Enhanced Investments - Financial Portal

General information

Leading internet holding, key revenue streams - social networks (VK, Odnoklasniki) + mobile games. In partnership with Sberbank develops new directions - e-commerce, e-groceries, taxi, payment solutions. Majority is owned by global investors (the largest one - Naspers)

Pretty weak financial results growth rate 1.7% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (4.7%)
Dividend yield for the last twelve months 0.0%
Free cash flow yield -16.9% (LTM)
Share price is 29.0% higher than minimum and 60.8% lower than maximum for the last 3 years
The company is overvalued by EV / LTM EBITDA multiple compared to target level (42.1x vs
)
Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: VKCO

Share price, RUB: (0.0%)306.7

year average price 303.40

year start price 357.80 2024-09-19

max close price 379.00 2024-09-24

min close price 237.80 2024-12-17

current price 307.20 2025-09-18

Common stocks: 584 404 280

Dividend Yield: 0.0%

FCF Yield LTM: -16.9%

EV / LTM EBITDA:42.1x

EV / EBITDA annualized: 12.5x

Target EV / EBITDA (hist percentile):

Fundamental value created in LTM:

Потенциал с учетом ускорения/замедления

	Mult Upside	-92.9%
	FCF Creation	-16.9%
	Growth	+51.7%
	Growth Corr	+23.5%

	Sum	-34.6%

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 179 237

Net Debt (m RUB): 82 577

EV (Enterprise Value): 261 814

EBITDA LTM (m RUB): 6 212

Net Income LTM (m RUB): -953

EV / LTM EBITDA: 42.1x

Net Debt / LTM EBITDA (if EBITDA > 0): 13.3x

Average daily trading volume for the week, RUB mln: 791

P / B 1.2x

EBITDA margin ann-d 14.4%

Net income margin ann-d -0.6%

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	36 283+24%	1 054<-100%	-202-2%	2 367+15%	-9 012+46%
2025 q1	36 283+3%	1 054<-100%	-202<-100%	2 367+14%	-9 012+46%
2024 q4	38 693+53%	-10 686+58%	-275-47%	2 179-22%	-7 433+62%
2024 q3	38 693+2%	-10 686+58%	-275-47%	2 179-22%	-7 433+62%
2024 q2	29 322-2%	-6 719+9%	-207-63%	2 063+32%	-6 171+74%
2024 q1	35 094+17%	-6 675-9%	15<-100%	2 077+10%	-6 174+54%
2023 q4	25 290+147%	-6 764>+200%	-519-89%	2 798-6%	-4 587-1%
2023 q3	37 760>+200%	-6 764>+200%	-519-89%	2 798-6%	-4 587-1%
2023 q2	29 978+34%	-6 174+137%	-558-83%	1 568>+200%	-3 549+129%
2023 q1	29 978-2%	-7 362-87%	-281-94%	1 893>+200%	-3 999+158%
2022 q4	10 238<-100%	-290-88%	-4 831<-100%	2 982>+200%	-4 638
2022 q3	10 238-66%	-290<-100%	-4 831+105%	2 982>+200%	-4 638
2022 q2	22 451-24%	-2 606-30%	-3 339-33%	303+23%	-1 549+62%
2022 q1	30 577+10%	-57 361>+200%	-4 440<-100%	256+97%	-1 552
2021 q4	-5 482<-100%	-2 478-74%	8 787+188%	235<-100%
2021 q3	30 041+23%	8 088+65%	-2 354>+200%	340>+200%
2021 q2	29 688+29%	-3 740<-100%	-4 977<-100%	246-96%	-955
2021 q1	27 735+28%	-2 932>+200%	1 299>+200%	130+9%
2020 q4	31 316	-9 411	3 051	-6 596
2020 q3	24 517-27%	4 912<-100%	-262<-100%	76-51%
2020 q2	23 087+17%	4 456<-100%	2 281>+200%	6 737>+200%
2020 q1	21 622	-120	211	119
2019 q4
2019 q3	33 584	-15	71	154	-154
2019 q2	19 667	-60	314	169

Balance

Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (9 012 - 2 367) * 4 / (76 523 - 35)

