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General information

Leading pipes producer. The company sold US division and currently is buying back almost all free float at 61 RUB/share price
  • Current market environment: negative. Prices of production are 11.3% lower compared to the last 12 months (LTM)
  • Prices of production are at 6.4% percentile over the past 5 years, adjusted for inflation (are close to minimun)
  • Dividend yield for the last twelve months 3.1%
  • Free cash flow yield 12.8% (LTM), projected 6.3%
  • Share of USD-denominated sales in revenue of the company (estimate) 10.0%
  • Share price is 37.2% higher than minimum and 61.6% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (6.1x 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 14.4%) / 2, expected EBITDA adjusted for key rate increases is 58 234 mln rub, expected mult is 7.0x, target mult is 4.1x, potential is -159.3%

Key Financials (Download financials)

Ticker: TRMK
Share price, RUB:  (+1.6%)104.08
year average price 109.41  


year start price 104.68 2024-11-19

min close price 85.28 2024-12-17

max close price 145.66 2025-02-25

current price 104.00 2025-11-18
Common stocks: 1 033 140 000
Dividend Yield:  3.1%
FCF Yield LTM / expected: 12.8% / 6.3%
EV / LTM EBITDA:6.1x
EV / EBITDA annualized: 5.1x
Production prices change from LTM: -11.3%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 107 529
Net Debt (m RUB): 301 628
EV (Enterprise Value): 409 157
EBITDA LTM (m RUB): 66 991
Net Income LTM (m RUB): -21 129
EV / LTM EBITDA: 6.1x
Net Debt / LTM EBITDA (if EBITDA > 0): 4.5x
Average daily trading volume for the week, RUB mln: 60
P / B 2.0x
EBITDA margin ann-d 17.0%
Net income margin ann-d -1.4%

