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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 2.9%
  • Free cash flow yield -14.2% (LTM)
  • Share price is 7.8% higher than minimum and 60.7% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (9.0x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: SOFL
Share price, RUB:  (+4.9%)84.88
year average price 107.69  


year start price 122.22 2024-11-07

max close price 131.60 2024-11-11

min close price 78.74 2025-10-29

current price 84.48 2025-11-06
Common stocks: 400 002 000
Dividend Yield:  2.9%
FCF Yield LTM: -14.2%
EV / LTM EBITDA:[с учетом прогноза: 7.5x]    9.0x
EV / EBITDA annualized: 9.5x
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:
Fundamental value created in LTM:
[с учетом прогноза фин показателей]
 Mult Upside+96.3%
 FCF Creation-17.2%
 Growth+31.0%
 Growth Corr+4.0%
 
 Sum+114.2%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 33 952
Net Debt (m RUB): 18 385
EV (Enterprise Value): 52 337
EBITDA LTM (m RUB): 5 787
Net Income LTM (m RUB): 1 819
EV / LTM EBITDA: 9.0x
Net Debt / LTM EBITDA (if EBITDA > 0): 3.2x
Average daily trading volume for the week, RUB mln: 256
P / E 18.7x
P / B 1.5x
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

Фьючерсы
Название Инструмент Дата экспирации Последняя цена За день Дневной объем млн руб Цена акции Контанго / бэквордация Annualized
Фьючерсный контракт SOFL-12.25 S0Z5 2025-12-19 867.00 +5.4% 6.7 85.3 +1.6% +14.8%
Фьючерсный контракт SOFL-3.26 S0H6 2026-03-20 904.00 +4.2% 0.1 85.3 +6.0% +17.1%
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 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 -3 056-48% -653-59% -290<-100%
2025 q1 -3 056-48% -653+126% -290<-100%
2024 q4 882-71% -2 857+80% 1 677<-100%
2024 q3 882-71% -2 857+80% 1 677<-100%
2024 q2 -5 870>+200% -1 581>+200% 4 428+31%
2024 q1 -5 896>+200% -289-95% 4 428+31%
2023 q4 3 090+102% -1 585<-100% -196<-100%
2023 q3 3 090+102% -1 585<-100% -196<-100%
2023 q2 -1 739+5% -224<-100% 3 368<-100%
2023 q1 -1 739 -5 313<-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 2 391<-100% -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. 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 ( 14820 , 14826 ) 5 112-30% 1 545-20% 14<-100% 32+127% 2 130+109% -1 360+27%
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+29%
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% 236+31% -269-8%
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 1 994 704 157 180 -293
2019 q3 9 118+2% 1 238-4% 15-87% 22+30% 196+59% -247+50%
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% 123>+200% -164+73%
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 17 -95
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 q3 ( 14820 , 14826 ) 22 876+7% 59 867+6% -17 190+66%
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