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General information

Tatneft PJSC explores for, produces, refines, and markets crude oil. The Company operates a chain of retail gasoline filling stations, and exports some of its petrochemical products to former Soviet Union countries and Europe.
  • Dividend yield for the last twelve months 14.5%
  • Free cash flow yield 7.0% (LTM), projected -6.7%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 100.0%
  • Share price is 65.7% higher than minimum and 32.4% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (3.2x vs
    )
  • The company is overvalued by EV / projected EBITDA multiple compared to target level (
    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 14.2%) / 2, expected EBITDA adjusted for key rate increases is 177 305 mln rub, expected mult is 7.3x, target mult is 3.0x, potential is -63.3%

Key Financials (Download financials)

Ticker: TATN
Share price, RUB:  (-7.2%)517
year average price 650.72  


year start price 547.82 2024-10-29

min close price 506.00 2024-11-26

max close price 764.30 2025-02-25

current price 517.00 2025-10-28
Share price (preferred), RUB:  (-6.2%)488.8
Common stocks: 2 178 690 000
Dividend Yield:  14.5%
FCF Yield LTM / expected: 7.0% / -6.7%
EV / LTM EBITDA:3.2x
EV / EBITDA annualized: 4.2x
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 1 198 486
Net Debt (m RUB): 27 098
EV (Enterprise Value): 1 225 584
EBITDA LTM (m RUB): 382 858
Net Income LTM (m RUB): 59 821
EV / LTM EBITDA: 3.2x
Net Debt / LTM EBITDA (if EBITDA > 0): 0.1x
Average daily trading volume for the week, RUB mln: 1260
P / E 20.0x
P / E ann-d11.1x
P / B 0.9x
EBITDA margin ann-d 16.4%
Net income margin ann-d 6.2%

