B2B-RTS operates electronic procurement platforms: the B2B-Center marketplace for corporate purchasing and the RTS-tender platform for public procurement, earning fees from tenders run on them; it is a bond issuer without listed shares.
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 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.
| Date | Period | Status | RevenueM USD | Operating profitM USD | D&AM USD | EBITDAM USD | Net profitM USD | Operating CFM USD | Capex + M&AM USD | AssetsM USD | EquityM USD | ROE (annualized) | Net debtM USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | Q2 2026 (3M) | PARTIAL | 36.3 y/y 32.5% | 17.7 y/y 34.4% | 1.4 y/y 21.3% | 19.0 y/y 33.4% | 12.8 y/y 24.0% | — | — | 166.8 y/y — | 47.2 y/y — | — | -26.6 | Evidence |
| 2026-03-31 | Q1 2026 (3M) | PARTIAL | 34.1 y/y 40.6% | 17.0 y/y 44.3% | 1.2 y/y 20.8% | 18.3 y/y 42.4% | 13.0 y/y 37.1% | — | — | — y/y — | — y/y — | — | ≈ -13.2 | Evidence |
| 2025-12-31 | Q4 2025 (3M) | PARTIAL | 58.7 y/y — | 28.0 y/y — | 2.4 y/y — | 30.4 y/y — | 23.4 y/y — | 21.7 | -0.4 | 144.6 y/y 35.5% | 47.1 y/y 42.6% | — | -13.2 | Evidence |
| 2025-06-30 | Q2 2025 (3M) | PARTIAL | 29.9 y/y — | 14.5 y/y — | 1.2 y/y — | 15.7 y/y — | 11.7 y/y — | — | — | — y/y — | — y/y — | — | ≈ -5.6 | Evidence |
| 2025-03-31 | Q1 2025 (3M) | PARTIAL | 24.2 y/y — | 11.8 y/y — | 1.0 y/y — | 12.8 y/y — | 9.5 y/y — | — | — | — y/y — | — y/y — | — | ≈ -5.6 | Evidence |
| 2024-12-31 | FY 2024 (12M) | PARTIAL | 92.0 y/y 15.5% | 45.8 y/y 29.3% | 4.0 y/y -20.3% | 49.8 y/y 23.1% | 37.8 y/y 33.5% | 23.8 | -1.4 | 106.7 y/y -23.2% | 33.0 y/y -14.3% | 105.7% | -5.6 | Evidence |
| 2023-12-31 | FY 2023 (12M) | PARTIAL | 79.6 y/y — | 35.4 y/y — | 5.0 y/y — | 40.4 y/y — | 28.3 y/y — | 57.4 | -0.7 | 138.9 y/y — | 38.5 y/y — | — | -2.6 | Evidence |
Conversion to USD. Balance sheet: rate effective on 2026-06-30, fixing date 2026-06-30. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-01-01 — 2026-06-30. Source: Bank of Russia R01235. Rates
Quarterly values ($ mln)
Year-over-year change
Cash flow after capex (OCF − capex) ($ mln)
Net debt / cash ($ mln)
| year | 2023 | 2024 | 2025 |
|---|---|---|---|
| cash flow / profit | 2.03x | 0.63x | 0.98x |
| accruals, % of assets | -19.5% | 12.0% | 0.5% |
Our earnings breakdowns and investment notes on this issuer.
Value the company creates per year, as a % of market cap
Value created per year: +45.0%
| 1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30) = (38 − 28) × 1.81 | 17 |
| 2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (272 + -27) ÷ 68 | 3.6x |
| 3. Target multiple (Current EV/EBITDA + 6.5) ÷ 2 = (3.6 + 6.5) ÷ 2 | 5.0x |
| 4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = 21 + 15 + 0 − 0 | 36 |
| 5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (17 × 5.0 + 36) ÷ 272 | +45.0% |
Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.
Caveats:
Current 3.7x · 3-year 75th pct 3.8x
Group: Technology. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.
| Company | Market | Cap, $bn | EV/EBITDA | EV/EBITDA, adjusted |
|---|---|---|---|---|
| MICRON TECHNOLOGY INC | US | 1003.0 | 8.9x | 1.6x |
| ORACLE CORP | US | 381.5 | 15.2x | 2.7x |
| INTERNATIONAL BUSINESS MACHINES CORP | US | 240.6 | 18.9x | 3.4x |
| MICROSOFT CORP | US | 3909.2 | 20.5x | 3.7x |
| TEXAS INSTRUMENTS INC | US | 259.9 | 25.2x | 4.5x |
| NVIDIA CORP | US | 5127.2 | 25.6x | 4.6x |
| CISCO SYSTEMS, INC. | US | 420.2 | 27.1x | 4.9x |
| LAM RESEARCH CORP | US | 287.9 | 28.1x | 5.1x |
| Broadcom Inc. | US | 1561.1 | 28.6x | 5.2x |
| Apple Inc. | US | 5137.0 | 30.1x | 5.4x |
| APPLIED MATERIALS INC /DE | US | 299.2 | 30.7x | 5.5x |
| Arista Networks, Inc. | US | 219.9 | 46.9x | 8.5x |
| Group median | 26.3x | 4.8x | ||
| Group average | 25.5x | 4.6x | ||
| This company | Russia | 0.3 | 3.6x | 3.6x |
Group median 26.3x as traded, 4.8x adjusted; this company 3.6x — a 24% discount.
Group average 25.5x as traded, 4.6x adjusted; against the average this company is at a 22% discount.
At the adjusted group median the market cap would be +31% versus today.
