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Severstal RUB

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: Metals & Steel

RU_CHMF

Price chart

689.2 RUBDay 0.23%

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
689.2 RUB · 0.23%
Market cap
577.4 bn RUB

Growth

Δ revenue y/y
-18.7%
Δ EBITDA y/y
-54.5%

Multiples

P/E (LTM)
8.5x
3y avg: 12.9x
P/B (FY)
1.1x
P/E (ann.)
2.5x
EV/EBITDA (LTM)
5.5x
3y avg: 4.8x
EV/EBITDA (ann.)
9.1x

Cash return

Dividend yield
—
FCF yield (LTM)
8.4%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-38.9%
↓ details

Liquidity

Daily turnover (MOEX)
49.1 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.

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 6 / Warn: 0 / Err: 12 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1✓OK
2023-06-30 Q2✗Errors 1
2023-09-30 9M✓OK
2023-09-30 Q3✓OK
2023-12-31 FY✓OK
2023-12-31 Q4✗Errors 1
2024-03-31 Q1✗Errors 1Warn 2
2024-06-30 Q2✗Errors 1Warn 1
2024-09-30 9M✓OK
2024-09-30 Q3✗Errors 1Warn 1
2024-12-31 FY✗Errors 3Warn 1
2024-12-31 Q4✗Errors 1Warn 1
2025-03-31 Q1✗Errors 1Warn 1
2025-06-30 Q2✓OK
2025-09-30 Q3✗Errors 1Warn 1
2025-12-31 FY✗Errors 1Warn 2
2025-12-31 Q4✗Errors 2Warn 1
2026-03-31 Q1✗Errors 2Warn 3
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

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
2026-03-31Q1 2026 (3M)OK145.3
y/y -18.7%
5.8
y/y -79.6%
11.4
y/y 20.3%
17.2
y/y -54.5%
57.0
y/y 170.5%
-12.6-28.8856.0
y/y -1.4%
528.4
y/y 2.1%
43.2%49.1Report (PDF)
2025-12-31Q4 2025 (3M)OK169.6
y/y -18.8%
10.9
y/y -68.0%
12.7
y/y 19.1%
23.7
y/y -47.3%
-17.7
y/y -153.0%
34.4-173.5853.2
y/y -1.0%
528.3
y/y 6.4%
6.0%7.5Report (PDF)
2025-09-30Q3 2025 (3M)OK179.1
y/y -18.3%
23.3
y/y -56.0%
11.4
y/y 8.0%
34.7
y/y -45.3%
13.0
y/y -62.1%
42.4-40.0880.7
y/y 1.8%
546.2
y/y 6.7%
3.2%-11.6Report (PDF)
2025-06-30Q2 2025 (3M)PARTIAL185.5
y/y -15.9%
27.7
y/y -45.0%
10.7
y/y 5.6%
38.4
y/y -36.6%
15.7
y/y -55.4%
42.5—884.1
y/y 0.2%
533.2
y/y 6.1%
11.9%-7.3Report (PDF)
2025-03-31Q1 2025 (3M)OK178.7
y/y -1.5%
28.4
y/y -48.2%
9.5
y/y 0.8%
37.9
y/y -41.0%
21.1
y/y -54.9%
5.0-35.1867.9
y/y -17.6%
517.5
y/y -21.5%
16.6%-1.6Report (PDF)
2024-12-31Q4 2024 (3M)OK208.7
y/y 6.5%
34.2
y/y -41.1%
10.7
y/y -12.9%
44.9
y/y -36.2%
33.5
y/y 67.1%
35.6-50.6861.8
y/y -13.3%
496.5
y/y -19.1%
29.7%-27.4Report (PDF)
2024-09-30Q3 2024 (3M)OK219.1
y/y 13.6%
52.9
y/y -14.0%
10.6
y/y 18.7%
63.5
y/y -9.8%
34.2
y/y -48.0%
67.2-29.4865.5
y/y —
511.7
y/y —
9.0%-74.5Report (PDF)
2024-06-30Q2 2024 (3M)OK220.4
y/y 21.2%
50.3
y/y -12.2%
10.1
y/y 18.6%
60.4
y/y -8.2%
35.1
y/y -44.2%
37.9-24.7882.6
y/y 1.7%
502.7
y/y -4.2%
24.2%-55.8Report (PDF)
2024-03-31Q1 2024 (3M)OK181.5
y/y 15.2%
54.8
y/y 27.0%
9.4
y/y 7.8%
64.2
y/y 23.8%
46.7
y/y 11.1%
42.6-13.81053.5
y/y 6.0%
659.3
y/y 7.4%
29.3%-244.5Report (PDF)
2023-12-31Q4 2023 (3M)OK196.0
y/y —
58.1
y/y —
12.3
y/y —
70.4
y/y —
20.0
y/y —
42.0-34.0994.1
y/y —
613.8
y/y —
—-211.9Report (PDF)
2023-09-30Q3 2023 (3M)PARTIAL192.9
y/y —
61.5
y/y —
8.9
y/y —
70.4
y/y —
65.9
y/y —
56.3-10.7—
y/y —
—
y/y —
—-183.1Report (PDF)
2023-06-30Q2 2023 (3M)OK181.8
y/y —
57.3
y/y —
8.5
y/y —
65.8
y/y —
63.0
y/y —
45.4-10.4867.7
y/y —
524.7
y/y —
44.3%-153.3Report (PDF)
2023-03-31Q1 2023 (3M)OK157.6
y/y —
43.1
y/y —
8.7
y/y —
51.9
y/y —
42.0
y/y —
35.5-10.3994.1
y/y —
613.8
y/y —
—-119.8Report (PDF)
Data quality — review suggested

