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General information

Yuzhuralzoloto is one of the largest gold mining companies in Russia in terms of production volume and reserves. All of it`s enterprises are located in Russia. Extraction of gold ore is carried out both underground and open pit. Assets include fields in the Chelyabinsk region and the Republic of Khakassia. The group is also developing placer gold fields in the Krasnoyarsk Territory
  • Current market environment: positive. Prices of production are 19.8% higher compared to the last 12 months (LTM)
  • Prices of production are at 99.9% percentile over the past 5 years, adjusted for inflation (are close to maximum)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield -15.2% (LTM), projected -17.0%
  • Share of USD-denominated sales in revenue of the company (estimate) ≈ 100.0%
  • Share price is 32.6% higher than minimum and 43.1% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (6.8x vs
    )
  • The company is undervalued by EV / projected EBITDA multiple compared to target level (
    vs
    )
  • Taking into account the impact of the key rate 17.0% on the change in financial parameters: EBITDA adjustment is -4 087 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 23 498 mln rub, expected mult is 9.2x, target mult is 9.0x, potential is -3.4%

Key Financials (Download financials)

Ticker: UGLD
Share price, RUB:  (-1.7%)0.63125
year average price 0.6759  


year start price 0.7000 2024-09-18

max close price 0.9000 2025-02-05

min close price 0.4761 2025-07-11

current price 0.6332 2025-09-17
Common stocks: 212 800 000 000

Dividend Yield:  0.0%
FCF Yield LTM / expected: -15.2% / -17.0%
EV / LTM EBITDA:6.8x
EV / EBITDA annualized: 8.1x
Production prices change from LTM: 19.8%
EV / projected EBITDA:
Target EV / EBITDA (hist percentile):
Express share price potential:
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 134 330
Net Debt (m RUB): 73 890
EV (Enterprise Value): 208 220
EBITDA LTM (m RUB): 30 625
Net Income LTM (m RUB): 10 709
EV / LTM EBITDA: 6.8x
Net Debt / LTM EBITDA (if EBITDA > 0): 2.4x
Average daily trading volume for the week, RUB mln: 1044
P / E 12.5x
P / E ann-d9.2x
P / B 2.4x
EBITDA margin ann-d 28.9%
Net income margin ann-d 16.6%

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

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 H1 44 156+29% 11 734+22% 7 127+23% 7 312+34% 1 012>+200% -5 506+150%
2024 H2 41 754+8% 17 017+21% 12 265+53% 3 397-15% 1 812>+200% -4 595>+200%
2024 H1 34 129+17% 9 618+10% 5 784-1% 5 442<-100% 321+60% -2 204+33%
2023 H2 38 659+63% 14 117>+200% 8 004>+200% 4 020<-100% 163+96% -1 160+9%
2023 H1 29 126-13% 8 718-28% 5 829-29% -3 333-71% 201+10% -1 652+28%
2022 H2 23 759-23% 4 282-70% 1 849-86% -8 452<-100% 83-46% -1 068+32%
2022 H1 33 290+33% 12 089+55% 8 223+70% -11 598<-100% 183+190% -1 286+102%
2021 H2 30 658+1% 14 104+8% 12 840+33% 7 844+4% 153-34% -812+21%
2021 H1 25 067 7 819 4 825 4 704 63 -638
2020 H2 30 292 13 092 9 689 7 569 233 -672


Balance


Implied interest rate for 2025 H1:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (5 506 - 1 012) * 2 / (73 890 - 86)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 H1 55 400+22% 169 039+23% 73 890+36% 12.2% 2.41x
2024 H2 48 088+48% 154 631+28% 72 670+19% 7.7% 2.61x
2024 H1 45 433+103% 137 517+24% 54 192-11% 7.0% 2.45x
2023 H2 32 590+28% 120 461+22% 61 069+21% 3.3% 2.69x
2023 H1 22 376-34% 110 820+13% 60 792+66% 4.8% 3.56x
2022 H2 25 543-42% 99 105-19% 50 417+14% 3.9% 2.65x
2022 H1 33 805-23% 98 279-20% 36 615 6.0% 1.27x
2021 H2 43 883+15% 122 298+35% 44 361 3.0% 1.91x
2021 H1 43 883 122 298     1.55x
2020 H2 38 203 90 775     1.23x


