Financials PhosAgro

Equities

PHOR

RU000A0JRKT8

Agricultural Chemicals

End-of-day quote Moscow Micex - RTS Other stock markets 06:00:00 2022-07-07 pm EDT			5-day change	1st Jan Change
7,929 ^RUB	+0.11%		-.--%	-.--%

Apr. 26	Public Joint-Stock Company PhosAgro Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Public Joint-Stock Company PhosAgro Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Capitalization ¹	323,620	329,707	311,836	405,658	755,374	1,026,806
Enterprise Value (EV) ¹	443,254	464,724	443,168	562,222	909,092	1,207,144
P/E ratio	12.8 x	14.9 x	6.32 x	24 x	5.82 x	5.56 x
Yield	3.24%	7.54%	7.97%	9.48%	15.2%	9.88%
Capitalization / Revenue	1.78 x	1.41 x	1.26 x	1.6 x	1.8 x	1.8 x
EV / Revenue	2.44 x	1.99 x	1.79 x	2.21 x	2.16 x	2.12 x
EV / EBITDA	8.54 x	6.16 x	5.87 x	6.78 x	4.77 x	4.54 x
EV / FCF	-34.6 x	91.8 x	19.2 x	20.6 x	18.4 x	14.6 x
FCF Yield	-2.89%	1.09%	5.22%	4.86%	5.43%	6.85%
Price to Book	3.3 x	3.01 x	2.49 x	3.84 x	4.59 x	5.2 x
Nbr of stocks (in thousands)	129,500	129,500	129,500	129,479	129,500	129,500
Reference price ²	2,499	2,546	2,408	3,133	5,833	7,929
Announcement Date	3/21/18	3/20/19	2/21/20	2/19/21	2/10/22	3/3/23

¹RUB in Million²RUB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Net sales ¹	181,351	233,430	248,125	253,879	420,488	569,527
EBITDA ¹	51,877	75,494	75,434	82,865	190,494	266,134
EBIT ¹	36,593	54,583	52,262	57,863	164,591	237,781
Operating Margin	20.18%	23.38%	21.06%	22.79%	39.14%	41.75%
Earnings before Tax (EBT) ¹	34,042	28,110	61,184	26,670	160,055	232,297
Net income ¹	25,333	22,069	49,349	16,932	129,697	184,662
Net margin	13.97%	9.45%	19.89%	6.67%	30.84%	32.42%
EPS ²	195.6	170.4	381.1	130.7	1,002	1,426
Free Cash Flow ¹	-12,797	5,060	23,139	27,310	49,404	82,719
FCF margin	-7.06%	2.17%	9.33%	10.76%	11.75%	14.52%
FCF Conversion (EBITDA)	-	6.7%	30.67%	32.96%	25.93%	31.08%
FCF Conversion (Net income)	-	22.93%	46.89%	161.29%	38.09%	44.79%
Dividend per Share ²	81.00	192.0	192.0	297.0	885.0	783.0
Announcement Date	3/21/18	3/20/19	2/21/20	2/19/21	2/10/22	3/3/23

¹RUB in Million²RUB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2017	2018	2019	2020	2021	2022
Net Debt ¹	119,633	135,017	131,332	156,564	153,718	180,338
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.306 x	1.788 x	1.741 x	1.889 x	0.8069 x	0.6776 x
Free Cash Flow ¹	-12,797	5,060	23,139	27,310	49,404	82,719
ROE (net income / shareholders' equity)	27.1%	21.3%	42%	14.6%	95.3%	102%
ROA (Net income/ Total Assets)	9.51%	12.7%	11.1%	11.6%	28.4%	34.5%
Assets ¹	266,304	173,973	444,822	146,311	457,332	534,964
Book Value Per Share ²	758.0	847.0	969.0	816.0	1,271	1,526
Cash Flow per Share ²	20.80	72.00	63.60	65.30	168.0	103.0
Capex ¹	35,918	38,416	42,656	40,878	49,092	63,997
Capex / Sales	19.81%	16.46%	17.19%	16.1%	11.68%	11.24%
Announcement Date	3/21/18	3/20/19	2/21/20	2/19/21	2/10/22	3/3/23

¹RUB in Million²RUB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Other Agricultural Chemicals

	1st Jan change	Capi.
PHOSAGRO	-.--%	11.15B
FMC CORPORATION	-7.28%	7.3B
PI INDUSTRIES LIMITED	+7.47%	6.87B
ICL GROUP LTD	-3.91%	5.91B
OCI N.V.	-6.14%	5.54B
THE FERTILISERS AND CHEMICALS TRAVANCORE LIMITED	-10.44%	5.6B
YUNNAN YUNTIANHUA CO., LTD.	+31.35%	5.19B
UPL LIMITED	-13.45%	4.58B
JORDAN PHOSPHATE MINES CO. PLC	+17.77%	4.4B
THE SCOTTS MIRACLE-GRO COMPANY	+6.27%	3.84B

Other Agricultural Chemicals

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