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. 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 118 495-14% 29 299-8% 13 459+19% -1 625+79% 1 945+70% -21 896+49%
2025 q1 118 495-14% 29 299-8% 13 459+19% -1 625+79% 1 945+70% -21 896+49%
2024 q4 127 719-4% 29 038-23% 8 346-61% -8 940<-100% 1 465+75% -18 063+117%
2024 q3 127 719-4% 29 038-23% 8 346-61% -8 940<-100% 1 465+75% -18 063+117%
2024 q2 138 364-1% 31 706-29% 11 319-61% -908<-100% 1 143+89% -14 690+140%
2024 q1 138 364-1% 31 706-29% 11 319-61% -908<-100% 1 143+89% -14 690+140%
2023 q4 132 703-19% 37 522 21 513 8 409 838 -8 334
2023 q3 132 703 37 522 21 513 8 409 838 -8 334
2023 q2 ( 6756 , 7658 ) 139 428-7% 44 582+29% 29 101+36% 14 159+39% 605-33% -6 123-25%
2023 q1 139 428-7% 44 582+29% 29 101+36% 14 159+39% 605-33% -6 123-25%
2022 q4 164 173+19%          
2022 q2 150 418+38% 34 447+59% 21 455>+200% 10 206>+200% 906+78% -8 195+34%
2022 q1 150 418+131% 34 447+176% 21 455>+200% 10 206<-100% 906+76% -8 195+119%
2021 q4 137 445+131% 31 401+154% 13 049>+200% 4 284+100% 602+69% -6 827+100%
2021 q3 117 259+129% 23 235+102% 10 482+147% 3 278<-100% 793+94% -6 708+106%
2021 q2 109 216+93% 21 652+83% 7 118+61% 1 965<-100% 510+11% -6 130+92%
2021 q1 65 061+18% 12 481-3% 1 433-52% -4 847<-100% 516+37% -3 744+4%
2020 q4 59 475+43% 12 367-28% 3 797-58% 0<-100% 357+16% -3 417-9%
2020 q3 ( 2620 , 2621 ) 51 156-13% 11 528-16% 4 236-19% -25<-100% 409+89% -3 255-14%
2020 q2 56 671-15% 11 821-18% 4 428-43% -2 126<-100% 461+162% -3 193-10%
2020 q1 55 319-12% 12 854-4% 2 990-45% 22 614>+200% 376+22% -3 612-1%
2019 q4 ( 2624 , 2625 , 6418 , 6419 ) 41 673+103% 17 210+89% 9 132+158% 7 768<-100% 308+116% -3 765+3%
2019 q3 59 108-44% 13 698-5% 5 213-17% 6 598>+200% 216+47% -3 794+1%
2019 q2 66 592+47% 14 381+67% 7 823+146% 3 511<-100% 176+18% -3 533-3%
2019 q1 63 087-25% 13 370-4% 5 456-9% 2 586>+200% 309+107% -3 664-3%
2018 q4 20 562-71% 9 084-33% 3 534-29% -2 770+10% 143-12% -3 653-11%
2018 q3 105 481+51% 14 371+14% 6 282+33% 1 295-52% 147-20% -3 770-8%
2018 q2 45 387-28% 8 618-29% 3 184-31% -948-20% 150-24% -3 650-11%
2018 q1 83 639+32% 13 980+15% 5 968+30% 474-81% 150-24% -3 762-8%
2017 q4 70 014+24% 13 570+22% 4 958+44% -2 511<-100% 162-19% -4 112+1%
2017 q3 70 014+24% 12 652+9% 4 718+10% 2 687-49% 185+1% -4 099-10%
2017 q2 ( 2635 , 2636 ) 63 225+13% 12 193+3% 4 598-2% -1 186<-100% 196+12% -4 092-15%
2017 q1 63 225+13% 12 193+3% 4 598-2% 2 465+133% 196+12% -4 092-15%
2016 q4 56 610-4% 11 120-20% 3 453<-100% 821<-100% 200 -4 057
2016 q3 56 610 11 628 4 294 5 258-99% 184 -4 575
2016 q2 55 965-6% 11 882-13% 4 714-18% 3 595+108% 176-7% -4 835+18%
2016 q1 55 965-6% 11 882-13% 4 714-18% 1 058-39% 176-7% -4 835+18%
2015 q4 ( 2642 , 2643 ) 59 214-16% 13 965+20% -583-73% 685 409<-100%    
2015 q3       685 409<-100%    
2015 q2 59 520+12% 13 657+38% 5 772+62% 1 728+122% 189>+200% -4 089+106%
2015 q1 59 520+12% 13 657+38% 5 774+83% 1 728+122% 189>+200% -4 089+106%
2014 q4 ( 2647 , 2648 ) 70 592+37% 11 599+5% -2 154<-100% -4 384<-100% 78 -2 328
2014 q3 70 592 11 599 -2 154 -4 384<-100% 78 -2 328
2014 q2 ( 2650 , 2651 ) 52 959+2% 9 899-12% 3 567-15% 778-60% 41-49% -1 990-6%
2014 q1 52 959+2% 9 899-12% 3 158-41% 778-60% 41-49% -1 990-6%
2013 q4 ( 2653 , 2654 ) 51 447-1% 11 043-2% 145 1 683-16%    
2013 q3       1 683-16%    
2013 q2 52 170-1% 11 229-8% 4 185-31% 1 933-30% 80-58% -2 120-7%
2013 q1 52 170-1% 11 229-8% 5 395-11% 1 933-30% 80-58% -2 120-7%
2012 q4 51 751+4% 11 287+6%   1 992-30%   -2 325+5%
2012 q3 51 751-2% 11 2870%   1 992-34%   -2 325-2%
2012 q2 52 688 12 264 6 035 2 777 189 -2 289
2012 q1 52 688 12 264 6 035 2 777 189 -2 289
2011 q4 49 617+16% 10 626+7% 7 346+57% 2 847>+200% 250+72% -2 216-33%
2011 q3 52 695+23% 11 285+13% 7 346+57% 3 002>+200% 250+72% -2 362-29%
2011 q2            
2010 q4 42 942+58% 9 955+128% 4 687>+200% 801<-100% 145-57% -3 315-5%
2010 q3 42 942+58% 9 955+128% 4 687>+200% 801<-100% 145-57% -3 315-5%
2009 q4 27 134-39% 4 362-61% 208-97% -2 538<-100% 339>+200% -3 504+64%
2009 q3 27 134 4 362 208 -2 538 339 -3 504
2008 q4 44 610 11 270 7 947 1 556 68 -2 134


