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Basis (BAZA) RUB

At a glance: strengths & risks
✓Revenue growing (+37%)✓Net cash balance sheet✗Margins compressing (62%→58%)

Sector: Information Technology

RU_BAZA

Price chart

106.2 RUBDay -5.33%

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
106.2 RUB · -5.33%
Market cap
17.5 bn RUB

Growth

Δ revenue y/y
25.7%
Δ EBITDA y/y
19.9%

Multiples

P/E (LTM)
7.8x
P/B (FY)
3.2x
P/E (ann.)
13.0x
EV/EBITDA (LTM)
4.5x
EV/EBITDA (ann.)
6.3x

Cash return

Dividend yield
—
FCF yield (LTM)
7.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
+19.1%
↓ details

Liquidity

Daily turnover (MOEX)
14.9 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 M 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.

DatePeriodStatusRevenueM RUBOperating profitM RUBD&AM RUBEBITDAM RUBNet profitM RUBOperating CFM RUBCapex + M&AM RUBAssetsM RUBEquityM RUBROE (annualized)Net debtM RUBSource
2026-06-30Q2 2026 (3M)OK1451.4
y/y 25.7%
323.5
y/y 16.9%
360.6
y/y 22.7%
684.1
y/y 19.9%
337.5
y/y 6.2%
289.2-469.87520.8
y/y 30.7%
6070.6
y/y 37.7%
22.9%-358.4Report (PDF)
2026-03-31Q1 2026 (3M)OK1072.8
y/y 35.8%
99.4
y/y 19.4%
325.5
y/y 18.5%
424.9
y/y 18.7%
132.0
y/y 10.4%
-461.9-508.97084.3
y/y —
5700.4
y/y —
9.4%-539.4Report (PDF)
2025-12-31Q4 2025 (3M)OK2837.8
y/y 73.8%
1499.0
y/y 109.1%
318.4
y/y 89.8%
1817.4
y/y 105.4%
1200.6
y/y 66.7%
2169.6-519.37339.5
y/y 33.3%
5536.1
y/y 39.4%
43.2%-1375.5Report (PDF)
2025-09-30Q3 2025 (3M)OK1520.9
y/y 54.5%
592.8
y/y 33.1%
301.7
y/y 0.0%
894.6
y/y 19.7%
580.9
y/y 28.1%
232.3-411.76200.4
y/y —
4728.1
y/y —
17.0%363.9Report (PDF)
2025-06-30Q2 2025 (3M)OK1154.2
y/y 89.8%
276.8
y/y 106.1%
294.0
y/y 62.4%
570.8
y/y 81.0%
317.7
y/y 112.3%
-13.7-316.05753.9
y/y —
4409.2
y/y —
—84.3Report (PDF)
2025-03-31Q1 2025 (3M)PARTIAL789.8
y/y —
83.2
y/y —
274.7
y/y —
357.9
y/y —
119.6
y/y —
952.3-312.3—
y/y —
—
y/y —
—≈ -341.1Report (PDF)
2024-12-31Q4 2024 (3M)OK1633.1
y/y 115.7%
716.9
y/y 71.8%
167.8
y/y 82.3%
884.7
y/y 73.7%
720.4
y/y 68.7%
567.8-338.85504.0
y/y —
3971.9
y/y —
—-341.1Report (PDF)
2024-09-30Q3 2024 (3M)PARTIAL984.7
y/y —
445.4
y/y —
301.7
y/y —
747.1
y/y —
453.3
y/y —
———
y/y —
—
y/y —
———
2024-06-30Q2 2024 (3M)PARTIAL608.1
y/y —
134.3
y/y —
181.0
y/y —
315.3
y/y —
149.7
y/y —
449.7-410.4—
y/y —
—
y/y —
———
2023-12-31Q4 2023 (3M)PARTIAL757.1
y/y —
417.3
y/y —
92.0
y/y —
509.3
y/y —
427.1
y/y —
256.4-132.7—
y/y —
—
y/y —
———

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

Short-term debt (incl. ST leases)42
Long-term debt (incl. LT leases)128
− Cash & equivalents529
Net debt-358

Net debt / LTM EBITDA: -0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

01 0002 0003 0002023 q42024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%50%100%2023 q42024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (₽ mln)

-2 000-1 00001 0002 0002023 q42024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

-1 500-1 000-50005002023 FY2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.05x of reported net profit; after capex, 0.42x.
year202320242025
cash flow / profit0.60x1.05x1.50x
accruals, % of assets—-2.0%-15.3%
Last twelve months (to 2025-Q3): 0.99x of profit came back as operating cash flow.
net debt / EBITDA -0.4x · EBIT covers interest 185.5x · capex 1.4x of depreciation · dividends 78% 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.

