Financials Rostelecom London S.E.

Equities

RKMD

US7785291078

Integrated Telecommunications Services

Market Closed - London S.E. Other stock markets 02:30:01 2022-03-04 am EST			5-day change	1st Jan Change
4.035 ^USD	-.--%		-.--%	-.--%

Mar. 11	Public Joint Stock Company Rostelecom acquired OOO Mango Telecom and M. Developer LLC.	CI
2023	Russia completes repair of Baltic Sea telecoms cable, Finland says	RE

Valuation

Fiscal Period: December	2016	2017	2018	2019	2020	2021
Capitalization ¹	184,629	142,331	162,495	178,137	293,459	290,871
Enterprise Value (EV) ¹	365,668	325,143	372,757	433,595	761,006	797,813
P/E ratio	16.2 x	10.7 x	12 x	12.6 x	13.2 x	10.4 x
Yield	6.41%	7.9%	6.84%	6.38%	5.17%	-
Capitalization / Revenue	0.62 x	0.47 x	0.51 x	0.53 x	0.54 x	0.5 x
EV / Revenue	1.23 x	1.06 x	1.16 x	1.29 x	1.39 x	1.38 x
EV / EBITDA	4.36 x	3.95 x	4.61 x	5.09 x	4.84 x	4.94 x
EV / FCF	87.1 x	50.5 x	17.2 x	-32.8 x	30.2 x	152 x
FCF Yield	1.15%	1.98%	5.82%	-3.05%	3.32%	0.66%
Price to Book	0.77 x	0.58 x	0.68 x	0.71 x	1.8 x	1.56 x
Nbr of stocks (in thousands)	2,234,564	2,245,443	2,248,971	2,288,416	3,050,484	3,353,318
Reference price ²	84.00	63.90	73.07	78.36	96.73	87.22
Announcement Date	3/3/17	3/6/18	3/12/19	3/3/20	3/9/21	3/3/22

¹RUB in Million²

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2016	2017	2018	2019	2020	2021
Net sales ¹	297,446	305,329	320,239	337,421	546,889	580,092
EBITDA ¹	83,947	82,322	80,808	85,211	157,379	161,359
EBIT ¹	36,531	33,485	34,209	34,271	72,830	65,413
Operating Margin	12.28%	10.97%	10.68%	10.16%	13.32%	11.28%
Earnings before Tax (EBT) ¹	16,941	18,906	19,439	18,521	34,007	40,816
Net income ¹	11,751	13,697	14,154	14,777	23,311	28,549
Net margin	3.95%	4.49%	4.42%	4.38%	4.26%	4.92%
EPS ²	5.200	5.990	6.090	6.230	7.320	8.400
Free Cash Flow ¹	4,199	6,435	21,695	-13,239	25,229	5,251
FCF margin	1.41%	2.11%	6.77%	-3.92%	4.61%	0.91%
FCF Conversion (EBITDA)	5%	7.82%	26.85%	-	16.03%	3.25%
FCF Conversion (Net income)	35.73%	46.98%	153.28%	-	108.23%	18.39%
Dividend per Share ²	5.387	5.046	5.000	5.000	5.000	-
Announcement Date	3/3/17	3/6/18	3/12/19	3/3/20	3/9/21	3/3/22

¹RUB in Million²RUB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2016	2017	2018	2019	2020	2021
Net Debt ¹	181,039	182,812	210,262	255,458	467,547	506,942
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.157 x	2.221 x	2.602 x	2.998 x	2.971 x	3.142 x
Free Cash Flow ¹	4,199	6,435	21,695	-13,239	25,229	5,251
ROE (net income / shareholders' equity)	4.92%	5.64%	6%	6.42%	11.7%	14.3%
ROA (Net income/ Total Assets)	4.12%	3.75%	3.54%	3.12%	4.83%	3.89%
Assets ¹	284,880	365,175	399,526	474,260	482,330	734,285
Book Value Per Share ²	109.0	109.0	108.0	110.0	53.70	55.90
Cash Flow per Share ²	1.900	1.700	4.400	8.350	9.310	14.80
Capex ¹	61,857	60,752	73,179	100,513	135,987	147,840
Capex / Sales	20.8%	19.9%	22.85%	29.79%	24.87%	25.49%
Announcement Date	3/3/17	3/6/18	3/12/19	3/3/20	3/9/21	3/3/22

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 Integrated Telecommunications Services

	1st Jan change	Capi.
CHINA MOBILE LIMITED	+9.65%	199B
VERIZON COMMUNICATIONS	+5.25%	167B
DEUTSCHE TELEKOM AG	+0.46%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-2.38%	89.84B
CHINA TELECOM CORPORATION LIMITED	+17.65%	72.93B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.80%	58.42B
SAUDI TELECOM COMPANY	-5.07%	50.97B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-13.54%	40.2B
CHARTER COMMUNICATIONS, INC.	-34.49%	36.67B

Other Integrated Telecommunications Services

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

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