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (21 896 - 1 945) * 4 / (301 628 - -9)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 53 337-36% 600 586-6% 301 628-4% 26.5% 4.50x
2025 q1         4.43x
2024 q4 57 240-34% 692 913+18% 269 863+4% 24.9% 4.34x
2024 q3         3.94x
2024 q2 83 044-7% 640 514+11% 314 730+20% 17.5% 3.65x
2024 q1         2.64x
2023 q4 86 714+27% 584 874-3% 258 952 11.7% 1.97x
2023 q3         1.80x
2023 q2 ( 6756 , 7658 ) 89 646+52% 578 732-9% 261 629+6% 8.5% 1.67x
2023 q1         1.79x
2022 q4 68 165+37% 600 123-14%     1.95x
2022 q2 58 809-3% 637 068-3% 247 794-16% 11.9% 2.87x
2022 q1         3.27x
2021 q4 49 901-30% 694 577+66% 243 205+90% 10.3% 4.54x
2021 q3 45 528-24% 642 174+67% 292 374+89% 8.1% 6.85x
2021 q2 60 654+30% 655 012+85% 295 418+132% 7.7% 8.48x
2021 q1 66 719-5% 621 932+55% 306 437+129% 4.2% 11.14x
2020 q4 71 719+34% 419 099+19% 128 155-23% 9.7% 4.52x
2020 q3 ( 2620 , 2621 ) 60 044+4% 384 253+12% 154 527-18% 7.5% 3.88x
2020 q2 46 750-13% 354 121+5% 127 114-26% 8.7% 3.73x
2020 q1 69 985+21% 400 753+16% 133 557-24% 9.9% 3.51x
2019 q4 ( 2624 , 2625 , 6418 , 6419 ) 53 595-6% 352 182+1% 166 282-19% 8.5% 4.03x
2019 q3 57 782+2% 342 093+4% 188 1080% 7.7% 4.54x
2019 q2 53 595-2% 337 156+5% 171 179-5% 7.8% 3.99x
2019 q1 57 896+6% 346 021+11% 175 574+5% 7.8% 4.16x
2018 q4 56 797+6% 347 663+9% 206 302+26% 6.8% 4.56x
2018 q3 56 424+4% 327 758+6% 188 179+12% 7.8% 5.02x
2018 q2 54 4550% 322 437+5% 179 597+12% 7.8% 5.07x
2018 q1 54 436-1% 311 811+6% 166 604+4% 8.8% 4.76x
2017 q4 53 755 318 919+11% 163 781+4% 9.6% 4.78x
2017 q3 54 477 307 922 168 098 9.5% 4.73x
2017 q2 ( 2635 , 2636 ) 54 455+1% 306 909+3% 159 836-1% 9.8% 4.89x
2017 q1 54 865 295 058 159 566 10.0% 4.45x
2016 q4   287 264-12% 157 636-16% 9.8% 4.78x
2016 q3         5.18x
2016 q2 54 094-26% 298 8810% 161 6670% 11.5% 5.06x
2016 q1         5.94x
2015 q4 ( 2642 , 2643 ) 52 591-30% 324 653-3% 187 585+12%   5.35x
2015 q3         4.73x
2015 q2 72 863+2% 298 878+22% 161 306+32% 9.7% 4.29x
2015 q1         4.97x
2014 q4 ( 2647 , 2648 ) 75 277+8% 334 631+37% 167 158+38% 5.5% 5.53x
2014 q3         5.07x
2014 q2 ( 2650 , 2651 ) 71 264+2% 245 771+1% 122 414 6.4% 4.76x
2014 q1         4.56x
2013 q4 ( 2653 , 2654 ) 69 937+11% 243 629+6% 121 455+9%   4.11x
2013 q3         5.63x
2013 q2 69 700+4% 242 805+3%     7.77x
2013 q1         14.92x
2012 q4 63 234+8% 230 842+1% 111 037-5% 8.4%  
2012 q3          
2012 q2 67 334 236 058 122 048 7.1%  
2012 q1          
2011 q4 58 612+17% 229 088+9% 117 0600% 6.9%  
2011 q3          
2011 q2          
2010 q4 50 040+5% 209 7570% 116 778+6% 11.2%  
2010 q3          
2009 q4 47 645 209 520 109 891 11.5%  
2009 q3          
2008 q4          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 -4 287<-100% -4 439-1% -23 430>+200%
2025 q1 -4 287<-100% -4 439-1% -23 430>+200%
2024 q4 36 155+121% -4 630-13% -15 161>+200%
2024 q3 36 155+121% -4 630-13% -15 161>+200%
2024 q2 11 882-23% -4 483-42% -5 116-18%
2024 q1 11 882-23% -4 483-42% -5 116-18%
2023 q4 16 392+85% -5 323-34% -3 546-73%
2023 q3 16 392 -5 323 -3 546
2023 q2 ( 6756 , 7658 ) 15 464+164% -7 771+51% -6 230-72%
2023 q1 15 464+164% -7 771+51% -6 230-72%
2022 q4 8 861-86% -8 028+155% -13 038-42%
2022 q2 5 855-75% -5 156+70% -22 279>+200%
2022 q1 5 855<-100% -5 156-93% -22 279<-100%
2021 q4 64 532+126% -3 148-64% -22 383>+200%
