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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 276.74Cr
9.15x2.39x6.38x6.44% 18TCr
13.24x2.12x5.51x4.23% 15TCr
13.26x1.94x5.36x2.42% 7.86TCr
12.08x1.76x7.51x3.56% 7.58TCr
15.37x2.67x8.37x5.12% 5.73TCr
23.79x5.36x19.57x4.5% 5.59TCr
15.78x1.78x5.57x4.86% 4.91TCr
14.52x2.59x5.98x4.68% 4.72TCr
23.53x3.25x7.17x4.32% 3.98TCr
Average 15.63x 2.65x 7.93x 4.46% 7.35TCr
Weighted average by Cap. 13.88x 2.49x 7.34x 4.69%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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