Company Valuation: Moscow Exchange MICEX-RTS

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 3,59,741 3,45,777 1,92,337 1,92,603 1,92,917 1,92,923
Change - -3.88% -44.38% 0.14% 0.16% 0%
Enterprise Value (EV) 1 -1,69,922 -1,82,453 -2,62,217 -2,69,179 -7,24,634 -6,75,362
Change - -7.37% -43.72% -2.66% -169.2% 6.8%
P/E 14.3x 12.4x 5.34x 3.18x 2.44x 3.26x
PBR 2.59x 2.47x 1.09x 0.86x 0.74x 0.72x
PEG - 1.1x 0.2x 0x 0.1x -0.1x
Capitalization / Revenue 7.12x 6.14x 2.33x 1.78x 1.24x 1.39x
EV / Revenue -3.36x -3.24x -3.18x -2.49x -4.65x -4.86x
EV / EBITDA -4.75x -4.69x -5.45x -3.23x -6.53x -7.26x
EV / EBIT -5.01x -4.95x -5.71x -3.31x -6.66x -7.49x
EV / FCF -1.38x -2.62x 3.32x -9.2x -1.53x -37.3x
FCF Yield -72.2% -38.2% 30.1% -10.9% -65.5% -2.68%
Dividend per Share 2 9.46 - 4.84 17.35 26.11 -
Rate of return 5.93% - 5.68% 20.4% 30.6% -
EPS 2 11.14 12.35 15.96 26.78 34.91 26.11
Distribution rate 84.9% - 30.3% 64.8% 74.8% -
Net sales 1 50,548 56,323 82,477 1,08,055 1,56,001 1,38,822
EBITDA 1 35,796 38,888 48,155 83,340 1,11,055 92,990
EBIT 1 33,890 36,849 45,920 81,267 1,08,884 90,134
Net income 1 25,158 28,095 36,271 60,777 79,246 59,246
Net Debt 1 -5,29,663 -5,28,230 -4,54,554 -4,61,783 -9,17,551 -8,68,285
Reference price 2 159.57 153.18 85.20 85.20 85.20 85.20
Nbr of stocks (in thousands) 22,54,441 22,57,324 22,57,479 22,60,602 22,64,286 22,64,354
Announcement Date 05/03/21 04/03/22 17/06/23 26/02/24 06/03/25 05/03/26
1RUB in Million2RUB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 240.08Cr
20.27x9.02x13.41x1.48% 8.07TCr
26.1x15.21x19.22x3.43% 6.46TCr
32.75x5.18x10.34x1.92% 5.66TCr
20.58x7.78x13.14x1.83% 5.27TCr
26.5x10.24x17.26x1.3% 5.14TCr
34.78x15.92x24.99x1.92% 1.95TCr
20.56x8x12.82x2.42% 1.71TCr
13.24x6.94x9.89x7.32% 1.57TCr
22.6x8.26x14.34x1.9% 990.39Cr
Average 24.15x 9.62x 15.04x 2.62% 3.71TCr
Weighted average by Cap. 24.67x 9.72x 14.92x 2.24%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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