Sector: Construction & Real Estate
RU_ETLN
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 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.
| Date | Period | Status | RevenueB RUB | Operating profitB RUB | D&AB RUB | EBITDAB RUB | Net profitB RUB | Operating CFB RUB | Capex + M&AB RUB | AssetsB RUB | EquityB RUB | ROE (annualized) | Net debtB RUB | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | H2 2025 (6M) | OK | 76.2 y/y 3.6% | 10.2 y/y -22.7% | 4.1 y/y 857.4% | 14.3 y/y 5.1% | -13.4 y/y -147.3% | -47.4 | -0.9 | 380.2 y/y 18.1% | 29.4 y/y -54.6% | -52.4% | 217.6 | Report (PDF) |
| 2025-06-30 | H1 2025 (6M) | OK | 77.4 y/y 35.0% | 15.2 y/y 44.5% | 1.1 y/y -68.8% | 16.3 y/y 16.4% | -8.9 y/y — | -34.4 | -2.4 | 348.2 y/y 26.9% | 55.8 y/y -20.5% | -29.6% | 199.6 | Report (PDF) |
| 2024-12-31 | H2 2024 (6M) | OK | 73.6 y/y 33.1% | 13.2 y/y 65.7% | 0.4 y/y -88.2% | 13.6 y/y 17.2% | -5.4 y/y -333.0% | -47.9 | -4.8 | 321.9 y/y 23.6% | 64.8 y/y -8.6% | -10.2% | 172.3 | Report (PDF) |
| 2024-06-30 | H1 2024 (6M) | OK | 57.4 y/y 71.2% | 10.5 y/y 163.7% | 3.5 y/y 38.6% | 14.0 y/y 115.5% | -1.5 y/y — | -41.7 | -1.6 | 274.4 y/y 9.2% | 70.2 y/y -2.7% | -4.2% | 135.2 | Report (PDF) |
| 2023-12-31 | H2 2023 (6M) | OK | 55.3 y/y — | 7.9 y/y — | 3.7 y/y — | 11.6 y/y — | -1.3 y/y — | -27.1 | -1.2 | 260.4 y/y — | 70.9 y/y — | -4.7% | 108.9 | Report (PDF) |
| 2023-06-30 | H1 2023 (6M) | OK | 33.5 y/y — | 4.0 y/y — | 2.5 y/y — | 6.5 y/y — | -2.1 y/y — | -19.4 | -1.0 | 251.3 y/y — | 72.1 y/y — | — | 73.5 | Report (PDF) |
| Short-term debt (incl. ST leases) | 85 593 |
| Long-term debt (incl. LT leases) | 136 898 |
| − Cash & equivalents | 4 889 |
| Net debt | 217 602 |
|---|
Quarterly values (₽ mln)
Year-over-year change
FCF (₽ mln)
Net debt / cash (₽ mln)
| year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| cash flow / profit | -7.25x | — | — | — | — |
| accruals, % of assets | 11.2% | -6.5% | 16.6% | 25.7% | 15.6% |
Developers fund construction with project financing and, under IAS 23, capitalize the interest into inventory (construction-in-progress) instead of expensing it. At a high key rate this understates the true interest burden in EBITDA and net profit. Below: earnings as if ALL interest were expensed.
✅ Inventory (property held for sale) is not a qualifying asset under IAS 23 — Etalon does NOT capitalize interest, it expenses it. Earnings already reflect the full interest burden.
51 projects building · 0.87m m² · 17 960 flats
escrow accounts: 100%overdue delivery: 0matched SPVs: 45
Commissioning, m m²: actual 2022: 0.41 · 2023: 0.19 · 2024: 0.12 · 2025: 0.41 · 2026: 0.17 · planned 2026: 0.09 · 2027: 0.21 · 2028: 0.39 · 2029: 0.18
→ Commissioning: last full year +237% YoY · 2026 exp. 0.26m (-36% — decelerating)
Pipeline MoM: 0.90→0.87 млн м² (-2.7%)
Geography (area): Свердловская обл. 360k m² · Санкт-Петербург 105k m² · Ленинградская обл. 89k m² · код 55 87k m² · Новосибирская обл. 82k m²
Source: DOM.RF ЕИСЖС, snapshot 2026-08-15, updated monthly. Projects are matched by developer brand — groups whose SPVs use project names (notably PIK) are only PARTIALLY covered, so levels are a lower bound; read the month-over-month trend and ratios (escrow, timing, regions).
