Financials PhosAgro London S.E.

Equities

PHOR

US71922G2093

Agricultural Chemicals

Delayed London S.E. Other stock markets 02:00:00 2022-03-03 am EST			5-day change	1st Jan Change
0.0522 ^USD	-.--%		+0.38%	+0.38%

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	2018	2019	2020	2021	2022	2023
Capitalization ¹	329,707	311,836	405,658	755,374	1,026,806	1,026,806
Enterprise Value (EV) ¹	464,724	443,168	562,222	909,092	1,207,144	1,250,012
P/E ratio	14.9 x	6.32 x	24 x	5.82 x	5.56 x	-
Yield	7.54%	7.97%	9.48%	15.2%	9.88%	-
Capitalization / Revenue	1.41 x	1.26 x	1.6 x	1.8 x	1.8 x	2.33 x
EV / Revenue	1.99 x	1.79 x	2.21 x	2.16 x	2.12 x	2.84 x
EV / EBITDA	6.16 x	5.87 x	6.78 x	4.77 x	4.54 x	7.42 x
EV / FCF	91.8 x	19.2 x	20.6 x	18.4 x	14.6 x	12.8 x
FCF Yield	1.09%	5.22%	4.86%	5.43%	6.85%	7.82%
Price to Book	3.01 x	2.49 x	3.84 x	4.59 x	5.2 x	-
Nbr of stocks (in thousands)	129,500	129,500	129,479	129,500	129,500	129,500
Reference price ²	2,546	2,408	3,133	5,833	7,929	7,929
Announcement Date	3/20/19	2/21/20	2/19/21	2/10/22	3/3/23	4/26/24

¹RUB in Million²RUB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	233,430	248,125	253,879	420,488	569,527	440,304
EBITDA ¹	75,494	75,434	82,865	190,494	266,134	168,352
EBIT ¹	54,583	52,262	57,863	164,591	237,781	136,070
Operating Margin	23.38%	21.06%	22.79%	39.14%	41.75%	30.9%
Earnings before Tax (EBT) ¹	28,110	61,184	26,670	160,055	232,297	114,603
Net income ¹	22,069	49,349	16,932	129,697	184,662	86,084
Net margin	9.45%	19.89%	6.67%	30.84%	32.42%	19.55%
EPS ²	170.4	381.1	130.7	1,002	1,426	-
Free Cash Flow ¹	5,060	23,139	27,310	49,404	82,719	97,745
FCF margin	2.17%	9.33%	10.76%	11.75%	14.52%	22.2%
FCF Conversion (EBITDA)	6.7%	30.67%	32.96%	25.93%	31.08%	58.06%
FCF Conversion (Net income)	22.93%	46.89%	161.29%	38.09%	44.79%	113.55%
Dividend per Share ²	192.0	192.0	297.0	885.0	783.0	-
Announcement Date	3/20/19	2/21/20	2/19/21	2/10/22	3/3/23	4/26/24

¹RUB in Million²RUB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	135,017	131,332	156,564	153,718	180,338	223,207
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.788 x	1.741 x	1.889 x	0.8069 x	0.6776 x	1.326 x
Free Cash Flow ¹	5,060	23,139	27,310	49,404	82,719	97,745
ROE (net income / shareholders' equity)	21.3%	42%	14.6%	95.3%	102%	49.3%
ROA (Net income/ Total Assets)	12.7%	11.1%	11.6%	28.4%	34.5%	17.3%
Assets ¹	173,973	444,822	146,311	457,332	534,964	496,631
Book Value Per Share ²	847.0	969.0	816.0	1,271	1,526	-
Cash Flow per Share ²	72.00	63.60	65.30	168.0	103.0	-
Capex ¹	38,416	42,656	40,878	49,092	63,997	66,128
Capex / Sales	16.46%	17.19%	16.1%	11.68%	11.24%	15.02%
Announcement Date	3/20/19	2/21/20	2/19/21	2/10/22	3/3/23	4/26/24

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

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Other Agricultural Chemicals

+229% on MICROSOFT CORPORATION since our purchase on January 11, 2019

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