2021 q3 14 477-26% -1 871-81% -14 780>+200%
2021 q2 23 760>+200% -3 035<-100% -5 875-84%
2021 q1 -7 449>+200% -77 850<-100% 57 724>+200%
2020 q4 28 579+23% -8 691<-100% -5 977+47%
2020 q3 ( 2620 , 2621 ) 19 608+131% -9 886-39% -3 386-52%
2020 q2 2 220+80% 2 081<-100% -35 801<-100%
2020 q1 -1 755<-100% 46 639<-100% 5 283<-100%
2019 q4 ( 2624 , 2625 , 6418 , 6419 ) 23 153+50% 173-96% -4 075<-100%
2019 q3 8 496-18% -16 122+14% -7 096-61%
2019 q2 1 236-65% -2 766-23% 2 428<-100%
2019 q1 5 123+45% -4 776+54% -9 345-7%
2018 q4 15 472+181% 4 749+3% 12 840<-100%
2018 q3 10 339 -14 176+28% -18 342
2018 q2 3 533+2% -3 575+10% -5 102+188%
2018 q1 3 533+2% -3 096-22% -10 102<-100%
2017 q4 5 499+15% 4 594+84% -89-98%
2017 q3   -11 048+77%  
2017 q2 ( 2635 , 2636 ) 3 461-62% -3 243<-100% -1 769-79%
2017 q1 3 461-62% -3 993+49% 8 723<-100%
2016 q4 4 787-52% 2 502<-100% -5 824+30%
2016 q3 7 941 -6 247+96%  
2016 q2 9 010-19% 649<-100% -8 312-29%
2016 q1 9 010-19% -2 687-1% -7 809-33%
2015 q4 ( 2642 , 2643 ) 9 980+55% -3 186-13% -4 487<-100%
2015 q3   -3 186-13% -4 487<-100%
2015 q2 11 067+159% -2 707+5% -11 708>+200%
2015 q1 11 067+159% -2 707+5% -11 708>+200%
2014 q4 ( 2647 , 2648 ) 6 438+15% -3 649+3% 428<-100%
2014 q3 6 438 -3 649+3% 428<-100%
2014 q2 ( 2650 , 2651 ) 4 267-4% -2 585-18% -1 306-52%
2014 q1 4 267-4% -2 585-18% -1 306-52%
2013 q4 ( 2653 , 2654 ) 5 600-30% -3 547-4% -3 498-13%
2013 q3   -3 547-4% -3 498-13%
2013 q2 4 440-7% -3 136+5% -2 742-14%
2013 q1 4 440-7% -3 136+5% -2 742-14%
2012 q4 8 031+39% -3 713+34% -3 999+57%
2012 q3 8 031+31% -3 713+26% -3 999+53%
2012 q2 4 779 -2 995 -3 176
2012 q1 4 779 -2 995 -3 176
2011 q4 5 783+94% -2 774+33% -2 555+78%
2011 q3 6 142+107% -2 944+41% -2 613+82%
2011 q2      
2010 q4 2 974-55% -2 087-70% -1 434<-100%
2010 q3 2 974-55% -2 087-70% -1 434<-100%
2009 q4 6 682+15% -7 055-56% 1 128-89%
2009 q3 6 682 -7 055 1 128
2008 q4 5 798 -15 870 10 481
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 65 867-27% 5 597-20% 1 724-40% -8 255+16% 1 628+28% -11 934+23%
2025 q2 103 327-17% 7 788-13% 3 178-30% 21 690-48% 1 689+47% -12 522+37%
2025 q1 103 634-8% 7 232-17% 3 278-17% 349<-100% 1 938+102% -12 133+30%
2024 q4 103 990-22% 7 949-12% 3 238-29% -10 847<-100% 1 249+62% -12 190+49%
2024 q3 90 701-19% 7 017-10% 2 870-14% -7 141+18% 1 272+38% -9 733+61%
2024 q2 124 579+6% 8 903+7% 4 547-7% 41 332-6% 1 150+39% -9 122+93%
2024 q1 112 138-14% 8 698-34% 3 959-59% -5 798<-100% 959-19% -9 359+102%
2023 q4 132 818-5% 9 051+4% 4 578-10% 36-98% 771-48% -8 172+68%
2023 q3 ( 7613 , 7623 , 7634 ) 111 636 7 766 3 329 -6 048 921 -6 062
2023 q2 117 664 8 343 4 915 43 878 826 -4 730
2023 q1 129 742 13 185 9 710 1 315 1 186 -4 637
2022 q4 140 511 8 723 5 063 2 173 1 482 -4 858
2022 q3            
2022 q2            
2021 q3 83 342+75% 5 658+43% 3 196+63% 3 979<-100%    
2021 q2 63 959 4 751 2 397 2 359    
2021 q1            
2020 q4 49 848-4% 4 227-13% 2 288-18% 4 633+16%    
2020 q3 47 656 3 954 1 966 -2 668    
2020 q2            
2020 q1            
2019 q4 51 6900% 4 868+23% 2 778+19% 3 990<-100%    
2019 q3            
2019 q2 62 064+9% 4 497+19% 2 808+20% 4 605+76%    
2019 q1 61 172+22% 4 405+13% 2 535+3% 7 625>+200%    
2018 q4 51 439 3 959 2 336 -3 192    
2018 q3 52 428 3 852 2 331 -2 661    
2018 q2 56 974 3 777 2 342 2 619    
2018 q1 50 324 3 909 2 461 654    


