Company Valuation: Moscow Exchange MICEX-RTS

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 359,741 345,777 192,337 192,603 192,917 192,923
Change - -3.88% -44.38% 0.14% 0.16% 0%
Enterprise Value (EV) 1 -169,922 -182,453 -262,217 -269,179 -724,634 -675,362
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 82,477 108,055 156,001 138,822
EBITDA 1 35,796 38,888 48,155 83,340 111,055 92,990
EBIT 1 33,890 36,849 45,920 81,267 108,884 90,134
Net income 1 25,158 28,095 36,271 60,777 79,246 59,246
Net Debt 1 -529,663 -528,230 -454,554 -461,783 -917,551 -868,285
Reference price 2 159.57 153.18 85.20 85.20 85.20 85.20
Nbr of stocks (in thousands) 2,254,441 2,257,324 2,257,479 2,260,602 2,264,286 2,264,354
Announcement Date 3/5/21 3/4/22 6/17/23 2/26/24 3/6/25 3/5/26
1RUB in Million2RUB
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 2.4B
24.6x14.81x20.74x3.92% 105B
21.91x9.52x14.15x1.36% 87.56B
24.51x9.14x15.24x1.52% 62.98B
23.02x13.51x17.06x3.87% 58.81B
31.79x5.29x10.58x1.83% 58.6B
29.32x11.23x18.84x1.14% 58.58B
34.03x9.59x17.61x0.49% 25.28B
23.56x9.2x14.54x2.14% 19.97B
Average 26.59x 10.29x 16.10x 2.03% 53.27B
Weighted average by Cap. 25.82x 10.81x 16.44x 2.27%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Moscow Exchange MICEX-RTS

Historical PBR trend

Valuation ratios - PBR - Moscow Exchange MICEX-RTS

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Moscow Exchange MICEX-RTS

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Moscow Exchange MICEX-RTS

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