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FESCO (FESH) RUB

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 11.0 vs avg 4.6)

Sector: Transport & Logistics

RU_FESH

Price chart

72.84 RUBDay 1.12%

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
72.84 RUB · 1.12%
Market cap
215.0 bn RUB

Growth

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

Multiples

P/E (LTM)
—
3y avg: 6.6x
P/B (FY)
1.4x
EV/EBITDA (LTM)
11.0x
3y avg: 4.6x
EV/EBITDA (ann.)
9.0x

Cash return

Dividend yield
—
FCF yield (LTM)
6.7%

Value creation

fundamental value/yr, % of market cap
Value created / year
-42.4%
↓ 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 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)OK92.1
y/y 5.0%
5.3
y/y -61.5%
8.1
y/y 32.8%
13.4
y/y -32.5%
0.0
y/y -94.9%
0.0-4.0235.1
y/y -3.1%
153.0
y/y 0.4%
0.0%25.5Report (PDF)
2025-12-31H2 2025 (6M)OK83.9
y/y -21.3%
2.6
y/y -90.7%
6.0
y/y -41.9%
8.6
y/y -77.6%
-3.9
y/y -116.4%
24.7-7.0236.3
y/y -15.1%
153.3
y/y -8.4%
-2.1%27.7Report (PDF)
2025-06-30H1 2025 (6M)OK87.7
y/y 11.9%
13.7
y/y 65.9%
6.1
y/y -23.0%
19.8
y/y 22.4%
0.7
y/y -60.2%
0.7-3.2242.6
y/y 7.4%
152.4
y/y 14.1%
0.9%24.3Report (PDF)
2024-12-31H2 2024 (6M)OK106.6
y/y 32.8%
28.0
y/y 287.8%
10.3
y/y 56.4%
38.3
y/y 177.6%
23.6
y/y 260.4%
23.6-8.3278.5
y/y 32.1%
167.3
y/y 25.1%
16.9%32.2Report (PDF)
2024-06-30H1 2024 (6M)OK78.4
y/y -14.6%
8.3
y/y -73.5%
7.9
y/y 60.3%
16.2
y/y -55.2%
1.8
y/y -94.3%
1.8-12.8225.9
y/y 12.1%
133.5
y/y 5.7%
2.7%44.2Report (PDF)
2023-12-31H2 2023 (6M)OK80.3
y/y —
7.2
y/y —
6.6
y/y —
13.8
y/y —
6.6
y/y —
6.6-31.8210.7
y/y —
133.7
y/y —
29.1%33.7Report (PDF)
2023-06-30H1 2023 (6M)OK91.7
y/y —
31.1
y/y —
4.9
y/y —
36.1
y/y —
31.3
y/y —
31.3-27.5201.6
y/y —
126.3
y/y —
—20.2Report (PDF)

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

Short-term debt (incl. ST leases)12 360
Long-term debt (incl. LT leases)28 996
− Cash & equivalents15 896
Net debt25 460

Net debt / LTM EBITDA: 1.2x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

025 00050 00075 000100 000125 0002023 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)

-30 000-20 000-10 000010 00020 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

010 00020 00030 00040 00050 0002023 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: -42.8%

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)
= (13 366 − 19 790) × 1.64
-10 547
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (214 969 + 25 460) ÷ 21 945
11.0x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (11.0 + 6.5) ÷ 2
8.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 3 142 + 0 + 0 − 0
0
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-10 547 × 8.7 + 0) ÷ 214 969
-42.8%

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
  • net-cash rise stripped: net debt fell while EBITDA declined and no share dilution measured (likely equity raise / recapitalisation)

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 companyRussia2.611.0x

Group median 4.4x; this company 11.0x — a 150% premium.

Group average 13.7x; against the average this company is at a 20% discount. The average sits 213% above the median: Kamaz (45.0x) skews the group.

At the adjusted group median the market cap would be -68% 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 11.0x EV/EBITDA.
What is FESCO (FESH)'s P/B ratio?
FESCO (FESH) trades at a P/B of 1.4x.
What is FESCO (FESH)'s market capitalization?
FESCO (FESH)'s market cap is 215.0 bn RUB.

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