Enhanced Investments - Financial Portal

General information

Good financial results growth rate 58.5% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (47.0%)
Dividend yield for the last twelve months 1.6%
Free cash flow yield -1.5% (LTM)
Share price is 1.7% higher than minimum and 68.6% lower than maximum for the last 3 years
The company is undervalued by EV / LTM EBITDA multiple compared to target level (4.0x vs
)
Fundamental value created in LTM (estimate)
Taking into account the impact of the key rate 17.0% on the change in financial parameters: EBITDA adjustment is -1 159 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 16 736 mln rub, expected mult is 3.3x, target mult is 7.5x, potential is +225.5%

Key Financials (Download financials)

Ticker: VSEH

Share price, RUB: (+1.0%)62.71

year average price 86.54

year start price 119.35 2024-10-14

max close price 119.35 2024-10-14

min close price 61.68 2025-10-03

current price 62.43 2025-10-13

Common stocks: 500 000 000

Dividend Yield: 1.6%

FCF Yield LTM: -1.5%

EV / LTM EBITDA:4.0x

EV / EBITDA annualized: 3.0x

Last revenue growth (y/y): 10.3%

Last growth of EBITDA (y/y): 106.8%

Historical revenue growth: 38.9%

Historical growth of EBITDA: 55.1%

Target EV / EBITDA (hist percentile):

Express share price potential:

Fundamental value created in LTM:

Потенциал с учетом ускорения/замедления

	Mult Upside	+96.8%
	FCF Creation	-1.5%
	Growth	+58.5%
	Growth Corr	+5.8%

	Sum	+159.6%

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 31 355

Net Debt (m RUB): 22 536

EV (Enterprise Value): 53 891

EBITDA LTM (m RUB): 13 512

Net Income LTM (m RUB): 1 309

EV / LTM EBITDA: 4.0x

Net Debt / LTM EBITDA (if EBITDA > 0): 1.7x

Average daily trading volume for the week, RUB mln: 38

P / E 24.0x

P / E ann-d9.1x

P / B 11.5x

EBITDA margin ann-d 9.7%

Net income margin ann-d 1.9%

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	46 151+10%	15 413+27%	2 864+193%	861<-100%	256+139%	-1 596+56%
2025 q1	40 689+19%	12 998+30%	949-45%	-670<-100%	646>+200%	-1 748+102%
2024 q4	49 764+30%	15 012+52%	2 636+28%	1 294+31%	556>+200%	-1 298+103%
2024 q3	44 212+20%	14 219+27%	1 250-28%	-177<-100%	127+132%	-1 103+111%
2024 q2 ( 9129 , 9399 , 9401 )	41 830+49%	12 092+53%	977-12%	-368<-100%	107-8%	-1 026+191%
2024 q1	34 258	9 997	1 713	663	71	-866
2023 q4 ( 8737 , 9398 )	38 249+77%	9 884+51%	2 061+48%	991+57%	36-64%	-639+44%
2023 q3	36 741	11 208	1 738	1 063	55	-523
2023 q2	28 125	7 883	1 112	715	117	-353
2022 q4	21 619	6 530	1 395	631	100	-445

Balance

Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (1 596 - 256) * 4 / (22 536 - 0)

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


2025 q2	2 719>+200%	66 618+11%	22 536-54%	23.8%	1.67x
2025 q1	1 661	74 354	29 594	14.9%	2.64x
2024 q4	2 053-34%	78 272+57%	27 258+40%	10.9%	2.40x
2024 q3	71 306	71 306	26 929	14.5%	2.32x
2024 q2 ( 9129 , 9399 , 9401 )	607	59 768	48 977	7.5%	1.92x
2024 q1					1.88x
2023 q4 ( 8737 , 9398 )	3 130+8%	49 725+51%	19 422	12.4%	1.93x
2023 q3					1.96x
2023 q2					2.00x
2022 q4	2 887	32 875			1.36x

