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Acron (AKRN) RUB

Acron is a Russian producer of nitrogen and complex (NPK) mineral fertilizers with plants in Veliky Novgorod and Dorogobuzh and its own phosphate and potash raw-material projects; most output is exported.

At a glance: strengths & risks
✓Revenue growing (+7% y/y, Q2 2026)✓Profit growing (+49% y/y, Q2 2026)✓Margins improving (43%→51%, Q2 2026)✗Pricier than own history (EV/EBITDA 13.7 vs avg 10.1)

Sector: Chemicals

RU_AKRN

Price chart

19 454 RUBDay 1.70%

Key metrics

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.

Market

Price
19 454 RUB · 1.70%
Market cap
715.1 bn RUB

Growth

Δ revenue y/y
6.5%
Δ EBITDA y/y
27.0%

Multiples

P/E (LTM)
—
3y avg: 20.4x
P/B (FY)
3.4x
P/E (ann.)
7.6x
EV/EBITDA (LTM)
13.7x
3y avg: 10.1x
EV/EBITDA (ann.)
6.7x

Cash return

Dividend yield
1.2%
FCF yield (LTM)
-4.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-26.5%
↓ details

Liquidity

Daily turnover (MOEX)
32.6 mln RUB

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

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.

DatePeriodStatusRevenueB RUBOperating profitB RUBD&AB RUBEBITDAB RUBNet profitB RUBOperating CFB RUBCapex + M&AB RUBAssetsB RUBEquityB RUBROE (annualized)Net debtB RUBSource
2026-06-30Q2 2026 (3M)OK61.0
y/y 6.5%
26.9
y/y 27.4%
4.5
y/y 24.3%
31.4
y/y 27.0%
23.4
y/y 48.9%
18.3-20.4455.7
y/y 9.3%
243.0
y/y 8.5%
40.5%126.7Report (PDF)
2026-03-31Q1 2026 (3M)OK51.9
y/y -22.5%
11.8
y/y -3.7%
4.4
y/y 34.7%
16.3
y/y 4.5%
2.7
y/y -81.5%
1.0-7.9440.5
y/y 4.7%
220.6
y/y -1.3%
4.9%129.0Report (PDF)
2025-12-31Q4 2025 (3M)OK59.8
y/y 8.4%
-2.6
y/y -115.4%
4.1
y/y 20.7%
1.5
y/y -92.9%
—
y/y —
—-16.6418.7
y/y -4.6%
217.4
y/y 3.8%
—115.0Evidence
2025-09-30Q3 2025 (3M)OK53.7
y/y 13.5%
15.7
y/y 4.5%
3.9
y/y 19.7%
19.5
y/y 7.2%
6.4
y/y 331.8%
17.6-14.5417.8
y/y 8.5%
222.2
y/y 11.1%
3.8%121.3Report (PDF)
2025-06-30Q2 2025 (3M)OK57.3
y/y 29.1%
21.1
y/y 144.6%
3.6
y/y 7.1%
24.7
y/y 106.1%
15.7
y/y 29.0%
11.9-11.7416.8
y/y 7.8%
224.0
y/y 13.2%
28.1%106.3Report (PDF)
2025-03-31Q1 2025 (3M)OK66.9
y/y 30.3%
12.3
y/y 6.9%
3.3
y/y 6.3%
15.6
y/y 6.7%
14.5
y/y 123.8%
11.7-11.8420.6
y/y 13.5%
223.5
y/y 6.1%
26.8%100.7Report (PDF)
2024-12-31Q4 2024 (3M)OK55.2
y/y 12.8%
17.0
y/y 164.5%
3.4
y/y 15.2%
20.4
y/y 117.7%
10.4
y/y 1.2%
17.4-13.2438.9
y/y 13.2%
209.5
y/y -9.2%
14.9%105.8Report (PDF)
2024-09-30Q3 2024 (3M)OK47.3
y/y 11.1%
15.0
y/y -34.4%
3.3
y/y 1.9%
18.2
y/y -30.0%
1.5
y/y -77.4%
5.8-11.4385.0
y/y -2.6%
199.9
y/y -10.7%
1.0%105.9Report (PDF)
2024-06-30Q2 2024 (3M)OK44.3
y/y 26.7%
8.6
y/y -52.8%
3.4
y/y 11.2%
12.0
y/y -43.7%
12.2
y/y 286.0%
1.6-11.3386.7
y/y 9.5%
197.9
y/y -8.3%
23.9%95.7Report (PDF)
2024-03-31Q1 2024 (3M)OK51.4
y/y -3.0%
11.5
y/y -55.1%
3.1
y/y -7.9%
14.6
y/y -49.6%
6.5
y/y -59.2%
-0.7-10.7370.7
y/y —
210.6
y/y —
11.7%67.8Report (PDF)
2023-12-31Q4 2023 (3M)OK48.9
y/y —
6.4
y/y —
2.9
y/y —
9.4
y/y —
10.2
y/y —
20.4-16.7387.7
y/y —
230.7
y/y —
15.8%27.4Report (PDF)
2023-09-30Q3 2023 (3M)OK42.6
y/y —
22.8
y/y —
3.2
y/y —
26.0
y/y —
6.6
y/y —
10.5-11.1395.3
y/y —
223.9
y/y —
4.0%36.2Report (PDF)
2023-06-30Q2 2023 (3M)OK35.0
y/y —
18.3
y/y —
3.0
y/y —
21.3
y/y —
3.2
y/y —
8.4-9.5353.1
y/y —
215.9
y/y —
—34.3Report (PDF)
2023-03-31Q1 2023 (3M)PARTIAL53.0
y/y —
25.5
y/y —
3.4
y/y —
28.9
y/y —
15.9
y/y —
23.1-8.1—
y/y —
—
y/y —
—73.3Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)70 199
Long-term debt (incl. LT leases)84 760
− Cash & equivalents28 276
Net debt126 683

