Enhanced Investments - Financial Portal

General information

Softline is one of the leading russian IT market companies. It provides solutions for information security and digital transformation

Pretty weak financial results growth rate 9.4% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (23.0%)
Dividend yield for the last twelve months 2.4%
Free cash flow yield -11.7% (LTM)
Share price is 2.3% higher than minimum and 52.5% lower than maximum for the last 3 years
The company is undervalued by EV / LTM EBITDA multiple compared to target level (10.3x vs
)
Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: SOFL

Share price, RUB: (-1.7%)102.54

year average price 114.01

year start price 143.06 2024-09-14

max close price 145.00 2024-09-16

min close price 100.24 2025-07-07

current price 102.54 2025-09-13

Common stocks: 400 002 000

Dividend Yield: 2.4%

FCF Yield LTM: -11.7%

EV / LTM EBITDA:[с учетом прогноза: 8.6x] 10.3x

EV / EBITDA annualized: 10.8x

Last revenue growth (y/y): -2.0%

Last growth of EBITDA (y/y): 20.7%

Historical revenue growth: 12.1%

Historical growth of EBITDA: 33.9%

Target EV / EBITDA (hist percentile):

Fundamental value created in LTM:

Потенциал с учетом ускорения/замедления

[с учетом прогноза фин показателей]

	Mult Upside	+64.3%
	FCF Creation	-14.2%
	Growth	+31.0%
	Growth Corr	+4.0%

	Sum	+85.1%

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 41 016

Net Debt (m RUB): 18 385

EV (Enterprise Value): 59 401

EBITDA LTM (m RUB): 5 787

Net Income LTM (m RUB): 1 819

EV / LTM EBITDA: 10.3x

Net Debt / LTM EBITDA (if EBITDA > 0): 3.2x

Average daily trading volume for the week, RUB mln: 202

P / E 22.5x

P / B 1.8x

EBITDA margin ann-d 8.2%

Net income margin ann-d -0.3%

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	16 763-2%	8 698+10%	360-28%	-44-83%	814>+200%	-1 603+44%
2025 q1	16 763-2%	8 698+10%	360-28%	-44-83%	814>+200%	-1 603+44%
2024 q4	23 463-3%	9 679+44%	624+5%	954<-100%	353>+200%	-1 319+96%
2024 q3	23 463-3%	9 679+44%	624+5%	954<-100%	353>+200%	-1 319+96%
2024 q2	17 098+37%	7 872+133%	500<-100%	-257<-100%	168+23%	-1 116+167%
2024 q1	17 098+37%	7 872+133%	500<-100%	-257<-100%	168+23%	-1 116+167%
2023 q4	24 083+61%	6 731+119%	595+172%	-557<-100%	104<-100%	-672+134%
2023 q3	24 083<-100%	6 731+119%	595+172%	-557<-100%	104<-100%	-672+134%
2023 q2	12 506-5%	3 377+26%	-252<-100%	4 750<-100%	137+3%	-419+78%
2023 q1	12 506+142%	3 377>+200%	-252<-100%	4 750>+200%	137-51%	-419+85%
2022 q4	14 989+101%	3 068+153%	219-2%	1 621>+200%	-84<-100%	-287-13%
2022 q3	-41 237>+200%	3 068+153%	219-2%	1 621>+200%	-84<-100%	-287-13%
2022 q2	13 132>+200%	2 673>+200%	5-96%	-70<-100%	132-37%	-235-15%
2022 q1	5 164	1 057	205	163	277	-226
2021 q4 ( 7465 , 7466 )	7 446<-100%	1 212+24%	223>+200%	89<-100%	230+7%	-331+30%
2021 q3	-2 948	1 212	223	89	230	-331
2021 q2	3 254	758	142	39	210	-276
2020 q4	-7 678	982	59	-143	215	-254

Balance

Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (1 603 - 814) * 4 / (18 385 - 6 285)