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 TATN-12.25 TTZ5 2025-12-19 53800.00 -0.3% 145.8 517 +4.1% +32.2%
Фьючерсный контракт TATN-3.26 TTH6 2026-03-20 55240.00 -0.5% 3.2 517 +6.8% +18.4%
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 ( 12912 , 12913 ) 439 074-6%   55 589-44% 27 105-64% 4 976+35% -8 130+139%
2025 q1 439 074-6%   55 589-44% 27 105>+200% 4 976+35% -8 130+139%
2024 q4 ( 9404 , 9432 , 9433 ) 549 625+14%   101 506+10% 2 806-96% 5 094+83% -5 550-10%
2024 q3 549 625+14%   101 506+10% 2 806-96% 5 094+83% -5 550-10%
2024 q2 ( 8944 , 8945 ) 465 560+49%   98 488+25% 75 693<-100% 3 699+84% -3 404+37%
2024 q1 465 560+49%   98 488+25% 86<-100% 3 699+84% -3 404+37%
2023 q4 ( 7817 , 7818 ) 482 609+85%   92 648+2% 70 809-33% 2 784+58% -6 183>+200%
2023 q3 482 609+85%   92 648+2% 70 809-33% 2 784+58% -6 183>+200%
2023 q2 ( 6811 , 6812 ) 311 931-21%   78 701-38% -2 027<-100% 2 016-19% -2 476+66%
2023 q1 311 931-21%   78 701-38% 73 836<-100% 2 016-19% -2 476+66%
2022 q4 ( 3142 , 3143 ) 260 256-17%   91 079+40% 105 285-47% 1 759+31% -1 401-14%
2022 q3 260 256-20%   91 079+41% 105 285>+200% 1 759+183% -1 401-8%
2022 q2 ( 3062 , 3063 ) 395 399+32%   127 153+102% 69 625<-100% 2 480>+200% -1 496-2%
2022 q1 395 399>+200%   127 153+133% -30 953<-100% 2 480+82% -1 4960%
2021 q4 ( 2939 , 2940 ) 312 548-61%   65 281-53% 199 203+94% 1 343-70% -1 631-78%
2021 q3 ( 2387 , 2388 ) 323 836+73%   64 673+36% 14<-100% 622>+200% -1 522-1%
2021 q2 ( 2389 , 2390 ) 300 377>+200%   62 935+141% -44 015<-100% 579>+200% -1 525-16%
2021 q1 ( 2391 , 2392 ) 43 270+61%   54 464+79% 43 684+76% 1 365>+200% -1 496-32%
2020 q4 ( 2393 , 2394 ) 795 815<-100%   138 090>+200% 102 573>+200% 4 428 -7 384
2020 q3 ( 2395 , 2396 ) 187 370-22%   47 481-35% -765<-100% 117-60% -1 539+22%
2020 q2 17 013-92%   26 165-63% 17 696-67% 184 -1 805
2020 q1 ( 2397 , 2398 , 2399 ) 26 891-88%   30 361-56% 24 781-54% 189-57% -2 192+74%
2019 q4 -498 082<-100%   41 606+135% 25 263+140%    
2019 q3 241 753>+200%   73 146-14% 59 037-14% 290-83% -1 257+58%
2019 q2 ( 2402 , 2403 ) 222 330-5%   69 787-8% 54 259-14%    
2019 q1 222 330+18%   69 787+31% 54 259<-100% 442 -1 258
2018 q4 235 377+21%   17 700-58% 10 535-68%    
2018 q3 67 930-65%   84 937+101% 68 991+111% 1 662 -797
2018 q2 233 988   75 847 63 031    
2018 q1 ( 2406 , 2407 , 2408 ) 188 345+11%   53 418+48% -732<-100%    
2017 q4 195 008+18%   42 171-58% 32 761+35%    
2017 q3 195 008+32%   42 171<-100% 32 761+23%    
2017 q1 ( 2410 , 2411 , 2985 ) 169 172+15%   36 063+6% 25 608-4%    
2016 q4 164 888<-100%   101 507-51% 24 306+34% 1 450-21% -975-39%
2016 q3 ( 2413 , 2414 ) 147 395+10%   -30 913+11% 26 624+7% 1 285-54% -990-65%
2016 q1 ( 2415 , 2416 ) 147 395+2%   34 046<-100% 26 624-15% 1 245-58% -980-42%
2015 q4 -308 576<-100%   208 032 18 115-20% 1 830 -1 592
2015 q3 134 588+22%   -27 940 24 803+10% 2 768 -2 798
2015 q2 144 450+13%   -23 887+5% 31 427+8% 3 491+93% -1 608+13%
2015 q1 ( 2418 , 2420 ) 144 450+14%   -22 020+12% 31 427+35% 2 934+116% -1 693+17%
2014 q4 110 643-30%     22 606+24%    
2014 q3 110 643-30%     22 606+24%    
2014 q2 128 122+22%   -22 736+8% 29 113+82% 1 813+116% -1 4220%
2014 q1 126 953+3%   -19 662<-100% 23 352-10% 1 360+62% -1 451
2013 q4 157 641<-100%   -64 953-66% 18 198<-100% 843<-100% -1 834-6%
2013 q3 157 641-67%   -64 953<-100% 18 198-72% 843-74% -1 834-20%
2013 q2 104 696-27%   -21 068<-100% 15 954+153% 840-33% -1 421
2013 q1 123 389-18%   19 204+5% 25 995-12% 840-15%  
2012 q4 -321 649-1%   -192 805>+200% -22 615-4% -1 619+53% -1 944
2012 q3 471 504+5%   65 809+20% 65 347+39% 3 257+48% -2 296>+200%
2012 q2 143 214-12%   21 953+20% 6 307-60% 1 251+48%  
2012 q1 151 030+15%   18 368+23% 29 409+17% 983+46% -795>+200%
2011 q4 -324 210   -13 397 -23 538 -1 057  
2011 q3 447 806<-100%   54 840<-100% 47 050<-100% 2 195<-100% -648<-100%
2011 q2 162 264+48%   18 360+21% 15 669>+200% 846-20%  
2011 q1 131 726+25%   14 957+15% 25 029+93% 672-29% -242+107%
2010 q4            
2010 q3 ( 2436 , 2438 ) -109 459<-100%   -15 174<-100% -4 565<-100% -1 055<-100% 98<-100%
2010 q2 ( 2433 , 2437 ) 109 459+21%   15 173+24% 5 194-76% 1 055-9% -98-43%
2010 q1 105 152+43%   13 011-15% 12 957+63% 951-1% -117-14%
2009 q4            
2009 q3 273 683-28%   45 056-7% 47 151+55% 3 146+22% -502+81%
2009 q2 90 432-34%   12 266-27% 21 757+48% 1 163+49% -173+128%
2009 q1 73 540-33%   15 380+15% 7 929+25% 958+15% -136+116%
2008 q4            
2008 q3 378 066   48 349 30 397 2 576 -277
2008 q2 137 435   16 734 14 670 778 -76
2008 q1 109 052   13 383 6 335 831 -63


