+51%
2024 H1	170 822+69%	61 790+78%	42 496+62%	4 718-49%	2 998+111%	-36 449+155%
2023 H2	154 753+46%	54 219+80%	45 091+83%	16 857+69%	1 993+64%	-23 965+98%
2023 H1	101 365+53%	34 708+59%	26 228+70%	9 241+73%	1 419+99%	-14 288+64%
2022 H2	105 959>+200%	30 120>+200%	24 629>+200%	9 946>+200%	1 217+122%	-12 107>+200%
2022 H1	66 160+99%	21 864+160%	15 458+141%	5 337+69%	712+65%	-8 723>+200%
2021 H2	26 907-5%	6 986+67%	2 242-3%	1 310>+200%	549>+200%	-1 579-42%
2021 H1	33 276+47%	8 411+48%	6 405+134%	3 154>+200%	431-25%	-2 734+54%
2020 H2	28 469+3%	4 177<-100%	2 316+2%	176-55%	36-82%	-2 712
2020 H1	22 676-3%	5 681+23%	2 737-2%	688+44%	578+39%	-1 774-10%
2019 H2	27 730+27%	-4 628<-100%	2 271>+200%	387-76%	197-94%
2019 H1	23 415+38%	4 630+14%	2 782+35%	477-44%	417+26%	-1 971+95%
2018 H2	21 806-39%	4 019-25%	485-87%	1 587-30%	3 137>+200%	-1 865+51%
2018 H1	16 911+144%	4 051+192%	2 064<-100%	855<-100%	331-34%	-1 011>+200%
2017 H2 ( 2342 , 2343 , 2345 )	35 502+148%	5 371+142%	3 729>+200%	2 262-48%	356-94%	-1 233-9%
2017 H1	6 943>+200%	1 388>+200%	-190-69%	-400-3%	503>+200%	-310>+200%
2016 H2	14 331+126%	2 222+103%	1 102<-100%	4 353-99%	5 707+156%	-1 354<-100%
2016 H1	48	6	-622<-100%	-413<-100%	82	-2<-100%
2015 H2	6 337	1 096	564 736	505 610	2 232	31 578
2015 H1			-563 811	-501 310		-32 583

Balance

Implied interest rate for 2025 H1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (47 851 - 4 498) * 2 / (698 012 - 27 070)

Q	Total equity	Total assets	Net debt	Implied interest rate	NetDebt / LTM EBITDA


2025 H1	56 168+14%	1 009 101+8%	698 012+11%	12.9%	7.64x
2024 H2	52 634+45%	961 122+29%	634 604+26%	10.4%	7.59x
2024 H1	49 378+52%	933 722+110%	630 367+112%	11.0%	7.12x
2023 H2	36 339+34%	745 809+82%	505 639+80%	9.0%	7.01x
2023 H1	32 479+79%	443 719+47%	297 123+52%	9.0%	5.75x
2022 H2	27 100+65%	409 780+98%	281 216+107%	8.0%	6.92x
2022 H1	18 095+63%	301 849+138%	195 256>+200%	8.5%	7.19x
2021 H2	16 406+60%	207 142+116%	136 163>+200%	1.6%	7.44x
2021 H1	11 069+86%	126 842+45%	63 973>+200%	7.7%	4.78x
2020 H2	10 243+82%	96 032+22%	32 560+117%	18.3%	3.33x
2020 H1	5 950+11%	87 514+12%	18 154>+200%	15.0%	3.18x
2019 H2	5 623-10%	78 440+25%	15 005>+200%		2.69x
2019 H1	5 365+19%	78 112+30%	6 017+88%	62.5%	1.48x
2018 H2	6 261+52%	62 929+28%	2 143+198%	-201.7%	0.85x
2018 H1	4 514+133%	60 251+29%	3 203-26%	49.0%	0.48x
2017 H2 ( 2342 , 2343 , 2345 )	4 119+49%	49 323+42%	720<-100%	452.3%	0.29x
2017 H1	1 941<-100%	46 878<-100%	4 313<-100%	-16.2%	1.20x
2016 H2	2 760<-100%	34 800+35%	-622		-0.51x
2016 H1	-506 614	37 192 784+38%	-1 871 221
2015 H2	-376	25 733
2015 H1		27 019 824

Cashflow

Q	Operating cashflow	Investing cashflow	Financial cashflow


2025 H1		3 864<-100%	113 544-28%
2024 H2	-276 371+90%	-16 814-68%	135 362-3%
2024 H1	4 718-49%	-331-93%	156 990+140%
2023 H2	-145 242<-100%	-52 373>+200%	139 945+11%
2023 H1	9 241+73%	-4 896<-100%	65 285+14%
2022 H2	9 946+89%	-8 567+147%	126 405+78%
2022 H1	5 337+69%	540<-100%	57 276+98%
2021 H2	5 269+40%	-3 464+62%	70 936>+200%
2021 H1	3 154>+200%	-22-95%	28 858>+200%
2020 H2	3 776>+200%	-2 136-46%	10 837+133%
2020 H1	688+44%	-463<-100%	7 684+43%
2019 H2	387-87%	-3 967>+200%	4 658<-100%
2019 H1	477<-100%	0+100%	5 355>+200%
2018 H2	2 869-49%	-61-97%	-367<-100%
2018 H1	-427-79%	-646<-100%	500-68%
2017 H2 ( 2342 , 2343 , 2345 )	5 602>+200%	-1 933>+200%	511-52%
2017 H1	-2 057<-100%	726>+200%	1 557<-100%
2016 H2	1 597<-100%	-517<-100%	1 054-96%
2016 H1	665-99%	223<-100%	-247-99%
2015 H2	-75 946	557 424	24 488
2015 H1	76 615	-558 530	-24 266