Balance


Implied interest rate for 2025 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (11 934 - 1 628) * 4 / (226 715 - 0)

Q Total equity Total assets Net debt
 
2025 q3 68 237+4% 457 478-1% 226 715-2%
2025 q2 76 715+6% 487 548-2% 219 105+5%
2025 q1 55 025+48% 495 324<-100% 210 063-10%
2024 q4 54 676+26% 550 517<-100% 178 759-14%
2024 q3 65 452+51% 462 631-7% 230 572+18%
2024 q2 72 593+15% 498 6440% 208 425+20%
2024 q1 37 098-14% -496 587<-100% 233 055+13%
2023 q4 43 245+73% -492 735<-100% 206 799+27%
2023 q3 ( 7613 , 7623 , 7634 ) 43 209 497 929 196 035
2023 q2 63 153 498 438 174 138
2023 q1 42 896 492 386 206 799
2022 q4 24 964 529 166 162 953
2022 q3      
2022 q2      
2021 q3     152 972+73%
2021 q2     168 235+91%
2021 q1     177 997+102%
2020 q4     88 266-20%
2020 q3     88 266-20%
2020 q2     88 266-20%
2020 q1     88 266-20%
2019 q4     109 879+10%
2019 q3     109 879+10%
2019 q2     109 879+10%
2019 q1     109 879+10%
2018 q4     100 317
2018 q3     100 317
2018 q2     100 317
2018 q1     100 317
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company