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Etalon (ETLN) RUB

Etalon Group is a residential developer building large housing projects and mixed-use districts in Moscow, St. Petersburg and several regional cities, with its own construction capacity.

At a glance: strengths & risks
✗Revenue declining (-10% y/y, H1 2026)✗Loss-making last FY✗Margins compressing (27%→2%, H1 2026)✗High leverage (7.1x EBITDA)✗No dividends currently

Sector: Construction & Real Estate

RU_ETLN

Price chart

20.9 RUBDay -0.29%

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
20.9 RUB · -0.29%
Market cap
16.4 bn RUB

Growth

Δ revenue y/y
-9.6%
Δ EBITDA y/y
-92.2%

Multiples

P/E (LTM)
—
P/B (FY)
0.6x
P/E (ann.)
<0
EV/EBITDA (LTM)
13.2x
EV/EBITDA (ann.)
80.2x

Cash return

Dividend yield
—
FCF yield (LTM)
—

Value creation

fundamental value/yr, % of market cap
Value created / year
-38.8%
↓ details

Liquidity

Daily turnover (MOEX)
30.9 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 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
2026-06-30H1 2026 (6M)OK54.4
y/y -9.6%
0.6
y/y -95.9%
0.7
y/y -39.9%
1.3
y/y -92.2%
-13.2
y/y —
-32.3-3.0327.4
y/y -6.0%
28.9
y/y -48.3%
-90.3%188.8Report (PDF)
2025-12-31H2 2025 (6M)OK93.4
y/y 27.0%
10.2
y/y -22.7%
4.1
y/y 857.4%
14.3
y/y 5.1%
-8.2
y/y -51.2%
-47.4-0.9380.2
y/y 18.1%
29.4
y/y -54.6%
-52.4%217.6Report (PDF)
2025-06-30H1 2025 (6M)OK60.2
y/y 4.9%
15.2
y/y 44.5%
1.1
y/y -68.8%
16.3
y/y 16.4%
-14.1
y/y —
-34.4-2.4348.2
y/y 26.9%
55.8
y/y -20.5%
-46.9%199.6Report (PDF)
2024-12-31H2 2024 (6M)OK73.6
y/y 28.8%
13.2
y/y 65.7%
0.4
y/y -88.2%
13.6
y/y 17.2%
-5.4
y/y -333.0%
-47.9-4.8321.9
y/y 252.7%
64.8
y/y -26.8%
-10.2%172.3Report (PDF)
2024-06-30H1 2024 (6M)OK57.4
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 —
-41.7-1.6274.4
y/y 9.2%
70.2
y/y -2.7%
-3.8%135.2Report (PDF)
2023-12-31H2 2023 (6M)OK57.2
y/y —
7.9
y/y —
3.7
y/y —
11.6
y/y —
-1.3
y/y —
-27.1-1.291.3
y/y —
88.5
y/y —
-4.2%119.5Report (PDF)
2023-06-30H1 2023 (6M)OK33.5
y/y —
4.0
y/y —
2.5
y/y —
6.5
y/y —
-2.1
y/y —
-19.4-1.0251.3
y/y —
72.1
y/y —
—73.5Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)28 812
Long-term debt (incl. LT leases)167 440
− Cash & equivalents7 442
Net debt188 810

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

020 00040 00060 00080 000100 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-100%0%100%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (₽ mln)

-60 000-40 000-20 00002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

050 000100 000150 000200 0002023 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 -7.25x of reported net profit. Loss years (2022, 2023, 2024, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit-7.25x————
accruals, % of assets11.2%-6.5%47.3%25.7%15.6%
net debt / EBITDA 7.1x · capex 0.8x of depreciation
● Accruals average 18.7% of assets a year - profit runs ahead of cash.
● Net debt / EBITDA 7.1x at the last full year.
Real estate: profit carries investment-property revaluations and, for developers, buyer money that sits in escrow until handover - neither passes through operating cash flow, so profit above cash is structural here. Judge the leverage against escrow coverage and against the rent roll, not against this ratio.
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 →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodContract value
bln RUB		Floor area sold
th sq m		Avg price
th RUB/sq m
Q2 2026-0623.20118—
Q1 2026-0324.7090—
Q4 2024-1230.70157289.90
FY 2024-12146.20699279.40
9M 2024-09115.50—276.90
H1 2024-0678.60—270
Q1 2024-0341—283

