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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 FYMargins compressing (23%→15%, H1 2026)Pricier than own history (EV/EBITDA 9.4 vs avg 4.6)

Sector: Transport & Logistics

RU_FESH

Price chart

61.35 RUBDay 0.00%

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
61.35 RUB · 0.00%
Market cap
2.5 bn USD

Growth

Δ revenue y/y
5.0%
Δ EBITDA y/y
-32.5%

Multiples

P/E (LTM)
3y avg: 6.6x
P/B (FY)
1.2x
EV/EBITDA (LTM)
9.4x
3y avg: 4.6x
EV/EBITDA (ann.)
7.7x

Cash return

Dividend yield
FCF yield (LTM)
-0.7%

Value creation

fundamental value/yr, % of market cap
Value created / year

Liquidity

Daily turnover (MOEX)
45.8 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 B 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.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30H1 2026 (6M)OK1.3
y/y 5.0%
0.1
y/y -61.5%
0.1
y/y 32.8%
0.2
y/y -32.5%
0.0
y/y -94.9%
0.0-4.03.3
y/y -3.1%
2.1
y/y 0.4%
0.0%0.4Report (PDF)
2025-12-31H2 2025 (6M)OK1.2
y/y -21.3%
0.0
y/y -90.7%
0.1
y/y -41.9%
0.1
y/y -77.6%
-0.1
y/y -116.4%
0.3-7.03.3
y/y -15.1%
2.1
y/y -8.4%
-2.1%0.4Report (PDF)
2025-06-30H1 2025 (6M)OK1.2
y/y 11.9%
0.2
y/y 65.9%
0.1
y/y -23.0%
0.3
y/y 22.4%
0.0
y/y -60.2%
0.0-3.23.4
y/y 7.4%
2.1
y/y 14.1%
0.9%0.3Report (PDF)
2024-12-31H2 2024 (6M)OK1.5
y/y 32.8%
0.4
y/y 287.8%
0.1
y/y 56.4%
0.5
y/y 177.6%
0.3
y/y 260.4%
0.3-8.33.9
y/y 32.1%
2.3
y/y 25.1%
16.9%0.5Report (PDF)
2024-06-30H1 2024 (6M)OK1.1
y/y -14.6%
0.1
y/y -73.5%
0.1
y/y 60.3%
0.2
y/y -55.2%
0.0
y/y -94.3%
0.0-12.83.2
y/y 12.1%
1.9
y/y 5.7%
2.7%0.6Report (PDF)
2023-12-31H2 2023 (6M)OK1.1
y/y
0.1
y/y
0.1
y/y
0.2
y/y
0.1
y/y
0.1-31.83.0
y/y
1.9
y/y
29.1%0.5Report (PDF)
2023-06-30H1 2023 (6M)OK1.3
y/y
0.4
y/y
0.1
y/y
0.5
y/y
0.4
y/y
0.4-27.52.8
y/y
1.8
y/y
0.3Report (PDF)

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

Short-term debt (incl. ST leases)173
Long-term debt (incl. LT leases)407
− Cash & equivalents223
Net debt357

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

05001 0001 5002023 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

FCF (₽ mln)

-400-20002002023 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: -47.0%

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)
= (187 − 278) × 1.64
-148
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (2 539 + 357) ÷ 308
9.4x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (9.4 + 6.5) ÷ 2
8.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -17 + 0 + 0 − 0
-17
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-148 × 8.0 + -17) ÷ 2 539
-47.0%

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).

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 1, last 30 days: 4 (1 positive, 1 negative) across tracked channels, broker research and shows. 11 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 9.4x EV/EBITDA.
What is FESCO (FESH)'s P/B ratio?
FESCO (FESH) trades at a P/B of 1.2x.
What is FESCO (FESH)'s market capitalization?
FESCO (FESH)'s market cap is 2.5 bn USD.

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