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


2025 q2	22 699+102%	85 384+22%	18 385+80%	26.1%	3.18x
2025 q1					2.85x
2024 q4	22 287+162%	98 874+33%	13 252<-100%	57.5%	2.49x
2024 q3					2.51x
2024 q2	11 223+15%	70 017+56%	10 222<-100%	38.0%	2.53x
2024 q1					1.50x
2023 q4	8 516-75%	74 517+120%	-1 859<-100%		-0.20x
2023 q3					-0.29x
2023 q2	9 795>+200%	44 773+114%	-2 469<-100%		-0.46x
2023 q1					-0.47x
2022 q4	33 939>+200%	33 939+19%	1 032-93%		-0.47x
2022 q3					0.99x
2022 q2	2 155	20 923-27%	6 163	6.7%	2.01x
2022 q1					2.13x
2021 q4 ( 7465 , 7466 )	2 067	28 576+19%	14 008	2.9%	2.25x
2021 q3					1.90x
2021 q2		28 573			1.93x
2020 q4		23 954			1.59x

Cashflow

Q	Operating cashflow	Investing cashflow	Financial cashflow


2025 q2	-2 968-49%	-599+108%	-290<-100%
2025 q1	-2 968<-100%	-599+108%	-290<-100%
2024 q4	-1 180<-100%	-2 857>+200%	1 677<-100%
2024 q3	-1 180<-100%	-2 857>+200%	1 677<-100%
2024 q2	-5 787>+200%	-289+29%	4 428+31%
2024 q1	290<-100%	-289+29%	4 428+31%
2023 q4	3 090+102%	-243<-100%	-196<-100%
2023 q3	3 090+102%	-243<-100%	-196<-100%
2023 q2	-81-95%	-224+79%	3 368<-100%
2023 q1	-1 739	-224<-100%	3 368<-100%
2022 q4	1 528+84%	142-85%	1 306<-100%
2022 q3	1 528>+200%	142-85%	1 306<-100%
2022 q2	-1 654	-125-94%	-413<-100%
2022 q1		2 089	-187
2021 q4 ( 7465 , 7466 )	832+48%	969<-100%	-79 188+35%
2021 q3	101	969	-79 188
2021 q2		-2 051	2 298
2020 q4	561	-826	-58 807

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	3 939-39%	1 244-35%	7-98%	52-18%	2 343>+200%	-1 183+35%
2025 q1 ( 9806 , 9810 )	6 298-5%	1 288-41%	118-71%	59>+200%	2 323>+200%	-1 096+35%
2024 q4	12 3950%	2 604-3%	-187<-100%	1 313>+200%	3 047>+200%	-710+8%
2024 q3	7 251+1%	1 933+17%	-58<-100%	140%	1 021>+200%	-1 067+109%
2024 q2	6 439-17%	1 914+52%	318>+200%	64>+200%	553+139%	-878+166%
2024 q1	6 623+4%	2 177+31%	405>+200%	12+23%	533+127%	-809+158%
2023 q4	12 383+29%	2 694+44%	372<-100%	64-33%	200-18%	-655+105%
2023 q3	7 206+24%	1 657-19%	330>+200%	14<-100%	191-2%	-511+89%
2023 q2	7 761+25%	1 261-18%	10-95%	11-88%	231-25%	-330+43%
2023 q1	6 338-55%	1 667-9%	21-94%	9-68%	235+8%	-314+40%
2022 q4	9 612-48%	1 869-22%	-410<-100%	96+52%	244+4%	-320-8%
2022 q3	5 821-49%	2 058+27%	87-41%	-28<-100%	194-20%	-271-16%
2022 q2	6 197-42%	1 543+18%	198+57%	90>+200%	308+40%	-230-18%
2022 q1 ( 7468 , 7469 )	14 035+28%	1 840+37%	346>+200%	29+40%	217+9%	-224-2%
2021 q4	18 591+4%	2 396+17%	451+12%	63-28%	234+1%	-347+43%
2021 q3	11 405+6%	1 619+25%	147+35%	23-43%	242+7%	-324+49%
2021 q2	10 7590%	1 307-15%	126-59%	27-80%	221+2%	-281+13%
2021 q1	10 964+18%	1 343+4%	80+82%	21+12%	200+12%	-228+25%
2020 q4	17 901+6%	2 048+3%	401-43%	87-44%	231	-243
2020 q3	10 729+18%	1 299+5%	109>+200%	40+76%	226+15%	-217-12%
2020 q2	10 809+38%	1 539+26%	305+139%	136>+200%	217+40%	-250+29%
2020 q1 ( 7457 , 7458 )	9 299+24%	1 294-2%	44-61%	19+80%	179+38%	-183+108%
2019 q4 ( 7455 , 7456 )	16 838	1 994	704	157
2019 q3	9 118+2%	1 238-4%	15-87%	22+30%	196+57%	-247+44%
2019 q2 ( 7452 , 7453 )	7 826+7%	1 219+24%	128>+200%	22>+200%	155+79%	-194+37%
2019 q1	7 505-5%	1 322+10%	113-9%	10-67%	130+56%	-88-32%
2018 q4
2018 q3	8 962+34%	1 284+26%	116-34%	17-15%	125>+200%	-171+117%
2018 q2	7 290+20%	9820%	11-89%	5-35%	87>+200%	-142+90%
2018 q1	7 921+10%	1 202+13%	124>+200%	31-5%	83>+200%	-129+95%
2017 q4 ( 7445 , 7446 )		1 776+54%	242>+200%	58+93%	47>+200%	-147+179%
2017 q3	6 665	1 021	175	20	12	-79
2017 q2	6 061	984	104	8	7	-75
2017 q1	7 191	1 064	18	33	11	-66
2016 q4		1 157	81	30	3	-53