Cashflow

Q	Operating cashflow	Investing cashflow	Financial cashflow


2025 q2	3 305-24%	8<-100%
2025 q1	2 114-54%		-5 406+147%
2024 q4	3 534>+200%	-2 412>+200%	-2 822+55%
2024 q3	-6 663>+200%
2024 q2 ( 9129 , 9399 , 9401 )	4 357>+200%	-1 415>+200%	14 440+161%
2024 q1	4 577	-12	-2 191
2023 q4 ( 8737 , 9398 )	662-5%	-546<-100%	-1 815+193%
2023 q3	-723	-546	-1 815
2023 q2	813	-74	5 523
2022 q4	701	192	-620

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	45 850+10%	15 095+41%	2 894>+200%	1 018<-100%	215+193%	-1 839+122%
2025 q1	40 444+18%	12 768+12%	895-71%	-551<-100%	285>+200%	-2 168+158%
2024 q4	49 439+26%	14 502+21%	1 046-37%	81-94%	533>+200%	-2 063+13%
2024 q3	43 945+20%	13 475+28%	1 540-10%	568+85%	102+182%	-1 084>+200%
2024 q2	41 541+27%	10 715+22%	848-61%	-65<-100%	74+131%	-827<-100%
2024 q1	34 242+45%	11 378+61%	3 076+132%	1 558+125%	71>+200%	-840+133%
2023 q4	39 309+56%	12 009+7%	1 657-67%	1 431+33%	86>+200%	-1 829+94%
2023 q3	36 661+64%	10 564+90%	1 710+165%	307-73%	36+42%	-280+134%
2023 q2 ( 8733 , 8734 )	32 703+52%	8 757+65%	2 169>+200%	973<-100%	32-20%	124<-100%
2023 q1	23 622+38%	7 087+50%	1 324+156%	693-11%	20-55%	-361-1%
2022 q4	25 278+45%	11 224+155%	4 995<-100%	1 078<-100%	20+9%	-941>+200%
2022 q3	22 353+50%	5 573+86%	645<-100%	1 158<-100%	25+22%	-119+15%
2022 q2	21 454+52%	5 293+57%	331-13%	-228<-100%	40>+200%	-44-33%
2022 q1	17 084+74%	4 732+101%	517<-100%	782+75%	44>+200%	-363>+200%
2021 q4	17 442+90%	4 406+101%	-314<-100%	-164<-100%	19+26%	-99+162%
2021 q3	14 853	3 004	-519	-250	21	-104
2021 q2	14 085	3 380	382	362	5	-66
2021 q1	9 813	2 355	-106	446	10	-70
2020 q4 ( 8719 , 8720 , 8726 )	9 200	2 193	131	323	15	-38
2020 q2

Balance

Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (1 839 - 215) * 4 / (5 978 - 0)

Q	Total equity	Total assets	Net debt


2025 q2	3 039+21%	70 588+11%	5 978+30%
2025 q1	2 546-54%	79 724+60%	9 273+118%
2024 q4	3 098-23%	82 754+57%	9 971+38%
2024 q3	3 0170%	65 267+31%	9 509+10%
2024 q2	2 519-17%	63 868+44%	4 588+21%
2024 q1	5 592+127%	49 822+32%	4 262-12%
2023 q4	4 033+7%	52 650+58%	7 243+157%
2023 q3	3 023-13%	50 004+52%	8 609>+200%
2023 q2 ( 8733 , 8734 )	3 016+13%	44 252+60%	3 781+49%
2023 q1	2 461-24%	37 658+16%	4 861+176%
2022 q4	3 768+55%	33 266+83%	2 822-28%
2022 q3	3 466+42%	32 827+81%	1 942
2022 q2	2 659-19%	27 616+52%	2 534
2022 q1	3 219+32%	32 354+78%	1 760
2021 q4	2 437-2%	18 143+66%	3 900+182%
2021 q3	2 437	18 143
2021 q2	3 283	18 143
2021 q1	2 437	18 143
2020 q4 ( 8719 , 8720 , 8726 )	2 476	10 962	1 385
2020 q2

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.