Группа Эталон, операционные результаты (раскрытие e-disclosure). Q1-2024 (09.04.2024): контракты 41 млрд руб., цена 283 тыс. руб./кв. м. H1-2024 (11.07.2024): 78,6 млрд, цена 270 тыс. 9М-2024 (09.10.2024): 115,5 млрд (+77%), цена 276,9 тыс. FY-2024 (21.01.2025): 699 тыс. кв. м (+28%) и 146,2 млрд (+39%), цена 279,4 тыс.; Q4-2024 отдельно: 157 тыс. кв. м и 30,7 млрд, цена 289,9 тыс. Q1-2026 (08.05.2026): 90 тыс. кв. м и 24,7 млрд. Релизов за 2025 в ленте нет — YoY за Q1-2026 намеренно не показывается. | Q2 2026 (03.09.2026): стоимость продаж 23,2 млрд руб, продажи 118 тыс кв м (+14% г/г) — операц. релиз Эталона 2 кв. 2026 (T-Investments/Fomag). Ср. цена не дана явной абсолютной цифрой (в релизе только +7% г/г) -> пусто.

Earnings ex-capitalized interest

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.

Construction pipeline (DOM.RF registry)

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: 0.87→0.87 млн м² (+0.0%)

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 2026-09-06, 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).

Fundamental value creation

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

Value created per year: -38.8%

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)
= (1 279 − 16 300) × 12.18
-1 664
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (16 368 + 188 810) ÷ 15 579
13.2x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (13.2 + 6.5) ÷ 2
9.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 10 022 + 0 + 0 − 0
10 022
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-1 664 × 9.8 + 10 022) ÷ 16 368
-38.8%

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

Caveats:

  • half-year basis (semi-annual reporter)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • EBITDA-growth term damped to the multi-year FY trend SIZE but kept the latest period direction (down) - the trend pointed the other way
  • EBITDA-growth term clamped to ±market cap

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +17% vs +44% the year before — a -27.1 pp move. 3-year CAGR +24%.
revenue growth by year: 2023 +13% · 2024 +44% · 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).

Dividend potential

Dividends suspended (~4.8 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 ratio64%
Free cash flow (FY, OCF − capex) — not a cap (escrow)-85 bn RUB
Recent actual dividend (3-yr median)9.39 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
= Fair dividend yield12.0%
3 · Valuation → upside
Current price20.96 ₽
Forecast dividend yield—
Fair price (dividend-based)0.000 ₽

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

Dividend history

Pay yearDividend /sh
20219.39 ₽
202012.00 ₽
201912.29 ₽
201812.06 ₽
20178.59 ₽
20165.26 ₽
20158.36 ₽
Payments by period
PeriodEx-date/sh
2021 q42021-12-089.39 ₽
2020 q42020-11-1812.00 ₽
2019 q32019-08-3012.29 ₽
2018 q32018-08-0812.06 ₽
2017 q42017-11-152.34 ₽
2017 q32017-08-026.25 ₽
2016 q42016-11-231.89 ₽
2016 q22016-05-113.37 ₽
2015 q42015-11-182.04 ₽
2015 q22015-05-136.32 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 0 across tracked channels, broker research and shows. 2 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.

Corporate events

27.08.26Material event★ ▼ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
Компания «Эталон Груп» опубликовала финансовую отчетность за 1 полугодие 2026 года, где выручка составила 54,4 млрд руб. (-10% г/г), а чистый убыток достиг 13,2 млрд руб. EBITDA составила 9,2 млрд руб. (+28% г/г). Валовый долг сократился на 12% до 196,3 млрд руб.
31.07.26Filing★ ▲ 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.
03.07.26BuybackПриобретение голосующих акций другого акционерного общества
Акционерное общество «Эталон Груп» приобрело 99,994% голосующих акций акционерного общества «Специализированный застройщик «Серебряный фонтан» 29 июня 2026 года.
01.07.26AGM / BoardРешения 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.
24.06.26AGM / BoardРешения 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.

Frequently asked questions

What is Etalon (ETLN)'s EV/EBITDA?
Etalon (ETLN) trades at 13.2x EV/EBITDA.
What is Etalon (ETLN)'s P/B ratio?
Etalon (ETLN) trades at a P/B of 0.6x.
What is Etalon (ETLN)'s return on equity (ROE)?
Etalon (ETLN)'s ROE is -90.3%.
What is Etalon (ETLN)'s market capitalization?
Etalon (ETLN)'s market cap is 16.4 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
ЭталФинП0316.6%9.1%99.8229K09.2026
ЭталонФин322.9%25.5%102.310.7M04.2027
ЭталонФин2floatfloat90.419.5M09.2027
ЭталонФин424.5%20%97.818.3M11.2027
ЭталонФин124.0%21%98.33.0Mput 05.2028
ЭталонФин523.2%20%97.912.4M03.2029

YTM and turnover from MOEX; floaters have no fixed YTM. Not investment advice.

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