The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-26; the company's own is live.
Dividend-model upside: +29%
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 | 85% |
| Free cash flow (FY, OCF − capex) — not a cap (leverage -0.2x) | 4 bn RUB |
| Recent actual dividend (3-yr median) | 16.28 ₽ |
| = Forecast dividend per share | 18.45 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.0% |
| = Fair dividend yield | 12.0% |
| 3 · Valuation → upside | |
| Current price | 122 ₽ |
| Forecast dividend yield | 15.1% |
| Fair price (dividend-based) | 158 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
Expected IRR: +20% (bear +7% … bull +39%)
price in 3 years 139 ₽ (+13% к 122 ₽); dividends along the way 58.90 ₽ (+48% цены); base — LTM на 2026-06-30 (H1)
| Metric, RUB mln | LTM, actual 12m to 30.06.2026 | 2027 12m to 30.06 | 2028 12m to 30.06 | 2029 12m to 30.06 |
|---|---|---|---|---|
| Revenue | 10.2 bn | 10.6 bn | 11.2 bn | 11.9 bn |
| Revenue growth | — | +5% | +5% | +6% |
| EBITDA | 5.3 bn | 5.6 bn | 5.9 bn | 6.2 bn |
| EBITDA margin | 52.5% | 52.4% | 52.3% | 52.2% |
| less D&A | 397 | 408 | 421 | 436 |
| EBIT | 4.9 bn | 5.2 bn | 5.5 bn | 5.8 bn |
| less net interest | — | 0 | -44 | -76 |
| less tax | — | 1.3 bn | 1.4 bn | 1.5 bn |
| Net profit | 3.9 bn | 3.9 bn | 4.1 bn | 4.4 bn |
| Capex | 175 | 326 | 337 | 349 |
| Capex to revenue | 1.7% | 3.1% | 3.0% | 2.9% |
| Free cash flow | 3.9 bn operating cash flow less capex | 3.8 bn | 4.1 bn | 4.3 bn |
| Net debt | -2.1 bn | -533 | -1.1 bn | -1.7 bn |
| Net debt / EBITDA | -0.4x | -0.1x | -0.2x | -0.3x |
| Dividend per share | 16.28 ₽ | 18.44 ₽ | 19.61 ₽ | 20.85 ₽ |
| Yield on current price | 13.3% | 15.1% | 16.0% | 17.0% |
| Revenue-growth source | weight | growth: yr 1 · 2 · 3 |
|---|---|---|
| Realised pace (acceleration/deceleration) LTM YoY +10%; acceleration -18.9pp годовая выручка г/г (growth_acceleration) | 100% | +5% · +5% · +6% |
| Exit multiple | EV/EBITDA 3.72x (2.97x…5.43x) |
| No re-rating: min(current 3.7x, three-year median 3.8x). Re-rating to 5.4x on a falling rate is the bull case | |
| Second valuation: discounted cash flow | 245 ₽ (discount 13.1%, terminal growth 4.0%) |
| 78% of that value sits beyond the three-year horizon | |
| Key rate by year | 13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year) |
| Cost inflation | 6.2% · 5.6% · 5.3% |
| Dividend policy | 85% of net profit, capped by cash flow |
| Year-3 EBITDA margin target | 52.2% |
| Current CPI (actual) | 6.3%, на 2026-09-30 |
| Capex | capex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does |
| D&A | grows slower than revenue — elasticity 0.6: assets outlive the sales they carry |
| Interest | gross debt × (that year's key rate + 1.5pp) less cash yield at 0.85 of the rate. Debt is refinanced at par; free cash after dividends accumulates and cuts net debt |
| Tax | 25% of pre-tax profit when positive; losses earn no tax credit |
| Working capital | neutral: FCF = EBITDA − capex − interest − tax |
| Governance | no flags: the dividend has not faded against profit, payouts were not suspended, no audit qualification and no manual penalty — quality multiplier 1.00 |
| Historical forecast check | obs | median error | bias | ±20% |
|---|---|---|---|---|
| Revenue | 2 | 12% | 0.99x | 100% |
| EBITDA | 2 | 16% | 0.98x | 100% |
| Net profit | 2 | 17% | 0.88x | 50% |
The model is anchored at each past reporting date with only the data available then, and its one-year-ahead forecast is compared with the actual. Rates and inflation are actuals, so this checks the operating forecast, not macro guessing.
Independent one-year estimates: Frontier див-модель — 158 ₽. Ours on the same horizon — 119 ₽
A forecast, not investment advice. Related-market prices are held at today's level, so the model answers what the business earns and is worth if markets stay here — it does not predict prices.
Paid, trailing 12-mo: 16.28 RUB/sh · 13.3%
| Pay year | Dividend /sh | |
|---|---|---|
| 2026 | 16.28 ₽ |
| Period | Record date | Last day to buy | /sh |
|---|---|---|---|
| 2026 q4 | 2026-10-11 | 2026-10-08 | 4.61 ₽ |
| 2026 q3 | 2026-07-11 | 2026-07-09 | 5.19 ₽ |
| 2026 q1 | — | 2026-03-31 | 6.48 ₽ |
No dividend rows found for this issuer.
Disclosed in the top-10 of 1 of 17 funds, ≈8 млн ₽ combined.
| Fund | Manager | Weight | ≈Position | Δ weight m/m | Disclosure |
|---|---|---|---|---|---|
| SIPO Первая – Фонд АйПиО | Первая | 8.70% | 8 млн ₽ | — | 31.08.2026 |
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.
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