EBITDAC (EBITDA less capitalised development)

Software firms capitalise much of their development spend into intangibles, so EBITDA overstates cash earnings. EBITDAC = EBITDA − capitalised development (the metric Positive Technologies reports itself).

EBITDAC (FY 2025): 2.2 blnEV/EBITDA (FY): 4.7xEV/EBITDAC (FY): 7.7x

PeriodEBITDACapitalised dev.EBITDACEBITDAC % rev.
2026-03-31 Q1425−470-45-4%
2025-12-31 FY3 641−1 4052 23635%

RUB mln

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +19.6%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (684 − 571) × 5.60
635
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (17 523 + -358) ÷ 3 830
4.5x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (4.5 + 6.5) ÷ 2
5.5x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -376 + 332 + 0 − 0
-44
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (635 × 5.5 + -44) ÷ 17 523
+19.6%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +37% vs +52% the year before — a -15.1 pp move. 3-year CAGR —.
revenue growth by year: 2024 +52% · 2025 +37%
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: -8%

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 ratio54%
Free cash flow (FY, OCF − capex) — not a cap (leverage -0.4x)2 bn RUB
Recent actual dividend (3-yr median)7.20 ₽
= Forecast dividend per share7.20 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-7.7 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price112 ₽
Forecast dividend yield6.4%
Fair price (dividend-based)103 ₽

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

Dividend history

Paid, trailing 12-mo: 7.20 RUB/sh · 6.4%

Pay yearDividend /sh
20267.20 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-177.20 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 0 across tracked channels, broker research and shows. 4 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

06.07.26Filing★ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
ПАО 'ГК 'БАЗИС' установило дату фиксации лиц, имеющих право на получение дивидендов по обыкновенным акциям за 1 квартал 2026 года на 20 июля 2026 года. Протокол общего собрания акционеров, где принято это решение, датирован 3 июля 2026 года.
28.05.26Filing★ ▲ Сообщение об изменении или корректировке информации, ранее опубликованной в Ленте новостей
На заседании совета директоров ПАО «ГРУППА КОМПАНИЙ «БАЗИС» было принято решение рекомендовать не выплачивать дивиденды по итогам 2025 года, а также установить выплату дивидендов в размере 7,2 руб. на акцию по результатам 1 квартала 2026 года. Годовое общее собрание акционеров запланировано на 30 июня 2026 года.
25.02.26Material event★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «ГК «БАЗИС» за 2025 год увеличило выручку на 37% до 6,3 млрд руб. Прогнозируется дивиденд в 7,2 руб. на акцию на 2026 год, а также рост выручки в 2026 году на 30-40%.
06.07.26AGM / BoardРешения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО 'ГРУППА КОМПАНИЙ 'БАЗИС' 30 июня 2026 года было принято решение не выплачивать дивиденды по итогам 2025 года, а также объявлена выплата дивидендов в размере 7,20 руб. на акцию по результатам 1 квартала 2026 года. Общий кворум по всем вопросам повестки дня был обеспечен.
01.07.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «ГРУППА КОМПАНИЙ «БАЗИС» согласовал сделку по дополнительному соглашению к договору субаренды нежилых помещений с арендной платой 3 522,02 руб. за кв.м. и общей суммой 3,35 млн. руб. в месяц. Сделка включает заинтересованные стороны, такие как АО «ЦХД» и Генеральный директор Мартиросов Д.И.

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

RU equity fund ownership

Disclosed in the top-10 of 1 of 17 funds, ≈8 млн ₽ combined.

FundManagerWeight≈PositionΔ weight m/mDisclosure
SIPO Первая – Фонд АйПиОПервая8.70%8 млн ₽—30.06.2026

Source: monthly fund portfolio disclosures (investfunds); NAV is daily. Disclosures list each fund's top-10 only, so absence does not mean no position. Weight changes mix revaluation with trading. Fund flows and betas live in the fund monitor on the RU region page.

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 Basis (BAZA) — from primary filings.

Frequently asked questions

What is Basis (BAZA)'s P/E ratio?
Basis (BAZA) trades at a P/E of 7.8x (price to trailing 12-month earnings).
What is Basis (BAZA)'s EV/EBITDA?
Basis (BAZA) trades at 4.5x EV/EBITDA.
What is Basis (BAZA)'s P/B ratio?
Basis (BAZA) trades at a P/B of 3.2x.
What is Basis (BAZA)'s return on equity (ROE)?
Basis (BAZA)'s ROE is 22.9%.
What is Basis (BAZA)'s market capitalization?
Basis (BAZA)'s market cap is 17.5 bn RUB.

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