Frontierby eninvs

Language: EN / RU

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Cian (CNRU) USD

Cian is Russia's leading online real-estate classifieds platform for sale and rental listings, also offering mortgage brokerage, valuation and services for developers and agents.

At a glance: strengths & risks
✓Revenue growing (+23% y/y, Q2 2026)✓Profit growing (+32% y/y, Q2 2026)✓Margins improving (20%→30%, Q2 2026)✓Net cash balance sheet✓Dividend yield above fair (23% vs 12%)

Sector: Information Technology

RU_CNRU

Price chart

669 RUBDay 0.30%

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
669 RUB · 0.30%
Market cap
634 mln USD

Growth

Δ revenue y/y
31.4%
Δ EBITDA y/y
97.2%

Multiples

P/E (LTM)
18.6x
3y avg: 21.4x
P/B (FY)
8.3x
P/E (ann.)
11.6x
EV/EBITDA (LTM)
—
3y avg: 16.7x
EV/EBITDA (ann.)
8.2x

Cash return

Dividend yield
23.5%
FCF yield (LTM)
—

Value creation

fundamental value/yr, % of market cap
Value created / year
+31.9%
↓ details

Liquidity

Daily turnover (MOEX)
91.6 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 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK58.3
y/y 31.4%
16.1
y/y 112.7%
1.2
y/y -1.4%
17.3
y/y 97.2%
13.7
y/y 40.8%
16.1-0.8103.7
y/y -45.4%
52.0
y/y -62.9%
85.6%-47.2Report (PDF)
2025-12-31Q4 2025 (3M)OK51.9
y/y 48.9%
8.8
y/y 61.8%
1.2
y/y 98.1%
10.0
y/y 65.4%
8.6
y/y 12.8%
13.1-0.8128.8
y/y 0.4%
76.1
y/y -22.7%
31.5%-68.1Report (PDF)
2025-06-30Q2 2025 (3M)OK44.4
y/y —
7.6
y/y —
1.2
y/y —
8.8
y/y —
9.7
y/y —
14.6-1.0190.1
y/y —
140.1
y/y —
32.7%-57.3Report (PDF)
2024-12-31Q4 2024 (3M)OK34.8
y/y -1.0%
5.4
y/y 0.2%
0.6
y/y -60.7%
6.0
y/y -13.4%
7.6
y/y 65.1%
7.2-0.9128.3
y/y 11.8%
98.4
y/y 23.0%
27.2%-89.9Report (PDF)
2024-06-30Q2 2024 (3M)OK70.7
y/y —
15.4
y/y —
1.9
y/y —
17.4
y/y —
10.5
y/y —
15.0-3.8127.9
y/y —
96.7
y/y —
23.8%-39.7Report (PDF)
2023-12-31Q4 2023 (3M)OK35.2
y/y —
5.4
y/y —
1.5
y/y —
7.0
y/y —
4.6
y/y —
7.2-1.2114.8
y/y —
80.0
y/y —
-1661.9%-38.7Report (PDF)
2023-06-30Q2 2023 (3M)OK32.7
y/y —
3.8
y/y —
1.5
y/y —
5.2
y/y —
5.0
y/y —
5.2-0.4118.3
y/y —
-82.5
y/y —
—-32.0Evidence

Net debt structure (leases included, IFRS 16) 2024-12-31

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)0
− Cash & equivalents91
Net debt-90

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: 2026-04-01 — 2026-06-30. Source: Bank of Russia R01235. Rates

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0204060802023 q22023 q42024 H12024 H22025 q22025 q42026 q2

Year-over-year change

0%25%50%75%100%2023 q22023 q42024 H12024 H22025 q22025 q42026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-30-20-1001020302023 q22023 q42024 H12024 H22025 q22025 q42026 q2

Net debt / cash ($ mln)

-100-80-60-40-2002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.47x of reported net profit; after capex, 1.40x. Loss years (2021) are left out of the ratio.
year20212022202320242025
cash flow / profit—4.00x1.43x1.14x1.51x
accruals, % of assets-55.1%-20.7%-7.1%-2.7%-14.6%
Last twelve months (to H1 2026): 1.13x of profit came back as operating cash flow.
net debt / EBITDA -1.7x · EBIT covers interest 132.8x · capex 0.3x of depreciation · dividends 74% of free cash flow
● Capex is 35% of depreciation - the asset base is being consumed faster than replaced.
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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

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

Value created per year: +31.9%

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)
= (17 − 9) × 2.43
21
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (634 + -47) ÷ 42
13.9x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (13.9 + 6.5) ÷ 2
10.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -10 + 0 + 0 − 0
-10
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (21 × 10.2 + -10) ÷ 634
+31.9%

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

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +17% vs +12% the year before — a +4.5 pp move. 3-year CAGR +22%.
revenue growth by year: 2023 +40% · 2024 +12% · 2025 +17%
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).