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


2025 q2	143 413+24%	338 066-10%	76 523-53%	34.8%	13.29x
2025 q1					215.13x
2024 q4	44 809-68%	333 492-17%	194 316+39%	10.9%
2024 q3
2024 q2	115 600-28%	377 287-9%	161 279+37%	10.0%
2024 q1
2023 q4	140 219-18%	400 740+11%	139 892+56%	5.0%	289.65x
2023 q3					23.51x
2023 q2	161 083+36%	415 609+67%	117 307+72%	6.6%	7.04x
2023 q1					5.34x
2022 q4	170 2590%	360 915+21%	89 925+80%	7.2%	4.65x
2022 q3					5.88x
2022 q2	118 270-32%	249 239-12%	68 356+92%	7.3%	5.55x
2022 q1	120 038-33%	269 856-7%	70 798+146%	7.3%	3.97x
2021 q4	169 916-6%	297 925+2%	49 945+138%		2.77x
2021 q3	172 678-9%	299 411+11%	43 810>+200%		1.64x
2021 q2	173 2860%	282 309+12%	35 624+79%	8.0%	1.76x
2021 q1	178 851	290 6020%	28 788		1.38x
2020 q4	180 328	291 411+14%	21 023		1.18x
2020 q3	189 365	269 293+6%	8 538		0.33x
2020 q2	173 716	252 114-1%	19 956		0.79x
2020 q1		291 411			0.81x
2019 q4		254 715			0.63x
2019 q3		254 715			0.18x
2019 q2		254 715			0.20x

Cashflow

Q	Operating cashflow	Investing cashflow	Financial cashflow


2025 q2	-2 613<-100%	-1 313-62%	-1 187+13%
2025 q1	-2 613<-100%	-1 313-62%	-1 187+13%
2024 q4	-3 847<-100%	-3 977-24%	7 272+27%
2024 q3	-3 847<-100%	-3 977-24%	7 272+27%
2024 q2	845>+200%	-3 416-38%	-1 048+14%
2024 q1	845>+200%	-3 416-38%	-1 048<-100%
2023 q4	416-90%	-5 236+32%	5 720-74%
2023 q3	416-90%	-5 236+32%	5 720-74%
2023 q2	58-97%	-5 467<-100%	-917-70%
2023 q1	58-97%	-5 467-57%	28 862>+200%
2022 q4	4 318-17%	-3 975<-100%	21 616>+200%
2022 q3	4 318	-3 975-66%	21 616
2022 q2	1 957-46%	6 516<-100%	-3 014+111%
2022 q1	1 957	-12 710+99%	7 096<-100%
2021 q4	5 228	24 167<-100%	2 193
2021 q3		-11 535+36%
2021 q2	3 599	-14 896>+200%	-1 428-11%
2021 q1		-6 376>+200%	-1 686-6%
2020 q4		-17 110+105%
2020 q3		-8 476+64%
2020 q2		-3 056-52%	-1 599
2020 q1		-1 767	-1 800
2019 q4		-8 345
2019 q3		-5 169
2019 q2		-6 339

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	00%	-90+2%	-90+2%	-767-16%	85-14%	-35-8%
2025 q1	00%	-86-23%	-86-23%	-2 440>+200%	100-10%	-38+4%
2024 q4	0<-100%	-243<-100%	-243<-100%	-54 026>+200%	159>+200%	-43+112%
2024 q3	00%	-88<-100%	-88>+200%	846>+200%	107>+200%	-38>+200%
2024 q2	0	-89	-89	-917	99	-38
2024 q1	0	-112	-112	-278	111	-37
2023 q4	455	416	416	-606	45	-20
2023 q3 ( 7863 , 7866 , 7867 )	0	0	0	158	14	-7
2023 q2
2023 q1
2022 q4
2022 q3

Balance

Implied interest rate for 2024 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (38 - 107) * 4 / (9 861 - 0)

Q	Total equity	Total assets	Net debt


2025 q2	179 256-24%	302 416+22%	-4 617<-100%
2025 q1	180 023-24%	191 626-23%	-5 029<-100%
2024 q4	182 462-23%	196 081-22%	-6 202<-100%
2024 q3	236 489-1%	248 672-3%	9 861-32%
2024 q2	235 643-1%	246 927-1%	9 029
2024 q1	236 5600%	248 840-1%	10 048-6%
2023 q4	236 837	250 618	10 688+100%
2023 q3 ( 7863 , 7866 , 7867 )	238 924	256 420	14 564
2023 q2	236 837	250 618
2023 q1	236 837	250 618	10 688
2022 q4			0
2022 q3

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.