Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.
Sector: Conglomerate
RU_AFKS
Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.
Shares: connector/market_inputs
| Period | Issues |
|---|---|
| 2023-03-31 Q1 | ✗Errors 1Warn 2 |
| 2023-06-30 Q2 | ✗Errors 1Warn 2 |
| 2023-09-30 Q3 | ✓OK |
| 2023-12-31 FY | ✓OK |
| 2023-12-31 Q4 | ✓OK |
| 2024-06-30 H1 | ✗Errors 3Warn 1 |
| 2024-09-30 Q3 | ✓OK |
| 2024-12-31 FY | ✗Errors 1Warn 2 |
| 2024-12-31 Q4 | ✗Errors 1Warn 1 |
| 2025-06-30 H1 | ✗Errors 1Warn 3 |
| 2025-12-31 FY | ✗Errors 2Warn 3 |
| 2025-12-31 H2 | ✗Errors 1Warn 2 |
| 2026-03-31 Q1 | ✓OK |
Monetary columns are in B RUB, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | RevenueB RUB | Operating profitB RUB | D&AB RUB | EBITDAB RUB | Net profitB RUB | Operating CFB RUB | Capex + M&AB RUB | AssetsB RUB | EquityB RUB | ROE (annualized) | Net debtB RUB | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | Q1 2026 (3M) | PARTIAL | 303.3 y/y — | — y/y — | — y/y — | 111.4 y/y — | — y/y — | — | — | — y/y — | — y/y — | — | 1752.4 | Link |
| 2025-12-31 | Q4 2025 (3M) | OK | 715.7 y/y 9.2% | 40.0 y/y -52.0% | 85.1 y/y 9.2% | 125.1 y/y -22.4% | -150.6 y/y -850.9% | 76.9 | -84.2 | 2878.2 y/y 4.2% | -118.6 y/y -230.5% | 366.5% | 1423.5 | Report (PDF) |
| 2025-06-30 | Q2 2025 (3M) | OK | 616.8 y/y 7.3% | 93.9 y/y 14.3% | 87.2 y/y 19.8% | 181.1 y/y 16.8% | -81.9 y/y -2106.1% | 40.6 | -84.2 | 2891.4 y/y 14.9% | -8.2 y/y -108.2% | -396.2% | 1330.2 | Report (PDF) |
| 2024-12-31 | Q4 2024 (3M) | OK | 655.2 y/y 160.5% | 83.4 y/y 689.4% | 77.9 y/y 106.4% | 161.3 y/y 233.9% | -15.8 y/y 52.5% | 37.9 | -111.0 | 2761.4 y/y 17.1% | 90.9 y/y -38.8% | — | 1281.2 | Report (PDF) |
| 2024-09-30 | Q3 2024 (3M) | PARTIAL | 343.3 y/y 13.3% | 41.9 y/y 58.4% | 38.1 y/y 0.8% | 80.0 y/y 24.5% | -4.4 y/y — | 6.5 | -50.9 | — y/y — | — y/y — | — | 1614.3 | Report (PDF) |
| 2024-06-30 | Q2 2024 (3M) | OK | 574.9 y/y — | 82.2 y/y — | 72.8 y/y — | 155.0 y/y — | 4.1 y/y — | -36.7 | -83.2 | 2517.0 y/y — | 100.3 y/y — | 6.6% | 1193.8 | Report (PDF) |
| 2023-12-31 | Q4 2023 (3M) | OK | 251.5 y/y — | 10.6 y/y — | 37.8 y/y — | 48.3 y/y — | -33.3 y/y — | 41.4 | -59.8 | 2358.1 y/y — | 148.6 y/y — | — | 1137.6 | Report (PDF) |
| 2023-09-30 | Q3 2023 (3M) | PARTIAL | 303.1 y/y — | 26.5 y/y — | 37.8 y/y — | 64.3 y/y — | -5.4 y/y — | 23.2 | -49.6 | — y/y — | — y/y — | — | 1385.8 | Report (PDF) |
| 2023-06-30 | Q2 2023 (3M) | OK | 243.2 y/y — | 36.9 y/y — | 37.6 y/y — | 74.5 y/y — | 10.8 y/y — | 4.5 | -39.4 | 2167.1 y/y — | 193.7 y/y — | — | 1097.2 | Report (PDF) |
| 2023-03-31 | Q1 2023 (3M) | PARTIAL | 247.9 y/y — | 41.5 y/y — | 37.3 y/y — | 78.8 y/y — | 14.6 y/y — | 4.5 | -39.4 | — y/y — | — y/y — | — | 1276.7 | Report (PDF) |
2026-03-31 Q1: Missing metrics: operating_profit,net_profit.2023-09-30 Q3: Assets and/or equity missing while cash/debt are present — often a unit-scale mismatch after extraction.2026-03-31 Q1: Status PARTIAL (incomplete extraction or legacy OCR warnings).2024-09-30 Q3: Status PARTIAL (incomplete extraction or legacy OCR warnings).2023-09-30 Q3: Status PARTIAL (incomplete extraction or legacy OCR warnings).2023-03-31 Q1: Status PARTIAL (incomplete extraction or legacy OCR warnings).Quarterly values ($ mln)