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodCrude steel
mln t		Pig iron
mln t		Steel products sold
mln t
Q1 2026-032.72
−4.1%		2.89
−0.7%		2.63
−1.2%
Q4 2025-122.76
+2.6%		2.91
+1.7%		2.94
+0.5%
FY 2025-1210.80
+4.0%		11.21
+11.8%		11.24
+3.6%
Q3 2025-092.72
+10.1%		2.69
+12.1%		2.86
+3.2%
Q2 2025-062.50
+7.8%		2.70
+35.0%		2.79
+4.1%
Q1 2025-032.84
−2.1%		2.91
+5.1%		2.66
+7.6%
Q4 2024-122.692.862.92
FY 2024-1210.3810.0310.85
Q3 2024-092.472.402.77
Q2 2024-062.3222.68
Q1 2024-032.902.772.47

Северсталь, операционные результаты по кварталам (severstal.com/rus/ir; metalinfo/smart-lab). Млн т — сталь 2024 Q1 2,90 / Q2 2,32 / Q3 2,47 / Q4 2,69 (год 10,38), 2025 Q1 2,84 / Q2 2,50 / Q3 2,72 / Q4 2,76 (год 10,80); чугун 2024 10,03 → 2025 11,21; продажи 2024 10,85 → 2025 11,24. Q1'25 по чугуну — остаток до годовой суммы. Q1 2026 из последнего релиза.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-100 0000100 000200 000300 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-200%0%200%400%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-50 000050 000100 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-300 000-200 000-100 00002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Key-commodity price — HRC Russia (RUB)

Current 58 900spot 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): -39% · spot -39% · 3-yr +42%

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

1 · Reported baseline (latest FY)
Revenue712.9 bln RUB
EBITDA134.6 bln RUB
Cash costs (revenue − EBITDA)578.3 bln RUB
2 · Revenue projection
Multiplier — spot×0.97 (-3%)
= Spot revenue690.1 bln RUB
Multiplier — 3-yr prices×1.12 (+12%)
= 3-yr-price revenue797.6 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs607.2 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA82.9 bln RUB
= 3-yr-price EBITDA190.3 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/2136.6 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))82.9 bln RUB
5 · Valuation → target market cap
EV/EBITDA (current)4.8x
Target EV = EV/EBITDA × conservative EBITDA393.7 bln RUB
Net debt7.5 bln RUB
Target market cap = EV − net debt386.2 bln RUB
Current market cap631.8 bln RUB

Upside = target market cap ÷ current − 1 = -39%

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)
HRC Russia (RUB)56%58 900.0059 142.09-0%-0%+14%
Galvanized coil (RUB)15%91 100.0098 450.31-7%-7%+13%
CRC Russia (RUB)15%71 100.0078 819.36-10%-10%+10%
Welded pipe (RUB)5%55 100.0059 601.05-8%-8%+9%

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)68 bn RUB
Payout ratio72%
Free cash flow (FY, OCF − capex) — caps payout-49 bn RUB
Recent actual dividend (3-yr median)309.93 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.5%
Historical yield spread to rate (3-yr median)-0.3 pp
= Fair dividend yield14.2%
3 · Valuation → upside
Current price689.00 ₽
Forecast dividend yield—
Fair price (dividend-based)0 ₽

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=30

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