Frontierby eninvs

Language: EN · RU

← Region

Acron (AKRN) RUB

At a glance: strengths & risks
✓Revenue growing (+20%)✓Profit growing (+30%)✗Margins compressing (33%→26%)

Sector: Chemicals

RU_AKRN

Price chart

17 368 RUBDay 1.53%

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
17 368 RUB · 1.53%
Market cap
638.4 bn RUB

Growth

Δ revenue y/y
-22.5%
Δ EBITDA y/y
4.5%

Multiples

P/E (LTM)
22.8x
3y avg: 19.1x
P/B (FY)
3.0x
P/E (ann.)
59.6x
EV/EBITDA (LTM)
12.4x
3y avg: 10.9x
EV/EBITDA (ann.)
11.8x

Cash return

Dividend yield
—
FCF yield (LTM)
-4.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+25.7%
↓ details

Liquidity

Daily turnover (MOEX)
12.9 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
2026-03-31Q1 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%
5.0
y/y -70.4%
4.1
y/y 20.7%
9.1
y/y -55.3%
3.1
y/y -69.9%
15.6-16.6418.7
y/y -4.6%
217.4
y/y 3.8%
18.1%115.0—
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%
13.4
y/y 55.7%
3.6
y/y 7.1%
17.0
y/y 42.1%
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) 2026-03-31

Short-term debt (incl. ST leases)76 142
Long-term debt (incl. LT leases)86 404
− Cash & equivalents33 509
Net debt129 037

Net debt / LTM EBITDA: 2.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

020 00040 00060 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%-50%0%50%100%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF (₽ mln)

-15 000-10 000-5 00005 00010 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash (₽ mln)

050 000100 000150 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Profit and cash

Profit is cash-backed
In a typical year of 2020–2025 operating cash flow came to 1.43x of reported net profit; after capex, 0.40x.
year20202022202320242025
cash flow / profit6.83x0.72x1.74x0.79x1.43x
accruals, % of assets-13.8%—-6.8%1.5%-4.1%
Last twelve months (to 2025-Q2): 1.65x of profit came back as operating cash flow.
net debt / EBITDA 1.9x · capex 3.0x of depreciation · dividends 39% 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.

Key-commodity price — North America Fertilizer Index

Current 747spot vs LTM +11%

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 3-year historical (p75) EV/EBITDA. Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 86 vs LTM-avg 78 → ×1.09 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is). EV/EBITDA capped at 10x (actual 12.7× distorted by a low-EBITDA year).

Upside (conservative): +26% · spot +56% · 3-yr -4%

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

1 · Reported baseline (latest FY)
Revenue237.6 bln RUB
EBITDA61.3 bln RUB
Cash costs (revenue − EBITDA)176.4 bln RUB
2 · Revenue projection
Multiplier — spot×1.26 (+26%)
= Spot revenue300.0 bln RUB
Multiplier — 3-yr prices×1.10 (+10%)
= 3-yr-price revenue260.3 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs185.2 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA114.8 bln RUB
= 3-yr-price EBITDA75.2 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/295.0 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))95.0 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75, capped 10x)10.0x
Target EV = EV/EBITDA × conservative EBITDA949.9 bln RUB
Net debt115.0 bln RUB
Target market cap = EV − net debt834.9 bln RUB
Current market cap664.3 bln RUB

Upside = target market cap ÷ current − 1 = +26%

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%746.86674.78+11%+21%+6%
Ammonium nitrate (Black Sea)25%643.57521.29+23%+35%+21%
UAN (Black Sea)19%492.50375.13+31%+44%-1%
Urea (FOB China)11%400.00409.65-2%+7%+4%
Ammonia (Black Sea)6%337.86337.23+0%+10%+29%

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).

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 · 1.4%

Pay yearDividend /sh
2026235.00 ₽
2025534.00 ₽
2024427.00 ₽
2022240.00 ₽
2021780.00 ₽
2020432.00 ₽
2019366.00 ₽
2018337.00 ₽
Payments by period
PeriodEx-date/sh
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 ₽
2019 q12019-03-20130.00 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 2 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

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.
03.06.26AGM / Board★ ▼ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО «Акрон» одобрил распределение прибыли за 2025 год, рекомендовав не выплачивать дивиденды, а оставить чистую прибыль в размере 52,4 млрд. руб. нераспределенной. Также рекомендовано выплатить дивиденды по части нераспределенной прибыли 2021 года в размере 235 руб. на акцию с датой определения прав на дивиденды 10 августа 2026 года.
03.06.26Filing★ ▼ Сообщение об отдельном виде инсайдерской информации
Комитет совета директоров ПАО «Акрон» рекомендовал не объявлять дивиденды по результатам 2025 года, оставив чистую прибыль в размере 52,4 млрд. руб. нераспределенной. Также предложено выплатить дивиденды по результатам 2021 года в размере 235 руб. на акцию с датой определения прав на получение дивидендов 10 августа 2026 года.
15.05.26Material event★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «Акрон» опубликовало финансовую информацию за первый квартал 2026 года, выручка составила 52 млрд руб. Важно также, что компания раскрыла операционные результаты и планирует дальнейшие действия, которые могут повлиять на стоимость ее ценных бумаг.
29.04.26Filing★ ▲ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора

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.

AKRN is a Russian holding company primarily engaged in the production of mineral fertilizers, including nitrogen and phosphate-based products, for agricultural use.

Frequently asked questions

What is Acron (AKRN)'s P/E ratio?
Acron (AKRN) trades at a P/E of 22.8x (price to trailing 12-month earnings).
What is Acron (AKRN)'s EV/EBITDA?
Acron (AKRN) trades at 12.4x EV/EBITDA.
What is Acron (AKRN)'s P/B ratio?
Acron (AKRN) trades at a P/B of 3.0x.
What is Acron (AKRN)'s return on equity (ROE)?
Acron (AKRN)'s ROE is 4.9%.
What is Acron (AKRN)'s market capitalization?
Acron (AKRN)'s market cap is 638.4 bn RUB.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map