Enhanced Investments - Financial Portal

General information

Leader in grocery retail with good governance and financials growth. High revenue share relates to discount proximity stores Pyaterochka pefrorming well in the economic downturns

Good financial results growth rate 31.7% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (18.4%)
Dividend yield for the last twelve months 41.5%
Free cash flow yield 0.6% (LTM)
Share price is 74.5% higher than minimum and 34.6% lower than maximum for the last 3 years
The company is undervalued by EV / LTM EBITDA multiple compared to target level (3.0x vs
)
Fundamental value created in LTM (estimate)
Taking into account the impact of the key rate 15.0% on the change in financial parameters: EBITDA adjustment is -12 705 mln rub as NetDebt * (expected key rate - 3 years average 0.0%) / 2, expected EBITDA adjusted for key rate increases is 274 544 mln rub, expected mult is 3.3x, target mult is 3.6x, potential is +9.6%

Key Financials (Download financials)

Ticker: X5

Share price, RUB: (+0.2%)2446

year average price 2845

year start price 3402 2025-04-17

max close price 3520 2025-06-30

min close price 2375 2025-10-14

current price 2446 2026-04-16

Common stocks: 245 135 950

Dividend Yield: 41.5%

FCF Yield LTM: 0.6%

EV / LTM EBITDA:3.0x

EV / EBITDA annualized: 2.6x

Last revenue growth (y/y): 14.9%

Last growth of EBITDA (y/y): 48.6%

Historical revenue growth: 21.3%

Historical growth of EBITDA: 15.5%

Target EV / EBITDA (hist percentile):

Express share price potential:

Fundamental value created in LTM:

Потенциал с учетом ускорения/замедления

	Mult Upside	+21.5%
	FCF Creation	+0.6%
	Growth	+31.7%
	Growth Corr	+6.7%

	Sum	+60.5%

EV / LTM EBITDA mutiple calculation

Market Cap (m RUB): 599 603

Net Debt (m RUB): 228 508

EV (Enterprise Value): 828 111

EBITDA LTM (m RUB): 273 109

Net Income LTM (m RUB): 84 760

EV / LTM EBITDA: 3.0x

Net Debt / LTM EBITDA (if EBITDA > 0): 0.8x

Average daily trading volume for the week, RUB mln: 803

P / E 6.4x

P / E ann-d7.1x

P / B 4.1x

EBITDA margin ann-d 6.4%

Net income margin ann-d 1.8%

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

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Название	Инструмент	Дата экспирации	Последняя цена	За день	Дневной объем млн руб	Цена акции	Контанго / бэквордация	Annualized
Фьючерсный контракт X5-6.26	X5M6	2026-06-19	2504.00	+1.2%	52.8	2446	+2.4%	+14.3%
Фьючерсный контракт X5-9.26	X5U6	2026-09-18	2422.00	+0.8%	1.6	2446	-1.0%	-2.3%

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	1 174 206+22%	266 870+18%	56 155+1%	21 190-21%	11 500+118%	-40 879+54%
2025 q1	1 174 206+22%	266 870+18%	56 155+1%	21 190-21%	11 500+118%	-40 879+54%
2024 q4	1 077 780+22%	241 595+23%	54 168+18%	25 749+27%	7 395+196%	-29 342+44%
2024 q3	1 077 780+22%	241 595+23%	54 168+18%	25 749+27%	7 395+196%	-29 342+44%
2024 q2	965 491+25%	225 586+27%	55 635+33%	26 817+50%	5 285>+200%	-26 568+46%
2024 q1	965 491	225 586	55 635	26 817	5 285	-26 568
2023 q4	881 216+25%	196 743+24%	45 713+31%	20 242+83%	2 496>+200%	-20 437+11%
2023 q3	881 216+25%	196 743+24%	45 713+31%	20 242+83%	2 496>+200%	-20 437+11%
2023 q2	772 043	177 813	41 734	17 885	1 637	-18 188
2022 q4	705 157+16%	158 793+13%	34 791+18%	11 036-5%	661>+200%	-18 476+28%
2022 q3	705 157+16%	158 793+13%	34 791+18%	11 036-5%	661>+200%	-18 476+28%
2021 q4	607 525	140 328	29 460	11 657	125	-14 456
2021 q3	607 525	140 328	29 460	11 657	125	-14 456
2020 q4

Balance

Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (40 879 - 11 500) * 4 / (760 909 - 0)

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


2025 q2	146 202-46%	1 819 307+11%	760 909+6%	15.4%	0.40x
2025 q1					0.32x
2024 q4	271 188+25%	1 843 135+16%	693 144-7%	12.7%	0.11x
2024 q3					0.15x
2024 q2	270 417	1 636 568	716 511	11.9%	0.18x
2024 q1					0.33x
2023 q4	217 579+54%	1 590 281+16%	744 037+1%	9.6%	0.35x
2023 q3					0.41x
2023 q2					0.65x
2022 q4	141 363+195%	1 368 490+9%	734 005-13%	9.7%	0.76x
2022 q3					0.77x
2021 q4	47 941	1 257 470	843 639	6.8%	1.67x
2021 q3					1.50x
2020 q4					1.66x

Cashflow

Q	Operating cashflow	Investing cashflow	Financial cashflow


2025 q2	53 647-17%	-30 397-16%
2025 q1	53 647-17%	-30 397-16%
2024 q4	70 801-2%	-66 649+30%	4 306<-100%
2024 q3	70 801-2%	-66 649+30%	4 306<-100%
2024 q2	64 980+23%	-36 106-10%	-25 466+23%
2024 q1	64 980	-36 106	-25 466
2023 q4	72 492+32%	-51 387+65%	-19 327-2%
2023 q3	72 492+32%	-51 387+65%	-19 327-2%
2023 q2	52 804	-40 096	-20 713
2022 q4	54 886-4%	-31 203+45%	-19 738-43%
2022 q3	54 886-4%	-31 203+45%	-19 738-43%
2021 q4	57 448	-21 542	-34 405
2021 q3	57 448	-21 542	-34 405
2020 q4

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	18 947+29%	3 515-42%	-2 544<-100%	103 488>+200%	2 111-53%	-5 267+132%
2025 q2	17 452+41%	11 079+78%	5 574>+200%	89<-100%	4 672+78%	-4 664+94%
2025 q1	26 174+70%	6 641-15%	2 715-51%	2 461-34%	4 914>+200%	-4 395+124%
2024 q4	18 044+31%	6 554>+200%	121-93%	7 489<-100%	4 406>+200%	-2 875+97%
2024 q3	14 712+58%	6 052+19%	1 464+193%	2 184>+200%	4 491>+200%	-2 268+84%
2024 q2	12 410+47%	6 227-3%	1 607-35%	81 905>+200%	2 624>+200%	-2 404+128%
2024 q1	15 416	7 791	5 499	3 715	1 315	-1 965
2023 q4	13 789	1 949	1 724	-842	987	-1 457
2023 q3	9 332	5 093	500	6	824	-1 235
2023 q2	8 455	6 446	2 487	24 595	567	-1 056

Balance

Implied interest rate for 2025 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (5 267 - 2 111) * 4 / (113 453 - 0)

Q	Total equity	Total assets	Net debt


2025 q3	498 337-17%	683 540-4%	113 453>+200%
2025 q2	394 850-34%	706 292-1%	91 055>+200%
2025 q1	553 609	753 078	90 931
2024 q4	560 166	744 619	89 603+38%
2024 q3	602 750	711 825	25 697
2024 q2	600 566	716 789	28 197
2024 q1
2023 q4			64 905
2023 q3
2023 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.