Frontierby eninvs

Language: EN · RU

← Region

RUS AQUA USD

Update

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: Agriculture & Food

RU_AQUA

Price chart

375.1 RUBDay -0.58%

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
375.1 RUB · -0.58%
Market cap
462 mln USD

Growth

Δ revenue y/y
9.9%
Δ EBITDA y/y
-35.7%

Multiples

P/E (LTM)
—
3y avg: 5.9x
P/B (FY)
0.8x
P/E (ann.)
3.2x
EV/EBITDA (LTM)
—
3y avg: 83.2x
EV/EBITDA (ann.)
163.2x

Cash return

Dividend yield
2.4%
FCF yield (LTM)
-89.4%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-40.3%
↓ details

Liquidity

Daily turnover (MOEX)
9.3 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.

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 2 / Warn: 5 / Err: 2 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-06-30 H1⚠Warn 1
2023-12-31 FY✓OK
2023-12-31 H2✓OK
2024-06-30 H1⚠Warn 1
2024-12-31 FY⚠Warn 1
2024-12-31 H2✗Errors 1Warn 2
2025-06-30 H1⚠Warn 1
2025-12-31 FY⚠Warn 1
2025-12-31 H2✗Errors 1Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in M USD, 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2025-12-31H2 2025 (6M)OK204.7
y/y 9.9%
35.2
y/y -43.5%
9.7
y/y 29.3%
44.9
y/y -35.7%
73.3
y/y -43.1%
25.4-748.9845.0
y/y 2.5%
555.7
y/y -7.4%
-6.0%14195.4Report (PDF)
2025-06-30H1 2025 (6M)OK140.9
y/y -45.0%
25.7
y/y -73.3%
7.6
y/y -36.0%
33.3
y/y -69.2%
-104.7
y/y —
12.3-1978.9802.7
y/y 15.1%
484.1
y/y -5.4%
-38.6%14999.3Report (PDF)
2024-12-31H2 2024 (6M)OK186.2
y/y -14.7%
62.4
y/y -8.1%
7.5
y/y -20.9%
69.9
y/y -9.7%
128.7
y/y 34.3%
17.1-2729.6824.1
y/y 3.5%
599.8
y/y 7.7%
19.6%12905.6Report (PDF)
2024-06-30H1 2024 (6M)OK256.2
y/y 41.5%
96.3
y/y 20.3%
11.8
y/y 47.0%
108.1
y/y 22.7%
-19.9
y/y -116.4%
154.4-3546.3697.3
y/y -2.8%
511.8
y/y 4.2%
-7.4%7938.7Report (PDF)
2023-12-31H2 2023 (6M)OK218.3
y/y —
67.9
y/y —
9.5
y/y —
77.4
y/y —
95.8
y/y —
57.2-1909.5796.4
y/y —
556.8
y/y —
41.4%13782.1Report (PDF)
2023-06-30H1 2023 (6M)OK181.1
y/y —
80.1
y/y —
8.1
y/y —
88.1
y/y —
121.2
y/y —
64.1-2720.7717.2
y/y —
491.4
y/y —
—12551.4Report (PDF)
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodBiomass in water
тыс. т		Sales volume
тыс. т
FY 2025-1230.10
+33.2%		22.20
−14.0%
H1 2025-0620.90
+34.0%		8.40
−48.5%
FY 2024-1222.6025.80
H1 2024-0615.60
−49.7%		16.30
+19.9%
H1 2023-063113.60

Инарктика, операционные результаты по полугодиям (inarctica.com, пресс-релизы H1/FY). Таблица из релиза 1п2025: «Реализация, тыс. т» 1п2023 13,6 / 1п2024 16,3 / 1п2025 8,4 (-48% г/г); «Биомасса рыбы в воде на конец периода» 30.06.2023 31,0 / 30.06.2024 15,6 / 30.06.2025 20,9 (+34%). Годовые: биомасса конец дек 2024 22,6 → 2025 30,1 (+33%), реализация 2024 25,8 → 2025 22,2 (-14%). H1 2024 — биориски снизили биомассу; рост 2025 — задел на монетизацию в 2026.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-100%-50%0%50%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF ($ mln)

-500501002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash ($ mln)

05 00010 00015 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Key-commodity price — Atlantic salmon (NOK->RUB)

Current 75spot vs LTM +0%

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

USD/RUB: spot 72 vs LTM-avg 80 → ×0.90 (ruble stronger → less RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): -40% · spot -40% · 3-yr +38%

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

1 · Reported baseline (latest FY)
Revenue24.6 bln RUB
EBITDA5.6 bln RUB
Cash costs (revenue − EBITDA)19.1 bln RUB
2 · Revenue projection
Multiplier — spot×0.97 (-3%)
= Spot revenue24.0 bln RUB
Multiplier — 3-yr prices×1.10 (+10%)
= 3-yr-price revenue27.1 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs20.0 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA4.0 bln RUB
= 3-yr-price EBITDA7.1 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/25.5 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))4.0 bln RUB
5 · Valuation → target market cap
EV/EBITDA (current)9.1x
Target EV = EV/EBITDA × conservative EBITDA36.1 bln RUB
Net debt14.2 bln RUB
Target market cap = EV − net debt21.9 bln RUB
Current market cap36.8 bln RUB

Upside = target market cap ÷ current − 1 = -40%

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)
Atlantic salmon (NOK->RUB)100%74.7774.67+0%-3%+10%

Dividend potential

Dividend-model upside: -100%

The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)-2 bn RUB
Payout ratio17%
Free cash flow (FY, OCF − capex) — caps payout-0 bn RUB
Recent actual dividend (3-yr median)10.00 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.5%
Historical yield spread to rate (3-yr median)-11.8 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price374.60 ₽
Forecast dividend yield—
Fair price (dividend-based)-5 ₽

Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.

Dividends

No dividend rows found for this issuer.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=17531

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