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Bashneft (BANE) RUB

At a glance: strengths & risks
✓Low leverage (0.8x EBITDA)✗Revenue declining (-12%)✗Profit falling (-55%)

Sector: Oil & Gas

RU_BANE

Price chart

1 076.5 RUBDay 2.48%

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
1 076.5 RUB · 2.48%
Market cap
188.4 bn RUB

Growth

Δ revenue y/y
-12.3%
Δ EBITDA y/y
-19.2%

Multiples

P/E (LTM)
4.0x
3y avg: 3.4x
P/B (FY)
0.2x
P/E (ann.)
1.9x
EV/EBITDA (LTM)
2.0x
3y avg: 2.2x
EV/EBITDA (ann.)
1.8x

Cash return

Dividend yield
11.4%
FCF yield (LTM)
11.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+24.4%
↓ details

Liquidity

Daily turnover (MOEX)
25.1 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
2025-12-31FY 2025 (12M)OK1001.8
y/y -12.3%
96.8
y/y -29.5%
55.7
y/y 8.2%
152.5
y/y -19.2%
46.6
y/y -55.1%
110.2-42.41118.1
y/y -3.9%
914.9
y/y 2.4%
5.2%121.8Report (PDF)
2024-12-31FY 2024 (12M)OK—
y/y 10.8%
—
y/y -29.4%
—
y/y 4.2%
—
y/y -22.6%
—
y/y -41.9%
——1163.2
y/y 3.2%
893.3
y/y 7.4%
12.0%121.8Report (PDF)
2024-06-30Q2 2024 (3M)OK282.3
y/y —
38.3
y/y —
11.7
y/y —
49.9
y/y —
21.5
y/y —
34.5-18.91154.6
y/y —
842.5
y/y —
10.1%121.8Report (PDF)
2024-03-31Q1 2024 (3M)OK280.0
y/y —
39.2
y/y —
11.5
y/y —
50.7
y/y —
31.6
y/y —
21.5-13.71154.5
y/y —
863.4
y/y —
14.9%121.8Report (PDF)
2023-12-31Q4 2023 (3M)OK304.0
y/y —
34.5
y/y —
10.5
y/y —
45.0
y/y —
27.1
y/y —
39.6-21.51127.0
y/y —
831.8
y/y —
21.9%121.8Report (PDF)
2023-09-30Q3 2023 (3M)OK314.4
y/y —
82.8
y/y —
12.4
y/y —
95.2
y/y —
75.3
y/y —
64.1-14.91148.3
y/y —
804.7
y/y —
13.1%121.8Report (PDF)
2023-06-30Q2 2023 (3M)OK413.5
y/y —
76.9
y/y —
19.8
y/y —
96.7
y/y —
76.5
y/y —
46.9-29.01062.8
y/y —
729.4
y/y —
—121.8Report (PDF)

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-250 0000250 000500 000750 0001 000 0002023 H12023 q32023 q42024 q12024 q22024 H22025 FY

Cash flow

FCF (₽ mln)

020 00040 00060 00080 0002023 H12023 q32023 q42024 q12024 q22024 H22025 FY

Net debt / cash (₽ mln)

025 00050 00075 000100 000125 0002023 q22023 q32023 q42024 q12024 q22024 q42025 FY

Key-commodity price — Urals

Current 98spot vs LTM +28%

Commodity price upside

Oil model: per-barrel, net-of-tax EBITDA projection. Only part of a Urals move reaches EBITDA — the rest is taken by mineral-extraction tax (~75% at the margin). Production × net-of-tax × Δprice → EBITDA → conservative (min spot/avg) → target market cap at the current EV/EBITDA.