Value the company creates per year, as a % of market cap
Value created per year: -265.0%
| 1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2025-12-31 vs 2024-12-31) = (14 300 − 13 600) × 2.14 | 0 |
| 2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (17 136 + 217 602) ÷ 30 600 | 7.7x |
| 3. Target multiple (Current EV/EBITDA + 6.5) ÷ 2 = (7.7 + 6.5) ÷ 2 | 7.1x |
| 4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = -45 414 + 0 + 0 − 0 | -45 414 |
| 5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (0 × 7.1 + -45 414) ÷ 17 136 | -265.0% |
Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.
Caveats:
Dividends suspended (~4.7 yr without a payout)
The company has not paid a dividend for over 18 months — profit is going to capex or deleveraging (e.g. Nornickel, NLMK, RusHydro, FSK). The forecast payout is zeroed until distributions resume; profit and cash flow may still be healthy.
| 1 · Forecast dividend (per policy) | |
| Smoothed net profit (median YTD-ann./LTM/FY) | -22 bn RUB |
| Payout ratio | 64% |
| Free cash flow (FY, OCF − capex) — not a cap (escrow) | -85 bn RUB |
| Recent actual dividend (3-yr median) | 9.39 ₽ |
| = Forecast dividend per share | 0.00 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.0% |
| = Fair dividend yield | 12.0% |
| 3 · Valuation → upside | |
| Current price | 22.04 ₽ |
| Forecast dividend yield | — |
| Fair price (dividend-based) | 0.000 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
| Pay year | Dividend /sh | |
|---|---|---|
| 2021 | 9.39 ₽ | |
| 2020 | 12.00 ₽ | |
| 2019 | 12.29 ₽ | |
| 2018 | 12.06 ₽ | |
| 2017 | 8.59 ₽ | |
| 2016 | 5.26 ₽ | |
| 2015 | 8.36 ₽ |
| Period | Ex-date | /sh |
|---|---|---|
| 2021 q4 | 2021-12-08 | 9.39 ₽ |
| 2020 q4 | 2020-11-18 | 12.00 ₽ |
| 2019 q3 | 2019-08-30 | 12.29 ₽ |
| 2018 q3 | 2018-08-08 | 12.06 ₽ |
| 2017 q4 | 2017-11-15 | 2.34 ₽ |
| 2017 q3 | 2017-08-02 | 6.25 ₽ |
| 2016 q4 | 2016-11-23 | 1.89 ₽ |
| 2016 q2 | 2016-05-11 | 3.37 ₽ |
| 2015 q4 | 2015-11-18 | 2.04 ₽ |
| 2015 q2 | 2015-05-13 | 6.32 ₽ |
No dividend rows found for this issuer.
Substantive mentions last 7 days: 0, last 30 days: 1 across tracked channels, broker research and shows. 3 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.
| 31.07.26 | Filing | ★ ▲ Операционные результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические) Компания «Эталон Груп» объявила о росте денежных поступлений на 10% г/г во 2 квартале и на 27% г/г в 1 полугодии 2026 года. Средняя цена реализации жилья выросла на 7% в 1 полугодии, а продажи в Московском регионе увеличились на 39% в натуральном выражении и на 13% в стоимостном. Дата события - 31.07.2026. |
| 08.07.26 | Material event | События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг С 8 июля 2026 года держатели Глобальных депозитарных расписок (ГДР) Etalon Group PLC имеют право на принудительную конвертацию в акции МКПАО «Эталон Груп». Ранее была проведена автоматическая конвертация, в результате которой конвертировалось большинство ГДР, оставшиеся составляют не более 6% от общего количества акций. Также зарегистрирован дополнительный выпуск акций с ISIN RU000A10C1L6. |
| 03.07.26 | Buyback | Приобретение голосующих акций другого акционерного общества Акционерное общество «Эталон Груп» приобрело 99,994% голосующих акций акционерного общества «Специализированный застройщик «Серебряный фонтан» 29 июня 2026 года. |
| 01.07.26 | AGM / Board | Решения общих собраний участников (акционеров) На общем собрании акционеров МКПАО «Эталон Груп» 29 июня 2026 года было принято решение не распределять прибыль за 2025 год и не начислять дивиденды. Также избран новый состав Совета директоров и утверждены аудиторские организации для проверки отчетности. Протокол собрания датирован 30 июня 2026 года. |
| 24.06.26 | AGM / Board | Решения совета директоров (наблюдательного совета) Совет директоров 'Эталон Груп' 23 июня 2026 года принял решение о формировании Правления из 5 человек и утвердил годовой отчет за 2025 год. Кворум заседания был установлен, решение по второму вопросу повестки дня было принято единогласно. |
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 Etalon (ETLN) — from primary filings.
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