Sector: Technology
RU_BTBR
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.
Shares: connector/market_inputs
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.
| Date | Period | Status | RevenueM RUB | Operating profitM RUB | D&AM RUB | EBITDAM RUB | Net profitM RUB | Operating CFM RUB | Capex + M&AM RUB | AssetsM RUB | EquityM RUB | ROE (annualized) | Net debtM RUB | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | Q1 2026 (3M) | OK | 2694.4 y/y 20.6% | 1347.3 y/y 23.7% | 98.3 y/y 3.6% | 1445.6 y/y 22.1% | 1028.0 y/y 17.5% | — | — | 13786.1 y/y 13.8% | 3674.6 y/y 67.8% | 111.8% | 1322.9 | — |
| 2025-12-31 | FY 2025 (12M) | PARTIAL | — y/y 9.8% | — y/y 6.4% | — y/y 2.7% | — y/y 6.1% | — y/y 5.7% | — | — | 11308.0 y/y 4.2% | 3680.7 y/y 9.7% | 126.3% | 1036.1 | — |
| 2025-03-31 | Q1 2025 (3M) | OK | 2234.9 y/y — | 1089.0 y/y — | 94.9 y/y — | 1183.9 y/y — | 874.7 y/y — | — | — | 12115.2 y/y — | 2189.9 y/y — | 126.2% | 695.0 | — |
| 2024-12-31 | FY 2024 (12M) | PARTIAL | 8543.0 y/y 28.7% | 4252.4 y/y 44.0% | 373.3 y/y -11.2% | 4625.7 y/y 37.1% | 3509.6 y/y 48.7% | 2208.0 | -127.7 | 10851.0 y/y -12.9% | 3355.3 y/y -2.8% | 103.1% | 568.4 | — |
| 2023-12-31 | FY 2023 (12M) | PARTIAL | 6639.9 y/y — | 2952.6 y/y — | 420.4 y/y — | 3373.0 y/y — | 2360.2 y/y — | 4785.9 | -56.5 | 12458.2 y/y — | 3453.6 y/y — | — | 236.9 | — |
Quarterly values (₽ mln)
Year-over-year change
Net debt / cash (₽ mln)
Value the company creates per year, as a % of market cap
Value created per year: +20.0%
| 1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31) = (1 446 − 1 184) × 3.39 | 888 |
| 2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (21 731 + 1 323) ÷ 4 907 | 4.7x |
| 3. Target multiple (Current EV/EBITDA + 6.5) ÷ 2 = (4.7 + 6.5) ÷ 2 | 5.6x |
| 4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = -628 + 0 + 0 − 0 | -628 |
| 5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (888 × 5.6 + -628) ÷ 21 731 | +20.0% |
Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.
Caveats:
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) | 4 bn RUB |
| Payout ratio | 73% |
| Free cash flow (FY, OCF − capex) — not a cap (leverage 0.2x) | 4 bn RUB |
| Recent actual dividend (3-yr median) | 18.46 ₽ |
| = Forecast dividend per share | 5.19 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.2% |
| Historical yield spread to rate (3-yr median) | -9.8 pp |
| = Fair dividend yield | 7.0% |
| 3 · Valuation → upside | |
| Current price | 122 ₽ |
| Forecast dividend yield | 4.3% |
| Fair price (dividend-based) | 76.74 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
Paid, trailing 12-mo: 5.19 RUB/sh · 4.3%
| Pay year | Dividend /sh | |
|---|---|---|
| 2026 | 5.19 ₽ |
| Period | Ex-date | /sh |
|---|---|---|
| 2026 q3 | 2026-07-09 | 5.19 ₽ |
No dividend rows found for this issuer.
Disclosed in the top-10 of 1 of 17 funds, ≈6 млн ₽ combined.
| Fund | Manager | Weight | ≈Position | Δ weight m/m | Disclosure |
|---|---|---|---|---|---|
| SIPO Первая – Фонд АйПиО | Первая | 7.63% | 6 млн ₽ | — | 29.05.2026 |
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 B2B-RTS (BTBR) — from primary filings.
BTBR is a Russian company that operates in the telecommunications sector, providing fixed-line and mobile communication services, as well as internet and digital television offerings to residential and corporate customers.