EV/EBITDA — daily history

Current 11.2x · 3-year 75th pct 20.2x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Information Technology. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
MICRON TECHNOLOGY INCUS1008.19.0x1.7x
ORACLE CORPUS396.515.6x2.9x
INTERNATIONAL BUSINESS MACHINES CORPUS229.518.4x3.5x
MICROSOFT CORPUS3964.020.8x3.9x
NVIDIA CORPUS5261.126.2x4.9x
CISCO SYSTEMS, INC.US421.127.2x5.1x
TEXAS INSTRUMENTS INCUS253.627.7x5.2x
Apple Inc.US5015.529.4x5.5x
Broadcom Inc.US1622.729.7x5.6x
APPLIED MATERIALS INC /DEUS321.132.9x6.2x
LAM RESEARCH CORPUS329.638.0x7.2x
Arista Networks, Inc.US231.149.3x9.3x
Group median27.4x5.2x
Group average27.0x5.1x
This companyRussia0.613.1x13.1x

Group median 27.4x as traded, 5.2x adjusted; this company 13.1x — a 153% premium.

Group average 27.0x as traded, 5.1x adjusted; against the average this company is at a 157% premium.

At the adjusted group median the market cap would be -54% 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 20.7x, Russia 3.9x, South Africa 5.1x, Kazakhstan 4.6x, India 18.8x, Indonesia 4.9x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-21; the company's own is live.

Dividend potential

Dividend-model upside: +101%

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 ratio100%
Free cash flow (FY, OCF − capex) — not a cap (leverage -1.7x)4 bn RUB
Recent actual dividend (3-yr median)157.00 ₽
= Forecast dividend per share157.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
= Fair dividend yield12.0%
3 · Valuation → upside
Current price669 ₽
Forecast dividend yield23.5%
Fair price (dividend-based)1344 ₽

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

Three-year model and IRR with caveats

Expected IRR: +14% (bear +3% … bull +29%)

price in 3 years 759 ₽ (+13% к 669 ₽); dividends along the way 194 ₽ (+29% цены); base — LTM на 2026-06-30 (H1)

Metric, RUB mlnLTM, actual
12m to 30.06.2026
2027
12m to 30.06
2028
12m to 30.06
2029
12m to 30.06
Revenue16.6 bn19.9 bn22.7 bn25.1 bn
Revenue growth—+20%+14%+11%
EBITDA4.3 bn5.4 bn6.3 bn7.2 bn
EBITDA margin26.0%26.9%27.9%28.8%
less D&A371414448476
EBIT3.9 bn5.0 bn5.9 bn6.7 bn
less net interest-1.4 bn-452-128-13
less tax1.6 bn1.4 bn1.5 bn1.7 bn
Net profit3.9 bn4.1 bn4.5 bn5.1 bn
Capex234332359381
Capex to revenue1.4%1.7%1.6%1.5%
Free cash flow4.2 bn
operating cash flow less capex
5.4 bn6.0 bn6.7 bn
Net debt-3.7 bn-2.2 bn-1.7 bn-1.1 bn
Net debt / EBITDA-0.9x-0.4x-0.3x-0.2x
Dividend per share157 ₽71.00 ₽58.01 ₽65.28 ₽
Yield on current price23.5%10.6%8.7%9.8%
Where the growth comes from
Revenue-growth sourceweightgrowth: yr 1 · 2 · 3
Realised pace (acceleration/deceleration)
LTM YoY +23%; acceleration +17.8pp
LTM г/г по отчётности		100%+20% · +14% · +11%
Model assumptions
Exit multipleEV/EBITDA 8.00x (8.00x…10.00x)
No re-rating: min(current 11.2x, three-year median 16.4x). Re-rating to 10.0x on a falling rate is the bull case
Second valuation: discounted cash flow864 ₽ (discount 13.1%, terminal growth 4.0%)
79% of that value sits beyond the three-year horizon
Key rate by year13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year)
Cost inflation6.2% · 5.6% · 5.3%
Dividend policy100% of net profit, capped by cash flow
Year-3 EBITDA margin target28.8%
Current CPI (actual)6.3%, на 2026-09-30
Capexcapex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does
D&Agrows slower than revenue — elasticity 0.6: assets outlive the sales they carry
Interestgross 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
Tax25% of pre-tax profit when positive; losses earn no tax credit
Working capitalneutral: FCF = EBITDA − capex − interest − tax
Governanceno flags: the dividend has not faded against profit, payouts were not suspended, no audit qualification and no manual penalty — quality multiplier 1.00
Forecast accuracy measured on history
Historical forecast checkobsmedian errorbias±20%
Revenue610%0.94x100%
EBITDA523%0.88x40%
Net profit512%0.88x60%

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: eninvs Company_Forecast — 887 ₽; eninvs DividendPrediction — 717 ₽; Frontier див-модель — 1 344 ₽. Ours on the same horizon — 581 ₽

