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FESCO (FESH) USD

FESCO is a transport and logistics group centred on the Vladivostok commercial port, with container shipping lines, rail container terminals and its own fleet of ships and rail platforms; controlled by Rosatom.

At a glance: strengths & risks
✓Low leverage (0.9x EBITDA)✗Profit falling (-95% y/y, H1 2026)✗Loss-making last FY✗Margins compressing (23%→15%, H1 2026)✗Pricier than own history (EV/EBITDA 10.5 vs avg 4.9)

Sector: Transport & Logistics

RU_FESH

Price chart

72.36 RUBDay 0.46%

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
72.36 RUB · 0.46%
Market cap
2.6 bn USD

Growth

Δ revenue y/y
19.0%
Δ EBITDA y/y
-23.4%

Multiples

P/E (LTM)
—
3y avg: 7.2x
P/B (FY)
1.3x
EV/EBITDA (LTM)
10.5x
3y avg: 4.9x
EV/EBITDA (ann.)
8.5x

Cash return

Dividend yield
—
FCF yield (LTM)
2.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
-28.5%
↓ details

Liquidity

Daily turnover (MOEX)
197.8 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
2026-06-30H1 2026 (6M)OK1203.3
y/y 19.0%
68.9
y/y -56.4%
105.8
y/y 50.6%
174.7
y/y -23.4%
0.5
y/y -94.2%
0.5-52.03023.3
y/y -2.2%
1967.7
y/y 1.3%
0.0%327.4Report (PDF)
2025-12-31H2 2025 (6M)OK1048.9
y/y -6.4%
32.6
y/y -89.1%
74.7
y/y -30.9%
107.3
y/y -73.7%
-48.5
y/y -119.1%
308.9-85.13020.8
y/y 10.3%
1959.2
y/y 19.1%
-1.9%353.8Report (PDF)
2025-06-30H1 2025 (6M)OK1011.0
y/y 16.1%
157.8
y/y 72.1%
70.3
y/y -20.1%
228.1
y/y 27.0%
8.2
y/y -58.7%
8.2-37.13092.0
y/y 17.4%
1941.8
y/y 24.7%
0.9%309.1Report (PDF)
2024-12-31H2 2024 (6M)OK1135.0
y/y 31.2%
298.6
y/y 457.0%
109.5
y/y 48.8%
408.1
y/y 220.8%
251.6
y/y 454.7%
251.6-84.52738.5
y/y 16.5%
1645.5
y/y 10.4%
17.1%316.9Report (PDF)
2024-06-30H1 2024 (6M)OK870.7
y/y -27.3%
91.7
y/y -77.4%
87.9
y/y 36.5%
179.6
y/y -61.9%
19.8
y/y -95.2%
19.8-141.72634.6
y/y 13.7%
1556.9
y/y 7.3%
2.6%515.0Report (PDF)
2023-12-31H2 2023 (6M)OK865.3
y/y —
78.0
y/y —
70.9
y/y —
148.9
y/y —
70.7
y/y —
70.7-351.72349.8
y/y —
1490.9
y/y —
30.9%375.2Report (PDF)
2023-06-30H1 2023 (6M)OK1197.4
y/y —
406.5
y/y —
64.4
y/y —
471.0
y/y —
408.5
y/y —
408.5-359.32316.4
y/y —
1451.2
y/y —
—232.6Report (PDF)

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

Short-term debt (incl. ST leases)159
Long-term debt (incl. LT leases)373
− Cash & equivalents204
Net debt327

Net debt / LTM EBITDA: 1.2x

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

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02505007501 0001 2502023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-100%0%100%200%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

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

-300-200-10001002002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash ($ mln)

02004006002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.00x of reported net profit; after capex, 0.50x. Loss years (2025) are left out of the ratio.
year20212022202320242025
cash flow / profit1.00x1.00x1.00x1.00x—
accruals, % of assets0.0%0.0%0.0%0.0%-12.1%
net debt / EBITDA 0.9x · capex 1.9x of depreciation · dividends 0% of free cash flow
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: -28.5%

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)
= (175 − 228) × 1.61
-86
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (2 632 + 327) ÷ 282
10.5x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (10.5 + 6.5) ÷ 2
8.5x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -18 + 0 + 0 − 0
-18
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-86 × 8.5 + -18) ÷ 2 632
-28.5%

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

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -7% vs +8% the year before — a -14.8 pp move. 3-year CAGR +2%.
revenue growth by year: 2023 +6% · 2024 +8% · 2025 -7%
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 10.8x · 3-year 75th pct 7.2x

EV/EBITDA3-year 75th pct

Peer comparison

Group: industrials (Russia). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
AeroflotRussia1.73.5x
SCF GroupRussia2.54.4x
EuroElTechRussia0.14.4x
SollersRussia0.111.5x
KamazRussia0.545.0x
Group median4.4x
Group average13.7x
This companyRussia2.610.5x

Group median 4.4x; this company 10.5x — a 139% premium.

Group average 13.7x; against the average this company is at a 24% discount. The average sits 213% above the median: Kamaz (45.0x) skews the group.

At the adjusted group median the market cap would be -66% 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 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 1, last 30 days: 2 across tracked channels, broker research and shows. 5 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

26.06.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На годовом общем собрании акционеров ПАО "ДВМП" 25.06.2026 было принято решение о нераспределении прибыли за 2025 год и невыплате дивидендов. Совет директоров был избран, и назначены две аудиторские организации для проведения обязательного аудита на 2026 год.
06.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО 'ДВМП' утвердил новое Положение об информационной политике, признав предыдущее утратившим силу. Заочное голосование прошло 4 августа 2026 года с участием всех 9 членов совета, решение 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 FESCO (FESH) — from primary filings.

Frequently asked questions

What is FESCO (FESH)'s EV/EBITDA?
FESCO (FESH) trades at 10.5x EV/EBITDA.
What is FESCO (FESH)'s P/B ratio?
FESCO (FESH) trades at a P/B of 1.3x.
What is FESCO (FESH)'s market capitalization?
FESCO (FESH)'s market cap is 2.6 bn USD.

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