Company Valuation: Rostelecom

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 2,93,459 2,90,871 2,22,765 2,22,765 2,23,117 2,24,962
Change - -0.88% -23.41% 0% 0.16% 0.83%
Enterprise Value (EV) 1 7,61,006 7,97,813 7,27,861 7,89,051 8,86,354 9,18,567
Change - 4.84% -8.77% 8.41% 12.33% 3.63%
P/E 13.2x 10.4x 7.17x 6.53x 14.9x 20x
PBR 1.8x 1.56x 1.11x 1.01x 1.03x 1.03x
PEG - 0.7x 0.7x 0.66x -0.3x -0.8x
Capitalization / Revenue 0.54x 0.5x 0.36x 0.31x 0.29x 0.26x
EV / Revenue 1.39x 1.38x 1.16x 1.11x 1.14x 1.05x
EV / EBITDA 4.84x 4.94x 3.99x 3.85x 3.88x 3.52x
EV / EBIT 10.4x 12.2x 7.58x 6.84x 7.48x 6.29x
EV / FCF 30.2x 152x 12.5x 20.9x 17.5x 34x
FCF Yield 3.32% 0.66% 7.97% 4.78% 5.72% 2.94%
Dividend per Share 2 5 - 5.446 6.06 2.71 -
Rate of return 5.17% - 8.19% 9.11% 4.07% -
EPS 2 7.32 8.4 9.277 10.19 4.48 3.327
Distribution rate 68.3% - 58.7% 59.5% 60.5% -
Net sales 1 5,46,889 5,80,092 6,27,055 7,07,801 7,79,945 8,72,790
EBITDA 1 1,57,379 1,61,359 1,82,474 2,05,041 2,28,473 2,60,961
EBIT 1 72,830 65,413 96,005 1,15,307 1,18,520 1,46,141
Net income 1 23,311 28,549 31,029 34,418 15,232 11,346
Net Debt 1 4,67,547 5,06,942 5,05,096 5,66,286 6,63,237 6,93,605
Reference price 2 96.73 87.22 66.54 66.54 66.54 66.54
Nbr of stocks (in thousands) 30,50,484 33,53,318 33,51,623 33,51,623 33,56,920 33,84,643
Announcement Date 09/03/21 03/03/22 26/02/24 26/02/24 26/02/25 26/02/26
1RUB in Million2RUB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 276.74Cr
11.47x1.35x4.31x6.89% 23TCr
10x2.46x6.51x6.09% 19TCr
13.1x2.11x5.48x4.28% 14TCr
11.96x0.84x3.16x6.65% 7.88TCr
13.13x2.03x5.15x2.41% 7.84TCr
12.08x1.75x7.5x3.56% 7.53TCr
15.43x2.68x8.41x5.09% 5.75TCr
23.63x5.33x19.45x4.53% 5.55TCr
15.75x1.81x5.66x4.87% 4.89TCr
Average 14.06x 2.26x 7.29x 4.93% 9.63TCr
Weighted average by Cap. 12.80x 2.07x 6.34x 5.35%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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