Checks and caveats
  • ⚠ Growth rests on a single source (momentum)
  • ⚠ Year-3 margin 29% is above the best year on record (26%), though inside the +10% tolerance
  • ⚠ Historical check (6 observations): median EBITDA miss 4.8 pp of margin, within ±5 pp in 50% of cases, relative error 23% at bias 0.88x, revenue 10%
  • ⚠ The share count is growing: 70m 3.0 years ago against 78m now — 3.5% a year, last change 2025-11-22. If that pace holds, the value of a share in year 3 is 10% below the base figure: the base holds today's count (no issue is announced) and continued dilution sits in the bear case
  • ⚠ Net debt grows for reasons beyond a cash shortfall: over 3 years it added 8.7% of revenue a year on top of cash flow and dividends (range +8.1…+10.6%) — new leases, acquisitions, revaluation. That addition is carried in the forecast; without it the model would show deleveraging where debt keeps rising
  • ✓ Revenue CAGR +15%
  • ✓ Year-3 net debt/EBITDA -0.2x
  • ✓ Three-year dividends — 29% of the current price
  • ✓ IRR +14%
  • ✓ Base is fresh: report 4 months old
  • ✓ Exit multiple and discounted cash flow agree (759 vs 864, 0.88x); in the DCF 79% of value sits in the terminal value
  • ✓ The formula undercounts cash: over 4 reported years free cash flow came to 1.38 of 'EBITDA less capex, interest and tax', and the excess held in 3 of 4 years. The forecast is scaled up 1.30x — never above 1.3, which would extrapolate a good year
  • ✓ One-year value agrees with an independent estimate: eninvs DividendPrediction (0.81x). Compared with: eninvs Company_Forecast, eninvs DividendPrediction, Frontier див-модель

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.

Dividend history

Paid, trailing 12-mo: 157.00 RUB/sh · 23.5%

Pay yearDividend /sh
202686.00 ₽
2025104.00 ₽
Payments by period
PeriodLast day to buy/sh
2026 q42026-11-2733.00 ₽
2026 q22026-06-1953.00 ₽
2025 q42025-12-11104.00 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

16.10.26AGM / Board★ ▲ Решения совета директоров (наблюдательного совета)
Совет директоров МКПАО 'Циан' рекомендовал выплатить дивиденды в размере 33 руб. на акцию по результатам 9 месяцев 2026 года. Дата составления списка лиц, имеющих право на получение дивидендов, установлена на 30 ноября 2026 года.
03.09.26Filing★ ▲ Заключение подконтрольной эмитенту организацией договора, предусматривающего обязанность приобретать эмиссионные ценные бумаги эмитента
Акционерное общество «Ц-Решения» заключило договор, обязывающий его приобрести обыкновенные акции МКПАО «Циан» на сумму до 3,16 млрд руб. Договор вступает в силу с 02.09.2026 и предполагает приобретение акций до 14.07.2027.
19.08.26Filing★ ▲ Финансовые результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические)
МКПАО «Циан» за 2 квартал 2026 года зафиксировала выручку в 4,4 млрд руб., что на 22,8% больше по сравнению с аналогичным периодом прошлого года. Чистая прибыль составила 1,0 млрд руб., увеличившись на 31,6%. Компания выплатила дивиденды в размере 53 руб. на акцию и планирует еще одну выплату не менее 30 руб. на акцию до конца 2026 года.
15.07.26Material event★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
МКПАО «Циан» анонсировало выкуп своих акций на сумму до 4 млрд. руб., который начнется 15 июля 2026 года и завершится 14 июля 2027 года. Выкуп будет осуществляться на Московской бирже.
11.06.26Filing★ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
11 июня 2026 года определена дата фиксации лиц, имеющих право на получение дивидендов по обыкновенным акциям компании 'Циан'. Дата фиксации - 22 июня 2026 года.
11.06.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
11 июня 2026 года пройдет годовое собрание акционеров МКПАО «Циан» в Калининграде. На собрании будет объявлена выплата дивидендов в размере 53 руб. на акцию за 1 квартал 2026 года, а также утверждены размеры вознаграждений членам Совета директоров. Дивиденды за 2025 год не будут объявлены.
20.10.26BuybackПриобретение подконтрольной эмитенту организацией голосующих акций (долей) эмитента или депозитарных расписок на акции эмитента
Подконтрольная организации эмитента 'Циан' приобрела 282 429 голосующих акций, что составляет 0,3636% от уставного капитала. После этой покупки общее количество акций, принадлежащих эмитенту и его организации, увеличилось до 2 324 189 акций, что составляет 2,9924% от уставного капитала. Приобретение произошло в период с 03.10.2026 по 16.10.2026.

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

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 Cian (CNRU) — from primary filings.

Frequently asked questions

What is Cian (CNRU)'s P/E ratio?
Cian (CNRU) trades at a P/E of 18.6x (price to trailing 12-month earnings).
What is Cian (CNRU)'s P/B ratio?
Cian (CNRU) trades at a P/B of 8.3x.
What is Cian (CNRU)'s dividend yield?
Cian (CNRU)'s trailing 12-month dividend yield is 23.5%.
What is Cian (CNRU)'s return on equity (ROE)?
Cian (CNRU)'s ROE is 85.6%.
What is Cian (CNRU)'s market capitalization?
Cian (CNRU)'s market cap is 634 mln USD.

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