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 H1 2 957-59% -10 760-8% 9 458-28%
2024 H2 16 365+66% -42 943>+200% 18 069>+200%
2024 H1 7 211-13% -11 675+36% 13 216>+200%
2023 H2 9 851+35% -11 801+29% 1 227-47%
2023 H1 8 278-25% -8 584-41% 1 153-52%
2022 H2 7 301-18% -9 161-34% 2 329-62%
2022 H1 10 999+32% -14 438+18% 2 416-37%
2021 H2 8 916-13% -13 803-6% 6 099+32%
2021 H1 8 307 -12 257 3 823
2020 H2 10 238 -14 648 4 608
RSBU data *The values are shown in mln RUB 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 6 173-20% -956<-100% -1 620<-100% -1 274<-100% 410+90% -2 198+103%
2025 q1 5 211-24% -671<-100% -1 318<-100% 43<-100% 417+188% -2 494+154%
2024 q4 ( 9482 , 9514 ) 4 776-47% 242-92% -277<-100% -3 917<-100% 952>+200% -2 365+125%
2024 q3 ( 9190 , 9191 ) 5 603-47% 508-85% -215<-100% -4 265-3% 649>+200% -1 278+28%
2024 q2 ( 8844 , 8891 ) 7 727-1% 1 310>+200% 619<-100% 1 860<-100% 216+38% -1 084+47%
2024 q1 6 886+7% 982-60% 349-81% -859-51% 145+56% -983+90%
2023 q4 ( 7886 , 8605 ) 9 002+63% 2 871<-100% 2 242<-100% 5 271<-100% 132+50% -1 052+116%
2023 q3 10 603+49% 3 471>+200% 2 858<-100% -4 401-25% 109+35% -999+91%
2023 q2 7 842+1% 179-88% -438<-100% -4 567<-100% 157+85% -736+51%
2023 q1 6 450-32% 2 441-37% 1 838-40% -1 757-80% 93+9% -518-2%
2022 q4 ( 7569 , 7686 ) 5 519-24% -769<-100% -1 375<-100% -7 925>+200% 88+74% -486+36%
2022 q3 7 109 562 -111 -5 874 81 -524
2022 q2 7 749 1 547 737 6 430 85 -488
2022 q1 9 538 3 850 3 060 -8 955 85 -528
2021 q4 7 231-1% 2 865+2% 2 033-28% -2 100<-100% 51-26% -357+9%
2020 q4 7 287+43% 2 812+162% 2 812+163% 3 785>+200% 69+37% -327>+200%
2019 q4 5 079 1 074 1 068 894 50 -106


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (2 198 - 410) * 4 / (58 699 - 0)

Q Total equity Total assets Net debt
 
2025 q2 3 238-29% 80 664+11% 58 699+65%
2025 q1 4 511+65%   61 252+29%
2024 q4 ( 9482 , 9514 ) 4 469+24% 78 975+25% 53 916+16%
2024 q3 ( 9190 , 9191 ) 8 386<-100% 77 095+32% 42 572-23%
2024 q2 ( 8844 , 8891 ) 4 590<-100% 72 984+21% 35 668-29%
2024 q1 2 730>+200% 64 811+3% 47 336+1%
2023 q4 ( 7886 , 8605 ) 3 595+75% 63 174+7% 46 548+11%
2023 q3 -8 676<-100% 58 402-1% 55 121+32%
2023 q2 -4 275<-100% 60 433+2% 49 938+20%
2023 q1 292-86% 62 984+7% 46 646+12%
2022 q4 ( 7569 , 7686 ) 2 049-87% 58 973-17% 41 825+1%
2022 q3 2 049 58 973 41 662
2022 q2 2 049 58 973 41 662
2022 q1 2 049 58 973 41 662
2021 q4 15 362-47% 70 742+5% 41 520+40%
2020 q4 28 767+111% 67 626+113% 29 748>+200%
2019 q4 13 628 31 738 8 610
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company