Balance

Implied interest rate for 2024 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (878 - 553) * 4 / (2 817 - 0)

Q	Total equity	Total assets	Net debt


2025 q2	22 844+116%	55 301+27%	-18 310<-100%
2025 q1 ( 9806 , 9810 )	22 792+117%	52 919+37%	-17 365<-100%
2024 q4	22 732+116%	55 771+11%	-21 074>+200%
2024 q3	21 420>+200%	56 286+60%	-10 342<-100%
2024 q2	10 590>+200%	43 526+30%	2 817-74%
2024 q1	10 526>+200%	38 733+55%	3 252-54%
2023 q4	10 515>+200%	50 031+79%	-1 477<-100%
2023 q3	3 304+18%	35 157+54%	11 292+149%
2023 q2	3 290+139%	33 610+65%	10 823>+200%
2023 q1	3 278+155%	24 951+8%	7 118>+200%
2022 q4	3 269+160%	27 9270%	5 892>+200%
2022 q3	2 790+115%	22 820-15%	4 527-46%
2022 q2	1 374+8%	20 383-20%	1 210-77%
2022 q1 ( 7468 , 7469 )	1 284+3%	23 019-1%	221-68%
2021 q4	1 255+2%	27 877+23%	102<-100%
2021 q3	1 300+17%	26 941+37%	8 337>+200%
2021 q2	1 278+19%	25 607+29%	5 368>+200%
2021 q1	1 251+34%	23 315+32%	701-74%
2020 q4	1 230+34%	22 645+25%	-1 971<-100%
2020 q3	1 112+46%	19 635+8%	2 758+15%
2020 q2	1 072+45%	19 879+20%	1 395-49%
2020 q1 ( 7457 , 7458 )	936+31%	17 644+26%	2 684-1%
2019 q4 ( 7455 , 7456 )	917	18 156	457-60%
2019 q3	760+37%	18 121+20%	2 399+8%
2019 q2 ( 7452 , 7453 )	737+38%	16 611+24%	2 747+39%
2019 q1	716+35%	14 013+37%	2 719>+200%
2018 q4			1 139-2%
2018 q3	553+11%	15 111+30%	2 225
2018 q2	535+7%	13 378+15%	1 981
2018 q1	530+6%	10 259-11%	706
2017 q4 ( 7445 , 7446 )	499+31%		1 165-40%
2017 q3	499	11 583
2017 q2	499	11 583
2017 q1	499	11 583
2016 q4	380		1 929

More information for subscribed users:
detailed calculation of
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.