Year-over-year change
FCF ($ mln)
Net debt / cash ($ mln)
AFKS upside (to typical discount): +20%
Valued sum-of-the-parts: listed stakes at market + unlisted assets net of holdco debt = NAV. AFKS always trades at a discount to NAV; upside = reverting from today's discount to the typical (3-yr median) one. The NAV discount is computed daily by eninvs.com (history since 2020, n=1081 over 3y).
| 1 · Stakes in listed subsidiaries (share × market cap) | |
| Segezha (SGZH) · 72.0% × 68 | 49 bn RUB |
| MTS (MTSS) · 50.3% × 427 | 215 bn RUB |
| Ozon (OZON) · 32.4% × 833 | 270 bn RUB |
| Etalon (ETLN) · 50.1% × 21 | 10 bn RUB |
| Element (ELMT) · 42.9% × 48 | 21 bn RUB |
| Σ listed stakes | 565 bn RUB |
| 2 · Unlisted assets − holdco net debt | |
| Other, net (Medsi/Steppe/Binnopharm/Cosmos − debt) | -393 bn RUB |
| = Net asset value (NAV) | 171 bn RUB |
| 3 · Discount to NAV → upside | |
| AFK Sistema market cap | 127 bn RUB |
| Current discount to NAV | -26% |
| Typical discount (3-yr median) | -11% |
Upside = (1 + typical discount) ÷ (1 + current discount) − 1 = +20%
Dividends suspended (~1.9 yr without a payout)
The company has not paid a dividend for over 18 months — profit is going to capex or deleveraging (e.g. Nornickel, NLMK, RusHydro, FSK). The forecast payout is zeroed until distributions resume; profit and cash flow may still be healthy.
| 1 · Forecast dividend (per policy) | |
| Smoothed net profit (median YTD-ann./LTM/FY) | -232 bn RUB |
| Payout ratio | 10% |
| Free cash flow (FY, OCF − capex) — caps payout | -49 bn RUB |
| Recent actual dividend (3-yr median) | 0.52 ₽ |
| = Forecast dividend per share | 0.00 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.5% |
| Historical yield spread to rate (3-yr median) | -14.5 pp |
| = Fair dividend yield | 7.0% |
| 3 · Valuation → upside | |
| Current price | 13.27 ₽ |
| Forecast dividend yield | — |
| Fair price (dividend-based) | 0 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
Value the company creates per year, as a % of market cap
Value created per year: ≤-300.0%
| 1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2025-12-31 vs 2024-12-31) = (125 105 − 161 307) × 2.45 | -88 601 |
| 2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (128 142 + 1 752 374) ÷ 306 184 | 6.1x |
| 3. Target multiple (Current EV/EBITDA + 6.5) ÷ 2 = (6.1 + 6.5) ÷ 2 | 6.3x |
| 4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = -142 389 + 0 + 0 − 0 | -142 389 |
| 5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (-88 601 × 6.3 + -142 389) ÷ 128 142 | ≤-300.0% |
Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.
Caveats:
No dividend rows found for this issuer.
Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=4772
Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)