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (8 130 - 4 976) * 4 / (27 098 - 3 945)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 ( 12912 , 12913 ) 1 275 094-1% 2 087 868-1% 27 098<-100% 54.5% 0.07x
2025 q1         -0.21x
2024 q4 ( 9404 , 9432 , 9433 ) 1 330 244+11% 2 204 909+8% -89 245+57%   -0.19x
2024 q3         -0.18x
2024 q2 ( 8944 , 8945 ) 1 290 193+8% 2 108 204+14% -97 305+2%   -0.16x
2024 q1         -0.12x
2023 q4 ( 7817 , 7818 ) 1 197 170+8% 2 045 173+22% -56 726-65%   -0.08x
2023 q3         -0.14x
2023 q2 ( 6811 , 6812 ) 1 190 194+14% 1 853 125+13% -95 072-52%   -0.20x
2023 q1         -0.29x
2022 q4 ( 3142 , 3143 ) 1 104 444+17% 1 675 837+12% -164 232+37%   -0.38x
2022 q3         -0.44x
2022 q2 ( 3062 , 3063 ) 1 040 643+10% 1 634 454+18% -197 603+97%   -0.48x
2022 q1         -0.28x
2021 q4 ( 2939 , 2940 ) 943 375 1 502 289+19% -120 103>+200%   -0.07x
2021 q3 ( 2387 , 2388 )   1 446 777+14% -133 697>+200%   -0.04x
2021 q2 ( 2389 , 2390 ) 943 375 1 383 878+10% -100 548   -0.05x
2021 q1 ( 2391 , 2392 )   1 317 551+7% -59 492<-100%   0.09x
2020 q4 ( 2393 , 2394 )   1 263 441+2% -33 445   0.36x
2020 q3 ( 2395 , 2396 )   1 265 763-1% -6 779-91%   0.65x
2020 q2   1 263 4410%     0.62x
2020 q1 ( 2397 , 2398 , 2399 )   1 237 017-2% 5 474<-100%   0.62x
2019 q4   1 240 343     0.42x
2019 q3   1 281 491+7% -74 038   0.20x
2019 q2 ( 2402 , 2403 )   1 265 969+5% -71 094   0.24x
2019 q1   1 265 969+5% -190 135   0.20x
2018 q4         0.26x
2018 q3   1 201 288     0.06x
2018 q2   1 201 288     0.39x
2018 q1 ( 2406 , 2407 , 2408 )   1 201 288     0.38x
2017 q4         0.82x
2017 q3         0.60x
2017 q1 ( 2410 , 2411 , 2985 )         0.65x
2016 q4   1 094 597+37% -75 514   0.56x
2016 q3 ( 2413 , 2414 ) 2 016 809 202 -26 942   -0.33x
2016 q1 ( 2415 , 2416 ) 645 717 774 581+2% -36 200+108%   -0.35x
2015 q4   798 691     -0.06x
2015 q3         -0.24x
2015 q2   794 662+11% 24 165<-100%   -0.58x
2015 q1 ( 2418 , 2420 )   761 314+4% -17 415<-100%   -0.48x
2014 q4          
2014 q3          
2014 q2   715 041+9% -16 028<-100%    
2014 q1   730 950+8% 19 538    
2013 q4   674 089+7% 25 688-56% 127.2%  
2013 q3          
2013 q2   656 140+4% 27 038 24.3%  
2013 q1   674 089      
2012 q4   630 6070% 58 352    
2012 q3          
2012 q2   630 607      
2012 q1          
2011 q4   630 607      
2011 q3          
2011 q2          
2011 q1          
2010 q4          
2010 q3 ( 2436 , 2438 )          
2010 q2 ( 2433 , 2437 )          
2010 q1          
2009 q4          
2009 q3          
2009 q2          
2009 q1          
2008 q4          
2008 q3          
2008 q2          
2008 q1          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 ( 12912 , 12913 ) 52 333-47% -39 081-16% -38 800+11%
2025 q1 52 333>+200% -39 081-16% -38 800+11%
2024 q4 ( 9404 , 9432 , 9433 ) 141 421+53% -45 043-39% -59 309+49%
2024 q3 141 421+53% -45 043-39% -59 309+49%
2024 q2 ( 8944 , 8945 ) 99 605<-100% -46 509-37% -35 057>+200%
2024 q1 868-98% -46 509-37% -35 057>+200%
2023 q4 ( 7817 , 7818 ) 92 732+5% -74 212+106% -39 9380%
2023 q3 92 732+5% -74 212+106% -39 9380%
2023 q2 ( 6811 , 6812 ) -13 082<-100% -74 273>+200% -1 755-86%
2023 q1 48 438-48% -74 273>+200% -1 755-86%
2022 q4 ( 3142 , 3143 ) 87 983+9% -36 010+72% -39 891+2%
2022 q3 87 983+4% -36 010-7% -39 891+50%
2022 q2 ( 3062 , 3063 ) 93 749+79% -9 024-89% -12 341>+200%
2022 q1 93 749+90% -9 024-68% -12 341>+200%
2021 q4 ( 2939 , 2940 ) 81 009+35% -20 977-32% -39 091+69%
2021 q3 ( 2387 , 2388 ) 84 721+70% -38 875+49% -26 560+54%
2021 q2 ( 2389 , 2390 ) 52 388>+200% -84 634>+200% -1 327<-100%
2021 q1 ( 2391 , 2392 ) 49 376-33% -28 152+16% -1 327-97%
2020 q4 ( 2393 , 2394 ) 60 082+37% -30 756+82% -23 116-61%
2020 q3 ( 2395 , 2396 ) 49 778-54% -26 075+7% -17 238-75%
2020 q2 16 975-54% -19 073+51% 0+100%
2020 q1 ( 2397 , 2398 , 2399 ) 73 531+21% -24 293-51% -46 327-12%