Net debt / LTM EBITDA: 1.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

020 00040 00060 00080 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) (₽ mln)

-15 000-10 000-5 00005 00010 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

050 000100 000150 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2020–2025 operating cash flow came to 1.26x of reported net profit; after capex, 0.44x.
year2020202220232024
cash flow / profit6.83x0.72x1.74x0.79x
accruals, % of assets——-6.8%1.5%
Last twelve months (to 2026-06-30): 1.13x of profit came back as operating cash flow.
net debt / EBITDA 1.9x · capex 3.0x of depreciation · dividends 42% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Quality / corporate governance

Potential discount −5% (factor 0.95)

This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.

Key-commodity price — North America Fertilizer Index

Current 807spot vs LTM +6%

Commodity price upside

The same staged build as the commodity players: revenue → costs → EBITDA → conservative EBITDA (min of the spot case and the spot/3-yr average) → target market cap at the company's 3-YEAR MEDIAN EV/EBITDA (clamped to 1-10x). Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 81 vs LTM-avg 79 → ×1.03 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): -27% · spot -0% · 3-yr -53%

How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap

1 · Reported baseline (LTM to 2026-06-30)
Revenue226.3 bln RUB
EBITDA68.6 bln RUB
Cash costs (revenue − EBITDA)157.7 bln RUB
2 · Revenue projection
Multiplier — spot×1.11 (+11%)
= Spot revenue252.1 bln RUB
Multiplier — 3-yr prices×0.94 (-6%)
= 3-yr-price revenue213.7 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs165.6 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA86.5 bln RUB
= 3-yr-price EBITDA48.1 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/267.3 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))67.3 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)9.5x
Target EV = EV/EBITDA × conservative EBITDA641.1 bln RUB
Net debt (as of 2026-06-30)129.0 bln RUB
Target market cap = EV − net debt512.1 bln RUB
Current market cap697.1 bln RUB

Upside = target market cap ÷ current − 1 = -27%

Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.

CommodityRevenue shareSpotLTM avg$ vs LTMRUB vs LTM (FX)RUB 3-yr (FX)
North America Fertilizer Index37%807.10758.08+6%+9%-9%
Ammonium nitrate (Black Sea)25%660.41572.00+15%+19%+5%
UAN (Black Sea)19%487.50434.25+12%+15%-18%
Urea (FOB China)11%400.00462.79-14%-11%-11%
Ammonia (Black Sea)6%416.14338.24+23%+26%+18%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +20% vs +10% the year before — a +9.5 pp move. 3-year CAGR -3%.
revenue growth by year: 2023 -30% · 2024 +10% · 2025 +20%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 13.3x · 3-year 75th pct 12.8x

EV/EBITDA3-year 75th pct

Peer comparison

Group: materials (Russia). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
MMKRussia3.12.7x
KuybyshevAzot PAORussia0.83.1x
NLMKRussia5.43.6x
PolyusRussia12.63.6x
Yuzhuralzoloto GroupRussia2.03.7x
NornickelRussia21.15.0x
SeligdarRussia0.55.2x
SeverstalRussia7.26.1x
PhosagroRussia8.97.3x
AlrosaRussia1.87.9x
RusalRussia4.710.6x
TMK (pipe)Russia0.916.3x
Group median5.1x
Group average6.3x
This companyRussia8.613.7x

Group median 5.1x; this company 13.7x — a 168% premium.

Group average 6.3x; against the average this company is at a 119% premium.