RSBU data *The values are shown in mln. 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 q3	4 313+56%	4 313+56%	4 210+62%	-149-89%	6 224-9%	-11 535+30%
2025 q2	4 322+105%	4 322+105%	4 176+159%	272-90%	6 858+12%	-12 023+53%
2025 q1	2 204+3%	2 204+3%	1 991+10%	96-79%	7 136+43%	-11 370+62%
2024 q4 ( 9527 , 9549 )	2 404+13%	2 404+13%	2 095+17%	-991<-100%	7 510+128%	-10 995+119%
2024 q3 ( 9118 , 9261 )	2 773+72%	2 773+72%	2 601+89%	-1 397<-100%	6 817+141%	-8 849+164%
2024 q2	2 113+35%	2 113+35%	1 613+61%	2 721>+200%	6 147+135%	-7 863+173%
2024 q1	2 144+41%	2 144+41%	1 813+72%	465-86%	4 994+101%	-7 016+156%
2023 q4	2 136+55%	2 132+55%	1 793+90%	1 465+55%	3 293+38%	-5 031+86%
2023 q3	1 617+153%	1 617+153%	1 375>+200%	2 601+47%	2 827+12%	-3 348+26%
2023 q2	1 567+128%	1 567+128%	1 005>+200%	295-94%	2 614+21%	-2 885+30%
2023 q1	1 522>+200%	1 522>+200%	1 057+181%	3 307<-100%	2 482+54%	-2 736+48%
2022 q4	1 378+164%	1 378+164%	942>+200%	942<-100%	2 384+124%	-2 706+113%
2022 q3	638+53%	638+53%	367+13%	1 769+34%	2 534>+200%	-2 655+188%
2022 q2	688+118%	688+118%	230<-100%	4 791+194%	2 158>+200%	-2 226>+200%
2022 q1	505+71%	505+73%	376+153%	-26-33%	1 610>+200%	-1 843>+200%
2021 q4	523>+200%	523>+200%	236<-100%	-592+122%	1 066	-1 269
2021 q3	416>+200%	416>+200%	324>+200%	1 318<-100%	740	-923
2021 q2	316+198%	316>+200%	-65<-100%	1 629<-100%	520	-687
2021 q1	296+129%	292+161%	148>+200%	-40-75%	410	-565
2020 q4	157+24%	153+40%	-18+199%	-266+86%
2020 q3	116-38%	106-49%	47-53%	-83-25%
2020 q2	106+44%	102+38%	35>+200%	-271+122%
2020 q1	129+69%	112+52%	26-48%	-160<-100%
2019 q4 ( 6024 , 6025 )	127+9%	109+25%	-6<-100%	-143>+200%
2019 q3	186+74%	210+172%	99>+200%	-110<-100%
2019 q2	74-41%	74+14%	1-97%	-122<-100%	73-27%	-167+34%
2019 q1	76>+200%	74>+200%	49>+200%	250+72%
2018 q4	116	87	7	-15
2018 q3	107	77	31	304
2018 q2	124	65	49	9	101	-125
2018 q1	11	11	5	145

Balance

Implied interest rate for 2025 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (11 535 - 6 224) * 4 / (222 974 - 0)

Q	Total equity	Total assets	Net debt


2025 q3	18 424-4%	273 390+4%	222 974-3%
2025 q2	18 573-10%	284 440+14%	217 9850%
2025 q1	18 301+2%	267 219+12%	217 277+6%
2024 q4 ( 9527 , 9549 )	18 205+4%	270 971+42%	212 224+34%
2024 q3 ( 9118 , 9261 )	19 196+20%	262 646+106%	229 854+116%
2024 q2	20 593+54%	249 362+91%	218 048+98%
2024 q1	17 872+41%	239 161+106%	204 156+104%
2023 q4	17 474+86%	190 308+71%	158 208+65%
2023 q3	16 009+89%	127 708+15%	106 453+15%
2023 q2	13 408+14%	130 766+36%	110 291+37%
2023 q1	12 720+83%	116 223+36%	100 264+47%
2022 q4	9 413+28%	111 564+61%	95 986+77%
2022 q3	8 472+15%	111 145+61%	92 182+70%
2022 q2	11 744+59%	96 028+39%	80 514+48%
2022 q1	6 953-6%	85 573+24%	68 227+26%
2021 q4	7 372	69 095	54 262+100%
2021 q3	7 372	69 095	54 262>+200%
2021 q2	7 372	69 095	54 262>+200%
2021 q1	7 372	69 095	54 262>+200%
2020 q4			0<-100%
2020 q3			17 019+60%
2020 q2			17 019+161%
2020 q1			17 019+60%
2019 q4 ( 6024 , 6025 )			10 618+138%
2019 q3			10 618+138%
2019 q2	9 612	19 227	6 508+46%
2019 q1			10 618+138%
2018 q4			4 463
2018 q3			4 463
2018 q2			4 463
2018 q1			4 463

More information for subscribed users:
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Potential and Created Value,
commodities affecting the company

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.