2019 q4 43 867 -16 888<-100% -59 504+71%
2019 q3 107 197+78% -24 359+94% -69 128+127%
2019 q2 ( 2402 , 2403 ) 37 004-24% -12 596-65% -2 980-39%
2019 q1 60 738 -50 049+196% -52 593+93%
2018 q4   21 663<-100% -34 877+161%
2018 q3 60 332 -12 584-4% -30 514+128%
2018 q2 48 554 -35 569 -4 875
2018 q1 ( 2406 , 2407 , 2408 )   -16 926-77% -27 195-62%
2017 q4   -13 124<-100% -13 387+48%
2017 q3   -13 124+28% -13 387+8%
2017 q1 ( 2410 , 2411 , 2985 )   -72 949+7% -71 824+109%
2016 q4 36 581+14% 5 364<-100% -9 030+168%
2016 q3 ( 2413 , 2414 ) 37 830+18% -10 255<-100% -12 412-39%
2016 q1 ( 2415 , 2416 ) 30 379+39% -68 418-19% -34 317>+200%
2015 q4 32 010 -36 482>+200% -3 365-77%
2015 q3 32 156 46 153<-100% -20 236+39%
2015 q2 54 515+97% -45 279>+200% -5 218-77%
2015 q1 ( 2418 , 2420 ) 21 835-47% -84 150+70% -10 004-79%
2014 q4   -8 660-40% -14 518+32%
2014 q3   -8 660 -14 518
2014 q2 27 659-7% -9 887<-100% -22 459>+200%
2014 q1 41 062+38% -49 570+44% -48 131+18%
2013 q4 29 357<-100% -14 467+57% -11 018-14%
2013 q3 29 357-63%    
2013 q2 29 718+15% 5 159<-100% -6 665
2013 q1 29 718-21% -34 502 -40 889>+200%
2012 q4 -51 413+52% -9 223-17% -12 740+122%
2012 q3 78 752+16% -9 223 -12 740+122%
2012 q2 25 868+22% -20 850  
2012 q1 37 430+66%   -7 585+7%
2011 q4 -33 846<-100% -11 092 -5 733+27%
2011 q3 67 677<-100%   -5 733-26%
2011 q2 21 161+40%    
2011 q1 22 584+70%   -7 094<-100%
2010 q4 42 988-18%   -4 529<-100%
2010 q3 ( 2436 , 2438 ) -15 490<-100%   -7 719<-100%
2010 q2 ( 2433 , 2437 ) 15 127-27%   8 538-5%
2010 q1 13 252-7%   8 209-36%
2009 q4 52 325<-100%   11 367+187%
2009 q3 59 424+46%   21 396>+200%
2009 q2 20 843+13%   8 974+105%
2009 q1 14 278+5%   12 781<-100%
2008 q4 -24 977   3 964
2008 q3 40 676   6 312
2008 q2 18 524   4 385
2008 q1 13 629   -370
RSBU data *The values are shown in mln. 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 312 632-14% 57 366-41% 29 816-57% 29 466-41% 5 913+64% -1 905-52%
2025 q1 361 445-5% 84 858-33% 56 216-40% 37 294-45% 4 153+30% -2 049-29%
2024 q4 412 4480% 122 028+5% 88 675+5% 78 961+166% 4 250+69% -10 474-17%
2024 q3 ( 9188 , 9193 ) 404 112+10% 99 442-14% 67 599-27% 53 928-33% 3 898-1% -2 940+42%
2024 q2 365 168+27% 97 999+28% 68 621+33% 50 099-36% 3 608+52% -3 955+129%
2024 q1 ( 8619 , 8621 ) 382 051+57% 126 190+41% 94 206+37% 68 386+36% 3 203+53% -2 903+93%
2023 q4 413 885+47% 115 706+25% 84 074+25% 29 714-49% 2 512+86% -12 662>+200%
2023 q3 368 439+28% 115 807+38% 93 221+42% 80 279+151% 3 927+86% -2 069+90%
2023 q2 287 501-18% 76 658-23% 51 435-35% 77 993+143% 2 368-33% -1 725+23%
2023 q1 243 745-32% 89 790-46% 68 874-54% 50 123-58% 2 087-34% -1 502+95%
2022 q4 282 370-8% 92 395+60% 67 307+68% 57 776+198% 1 354-13% -1 277+12%
2022 q3 286 775+9% 84 011+17% 65 425+11% 31 927-31% 2 109+175% -1 091-3%
2022 q2 350 217+26% 99 323+33% 78 737+30% 32 135-19% 3 543>+200% -1 401+25%
2022 q1 360 494+63% 165 256+158% 149 867+190% 120 025>+200% 3 142>+200% -768-31%
2021 q4 307 649+77% 57 7100% 40 149-3% 19 379-34% 1 560 -1 140
2021 q3 262 699+64% 71 703+33% 59 156+41% 46 413+59% 767 -1 130
2021 q2 277 136+121% 74 905+146% 60 636>+200% 39 817>+200% 565 -1 123
2021 q1 221 826+27% 63 934+49% 51 621+84% 37 050+83% 662 -1 120
2020 q4 173 406-11% 57 999-24% 41 592-32% 29 296>+200%    
2020 q3 159 935-26% 53 882-36% 41 930-40% 29 246-48%    
2020 q2 125 371-36% 30 406-60% 18 258-72% 2 901-93%    
2020 q1 174 619-15% 42 773-49% 28 116-60% 20 223-60%    
2019 q4 195 019-2% 76 168-4% 60 723-8% 6 488-87%    
2019 q3 215 566-3% 84 852-12% 70 280-16% 56 674-18%    
2019 q2 194 585-2% 76 716-9% 64 372-8% 43 031-24%    
2019 q1 205 152+24% 83 611+34% 69 747+39% 50 281+35%    
2018 q4 198 309 79 678 66 198 49 381    
2018 q3 221 300 96 299 83 803 69 023    
2018 q2 199 273 84 155 70 115 56 641    
2018 q1 166 004 62 601 50 318 37 257    
2017 q4            


