Company Valuation: Moscow Exchange MICEX-RTS

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 1,82,281 2,42,852 3,59,741 3,45,777 1,92,337 1,92,603
Change - 33.23% 48.13% -3.88% -44.38% 0.14%
Enterprise Value (EV) 1 -2,32,428 -1,87,557 -1,69,922 -1,82,453 -2,62,217 -2,69,179
Change - -19.31% -9.4% 7.37% 43.72% 2.66%
P/E ratio 9.27x 12x 14.3x 12.4x 5.34x 3.18x
PBR 1.45x 1.84x 2.59x 2.47x 1.09x 0.86x
PEG - 4.77x 0.6x 1.1x 0.2x 0x
Capitalization / Revenue 4.36x 5.88x 7.12x 6.14x 2.33x 1.78x
EV / Revenue -5.55x -4.54x -3.36x -3.24x -3.18x -2.49x
EV / EBITDA -7.95x -7.33x -4.75x -4.69x -5.45x -3.23x
EV / EBIT -8.7x -8.01x -5.01x -4.95x -5.71x -3.31x
EV / FCF -1.57x 43.6x -1.38x -2.62x 3.32x -9.2x
FCF Yield -63.7% 2.29% -72.2% -38.2% 30.1% -10.9%
Dividend per Share 2 7.7 7.94 9.46 - 4.84 17.35
Rate of return 9.51% 7.37% 5.93% - 5.68% 20.4%
EPS 2 8.74 8.96 11.14 12.35 15.96 26.78
Distribution rate 88.1% 88.6% 84.9% - 30.3% 64.8%
Net sales 1 41,841 41,310 50,548 56,323 82,477 1,08,055
EBITDA 1 29,244 25,594 35,796 38,888 48,155 83,340
EBIT 1 26,724 23,408 33,890 36,849 45,920 81,267
Net income 1 19,716 20,189 25,158 28,095 36,271 60,777
Net Debt 1 -4,14,710 -4,30,409 -5,29,663 -5,28,230 -4,54,554 -4,61,783
Reference price 2 81.00 107.75 159.57 153.18 85.20 85.20
Nbr of stocks (in thousands) 22,50,387 22,53,847 22,54,441 22,57,324 22,57,479 22,60,602
Announcement Date 06/03/19 06/03/20 05/03/21 04/03/22 17/06/23 26/02/24
1RUB in Million2RUB
Estimates

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P/E ratio EV / Sales EV / EBITDA Yield (Y) Capi. ($)
33.64x12.01x18.42x+1.12%9.21TCr
68.57x6.97x14.81x+1.23%7.1TCr
20.03x7.4x12.82x+1.97%4.2TCr
37.6x10.75x19.05x+1.30%4.14TCr
24.21x12.88x17.96x+3.67%3.73TCr
14.91x6.63x9.25x+6.52%1.2TCr
17.46x7.16x11.84x+2.74%1.13TCr
36.57x11.29x22.57x+1.15%969.66Cr
20.65x7.8x13.6x+3.32%896.52Cr
Average 30.40x 9.21x 15.59x +2.56% 3.62TCr
Weighted average by Cap. 37.40x 9.75x 16.36x +1.89%
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Moscow Exchange MICEX-RTS
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