Upside (conservative): +24% · spot +42% · 3-yr +7%

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

1 · Reported baseline (latest FY)
Revenue1.00 trn RUB
EBITDA152.5 bln RUB
Cash costs (revenue − EBITDA)849.4 bln RUB
2 · Urals oil price ($/bbl)
Spot$97.8
LTM average$76.6
3-yr average$80.4
3 · EBITDA projection (per-barrel, net of tax)
Production, mln bbl/yr · estimate99
Net-of-tax pass-through of Δprice (НДПИ)25%
Price effect on EBITDA — spot40.8 bln RUB
Price effect on EBITDA — 3-yr7.1 bln RUB
= Spot EBITDA (LTM + effect)193.3 bln RUB
= 3-yr-price EBITDA159.6 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/2176.5 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))176.5 bln RUB
5 · Valuation → target market cap
EV/EBITDA (current)2.2x
Target EV = EV/EBITDA × conservative EBITDA395.1 bln RUB
Net debt121.8 bln RUB
Target market cap = EV − net debt273.3 bln RUB
Current market cap219.6 bln RUB

Upside = target market cap ÷ current − 1 = +24%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -12% vs +11% the year before — a -23.1 pp move. 3-year CAGR —.
revenue growth by year: 2023 +21% · 2024 +11% · 2025 -12%
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

Dividend-model upside: -37%

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)47 bn RUB
Payout ratio19%
Free cash flow (FY, OCF − capex) — not a cap (leverage 0.8x)68 bn RUB
Recent actual dividend (3-yr median)69.29 ₽
= Forecast dividend per share69.29 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.2%
Historical yield spread to rate (3-yr median)-7.5 pp
= Fair dividend yield10.8%
3 · Valuation → upside
Current price1020 ₽
Forecast dividend yield6.8%
Fair price (dividend-based)645 ₽

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

Dividend history

Paid, trailing 12-mo: 69.29 RUB/sh · 6.8%

Pay yearDividend /sh
202669.29 ₽
2025147.31 ₽
2024249.69 ₽
2023199.89 ₽
2022117.29 ₽
2020107.81 ₽
2019158.95 ₽
2018158.95 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-1069.29 ₽
2025 q32025-07-11147.31 ₽
2024 q32024-07-11249.69 ₽
2023 q32023-07-05199.89 ₽
2022 q32022-07-07117.29 ₽
2020 q32020-07-02107.81 ₽
2019 q22019-06-20158.95 ₽
2018 q32018-07-05158.95 ₽
2017 q42017-12-08148.31 ₽
2016 q32016-07-13164.00 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

29.06.26Filing★ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
ПАО АНК «Башнефть» объявило дату фиксации лиц, имеющих право на получение дивидендов по результатам 2025 года, которая назначена на 13 июля 2026 года. Дивиденды будут выплачиваться по обыкновенным и привилегированным акциям компании.
25.05.26AGM / Board★ ▲ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО АНК 'Башнефть' рекомендовал выплатить дивиденды по результатам 2025 года в размере 12,3 млрд. руб., что составляет 69,29 руб. на акцию. Дата определения лиц, имеющих право на получение дивидендов, назначена на 13.07.2026.
20.05.26Filing★ ▲ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня
21 мая 2026 года пройдет заседание совета директоров ПАО АНК 'Башнефть', на котором будет обсуждаться распределение прибыли и рекомендации по дивидендам. Важные вопросы включают предварительное утверждение годового отчета и бухгалтерской отчетности.
29.06.26AGM / BoardРешения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО АНК 'Башнефть', состоявшемся 26 июня 2026 года, было принято решение о выплате дивидендов в размере 12,3 млрд руб., что составляет 69,29 руб. на акцию. Также утверждены годовой отчет и финансовая отчетность за 2025 год, определен состав Совета директоров в 10 человек и назначена аудиторская организация на 2026 год.

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

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 1 across tracked channels, broker research and shows. 5 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.

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 Bashneft (BANE) — from primary filings.

Frequently asked questions

What is Bashneft (BANE)'s P/E ratio?
Bashneft (BANE) trades at a P/E of 4.0x (price to trailing 12-month earnings).
What is Bashneft (BANE)'s EV/EBITDA?
Bashneft (BANE) trades at 2.0x EV/EBITDA.
What is Bashneft (BANE)'s P/B ratio?
Bashneft (BANE) trades at a P/B of 0.2x.
What is Bashneft (BANE)'s dividend yield?
Bashneft (BANE)'s trailing 12-month dividend yield is 11.4%.
What is Bashneft (BANE)'s return on equity (ROE)?
Bashneft (BANE)'s ROE is 5.2%.
What is Bashneft (BANE)'s market capitalization?
Bashneft (BANE)'s market cap is 188.4 bn RUB.