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (1 905 - 5 913) * 4 / (46 257 - 0)

Q Total equity Total assets Net debt
 
2025 q2 956 933-3% 1 410 898-3% 46 257<-100%
2025 q1 1 028 176+3% 1 451 933+1% -45 816>+200%
2024 q4 992 131+7% 1 493 118+3% -26 423+24%
2024 q3 ( 9188 , 9193 ) 953 012-3% 1 468 448+1% -60 378-46%
2024 q2 987 531+2% 1 456 370+6% -68 889-15%
2024 q1 ( 8619 , 8621 ) 996 319+5% 1 430 521+12% -3 575-95%
2023 q4 928 359+3% 1 456 235+20% -21 226-75%
2023 q3 980 878+14% 1 458 646+20% -111 953+6%
2023 q2 964 037+7% 1 377 454+11% -81 368-19%
2023 q1 950 077+4% 1 278 420-5% -66 389-34%
2022 q4 899 529+14% 1 216 570+10% -85 415+29%
2022 q3 859 937+25% 1 213 412+24% -105 918+59%
2022 q2 903 839+32% 1 243 743+28% -99 849+50%
2022 q1 915 490+34% 1 341 973+38% -100 990+52%
2021 q4 787 504 1 104 939 -66 448<-100%
2021 q3 685 431 974 657 -66 448<-100%
2021 q2 685 431 974 657 -66 448<-100%
2021 q1 685 431 974 657 -66 448<-100%
2020 q4     20 281-56%
2020 q3     20 281-56%
2020 q2     20 281-56%
2020 q1     20 281-56%
2019 q4     45 995<-100%
2019 q3     45 995<-100%
2019 q2     45 995<-100%
2019 q1     45 995<-100%
2018 q4     -15 785+136%
2018 q3     -15 785
2018 q2     -15 785
2018 q1     -15 785
2017 q4     -6 703
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company