At the adjusted group median the market cap would be -72% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividend potential

Illiquid — forecast not shown

The line trades very thinly (low average daily turnover), so the model dividend forecast is unreliable and is not shown. Actual (sporadic) payments are in the dividend-history card below.

Dividend history

Paid, trailing 12-mo: 235.00 RUB/sh · 1.2%

Pay yearDividend /sh
2026381.00 ₽
2025534.00 ₽
2024427.00 ₽
2022240.00 ₽
2021780.00 ₽
2020432.00 ₽
2019366.00 ₽
2018337.00 ₽
Payments by period
PeriodLast day to buy/sh
2026 q42026-10-30146.00 ₽
2026 q32026-08-07235.00 ₽
2025 q22025-06-06534.00 ₽
2024 q22024-05-16427.00 ₽
2022 q12022-03-07240.00 ₽
2021 q42021-12-10750.00 ₽
2021 q22021-06-0430.00 ₽
2020 q22020-06-05432.00 ₽
2019 q42019-12-09101.00 ₽
2019 q22019-06-07135.00 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 3 (2 positive), last 30 days: 4 (3 positive) across tracked channels, broker research and shows. 8 passing mentions (digests, calendars) hidden.

Sources: Telegram channels (bloggers — blue chip, broker research — green), YouTube shows via transcripts (orange). Tone (▲/▼) is an automatic assessment in the stock's context. Quotes are fragmentary; authors' views are not our recommendations.

Corporate events

24.09.26AGM / Board★ ▲ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО «Акрон» одобрил распределение нераспределенной прибыли за 2021 год и рекомендовал выплату дивидендов в размере 146 руб. на акцию. Общему собранию акционеров предложено утвердить это распределение 22 октября 2026 года. Дата определения прав на получение дивидендов - 2 ноября 2026 года.
24.09.26Filing★ ▲ Сообщение об отдельном виде инсайдерской информации
Комитет совета директоров ПАО «Акрон» рекомендовал распределение нераспределенной прибыли 2021 года в размере 5,37 млрд. руб., включая дивиденды в размере 146 руб. на акцию. Дата определения акционеров для получения дивидендов установлена на 2 ноября 2026 года.
31.07.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
10 августа 2026 года определена дата, на которую фиксируются лица, имеющие право на получение дивидендов по обыкновенным акциям ПАО «Акрон» с номинальной стоимостью 5 руб. каждая. Протокол общего собрания акционеров № 73 был составлен 30 июля 2026 года.
31.07.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На внеочередном собрании акционеров ПАО «Акрон» 30 июля 2026 года было принято решение о выплате дивидендов в размере 235 руб. на акцию, с общей суммой распределяемой прибыли 8,6 млрд. руб. Дата определения лиц, имеющих право на получение дивидендов, установлена на 10 августа 2026 года.
29.04.26Filing★ ▲ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора
16.10.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «Акрон» объявило о частичном досрочном погашении 50% номинальной стоимости своих биржевых облигаций серии БО-002Р-04, что может повлиять на стоимость их ценных бумаг. Дата погашения назначена на 15 октября 2026 года.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Acron (AKRN) — from primary filings.

Frequently asked questions

What is Acron (AKRN)'s EV/EBITDA?
Acron (AKRN) trades at 13.7x EV/EBITDA.
What is Acron (AKRN)'s P/B ratio?
Acron (AKRN) trades at a P/B of 3.4x.
What is Acron (AKRN)'s dividend yield?
Acron (AKRN)'s trailing 12-month dividend yield is 1.2%.
What is Acron (AKRN)'s return on equity (ROE)?
Acron (AKRN)'s ROE is 40.5%.
What is Acron (AKRN)'s market capitalization?
Acron (AKRN)'s market cap is 715.1 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
Акрон Б1P711.0%10.5%100.00+0.30%179K17.7M03.2027
Акрон Б1P28.6%5%98.05+0.00%23K17K05.2027
Акрон Б1P6floatfloat100.79-0.18%1.1M10.4M07.2027
Акрон Б1P5floatfloat100.40-0.10%421.8M18.5M10.2027
Акрон Б1P810.2%7.95%98.43+0.66%12.3M31.4M11.2027
Акрон Б2P29.9%6.8%95.47-0.86%3.1M9.4M09.2028
Акрон Б2P49.9%8.85%99.02-1.07%1.6M184.6M10.2028
Акрон Б2P19.6%7.7%96.90+0.49%707K7.9M03.2029
Акрон Б2P39.5%7.85%96.90-0.46%188K10.3M10.2029
Акрон Б1P910.1%7.75%96.35+0.18%28.0M36.3M11.2029

Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.

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