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SCF Group (FLOT) RUB

Sovcomflot (SCF Group) is Russia's largest shipping company, operating crude and product tankers, LNG and LPG carriers and vessels serving offshore projects, including ice-class ships for Arctic routes.

At a glance: strengths & risks
✓Revenue growing (+58% y/y, Q2 2026)✓Margins improving (49%→54%, Q2 2026)✓Low leverage (0.9x EBITDA)✗Loss-making last FY✗Pricier than own history (EV/EBITDA 4.3 vs avg 2.3)✗No dividends currently

Sector: Transport & Logistics

RU_FLOT

Price chart

87.19 RUBDay -0.41%

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
87.19 RUB · -0.41%
Market cap
207.1 bn RUB

Growth

Δ revenue y/y
58.0%
Δ EBITDA y/y
74.2%

Multiples

P/E (LTM)
20.5x
3y avg: 4.8x
P/B (FY)
0.6x
P/E (ann.)
3.7x
EV/EBITDA (LTM)
4.3x
3y avg: 2.3x
EV/EBITDA (ann.)
2.8x

Cash return

Dividend yield
—
FCF yield (LTM)
-2.0%

Value creation

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

Liquidity

Daily turnover (MOEX)
347.4 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
2026-06-30Q2 2026 (3M)OK43.3
y/y 58.0%
14.6
y/y —
8.7
y/y -77.7%
23.4
y/y 74.2%
14.2
y/y —
26.8-40.5585.2
y/y 14.2%
380.0
y/y -0.3%
14.8%50.9Report (PDF)
2026-03-31Q1 2026 (3M)OK34.9
y/y 33.5%
9.0
y/y —
8.9
y/y -27.3%
17.9
y/y 81.1%
7.4
y/y —
23.0—556.5
y/y 3.2%
385.1
y/y -4.2%
7.8%-30.7Report (PDF)
2025-12-31Q4 2025 (3M)OK25.0
y/y -54.3%
-16.4
y/y -646.1%
24.9
y/y 62.5%
8.5
y/y -53.7%
-14.4
y/y -385.5%
10.2-45.5545.5
y/y -19.7%
366.5
y/y -28.3%
-13.5%-44.0Report (PDF)
2025-09-30Q3 2025 (3M)OK26.0
y/y -35.7%
2.6
y/y -80.2%
7.0
y/y -28.4%
9.6
y/y -58.0%
3.0
y/y -81.5%
12.6—538.1
y/y -17.2%
398.9
y/y -17.4%
1.0%-1.3Report (PDF)
2025-06-30Q2 2025 (3M)OK27.4
y/y -36.1%
-25.7
y/y -296.5%
39.1
y/y 284.5%
13.4
y/y -42.2%
-3.4
y/y -134.8%
7.4-2.7512.4
y/y -16.7%
381.1
y/y -12.3%
-3.5%-26.4Report (PDF)
2025-03-31Q1 2025 (3M)OK26.2
y/y -47.3%
-2.3
y/y -111.4%
12.2
y/y 20.4%
9.9
y/y -67.5%
-36.9
y/y -288.0%
1.7-29.0539.0
y/y -16.9%
402.2
y/y -16.4%
-32.3%-28.1Report (PDF)
2024-12-31Q4 2024 (3M)OK54.6
y/y -15.5%
3.0
y/y -89.6%
15.3
y/y 75.8%
18.4
y/y -50.9%
-3.0
y/y -110.7%
30.1-8.1679.7
y/y 7.4%
511.0
y/y 12.9%
8.6%-56.6Report (PDF)
2024-09-30Q3 2024 (3M)OK40.4
y/y -21.0%
13.1
y/y -48.1%
9.8
y/y -23.0%
22.9
y/y -39.7%
16.2
y/y -16.9%
16.2—649.6
y/y -3.5%
483.2
y/y -0.0%
4.7%23.9Report (PDF)
2024-06-30Q2 2024 (3M)OK42.9
y/y -19.6%
13.1
y/y -53.8%
10.2
y/y 7.6%
23.2
y/y -38.7%
9.8
y/y -49.9%
23.8-20.4615.1
y/y 4.0%
434.5
y/y 5.5%
8.5%10.2Report (PDF)
2024-03-31Q1 2024 (3M)OK49.6
y/y 8.2%
20.2
y/y -21.2%
10.1
y/y 36.9%
30.4
y/y -8.2%
19.6
y/y -6.1%
27.9-0.6648.3
y/y —
480.9
y/y —
16.8%34.5Report (PDF)
2023-12-31Q4 2023 (3M)OK64.7
y/y —
28.9
y/y —
8.7
y/y —
37.4
y/y —
27.7
y/y —
42.928.8632.6
y/y —
452.6
y/y —
18.7%35.5Report (PDF)
2023-09-30Q3 2023 (3M)OK51.2
y/y —
25.3
y/y —
12.7
y/y —
38.0
y/y —
19.4
y/y —
36.4-18.7673.0
y/y —
483.4
y/y —
5.8%63.5Report (PDF)
2023-06-30Q2 2023 (3M)OK53.4
y/y —
28.3
y/y —
9.4
y/y —
37.9
y/y —
19.5
y/y —
30.8-3.8591.5
y/y —
411.8
y/y —
—59.9Report (PDF)
2023-03-31Q1 2023 (3M)PARTIAL45.9
y/y —
25.7
y/y —
7.4
y/y —
33.1
y/y —
20.9
y/y —
35.2-6.3—
y/y —
—
y/y —
—61.4Report (PDF)

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

Short-term debt (incl. ST leases)12 066
Long-term debt (incl. LT leases)90 908
− Cash & equivalents52 104
Net debt50 869

Net debt / LTM EBITDA: 0.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

020 00040 00060 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

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

-40 000-20 000020 00040 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

-75 000-50 000-25 000025 00050 00075 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2020–2025 operating cash flow came to 2.92x of reported net profit; after capex, 2.72x. Loss years (2025) are left out of the ratio.
year20202021202320242025
cash flow / profit3.53x16.24x1.66x2.30x—
accruals, % of assets-8.3%-7.6%-9.1%-8.2%-15.3%
Last twelve months (to 2026-06-30): 7.20x of profit came back as operating cash flow.
net debt / EBITDA 0.9x · EBIT covers interest -7.3x · capex 0.1x of depreciation · dividends 17% of free cash flow
● Capex is 5% of depreciation - the asset base is being consumed faster than replaced.
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: +40.0%

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)
= (23 362 − 13 414) × 2.74
27 239
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (207 076 + 50 869) ÷ 63 972
4.0x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (4.0 + 6.5) ÷ 2
5.3x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -60 555 + 1 + 0 − 0
-60 554
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (27 239 × 5.3 + -60 554) ÷ 207 076
+40.0%

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

Caveats:

  • capex unavailable — FCF approximated by FY OCF (ended 2025-12-31, before the latest reported period 2026-06-30)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -44% vs -13% the year before — a -31.5 pp move. 3-year CAGR —.
revenue growth by year: 2023 +90% · 2024 -13% · 2025 -44%
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 4.4x · 3-year 75th pct 3.5x

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
EuroElTechRussia0.14.4x
FESCORussia2.610.8x
SollersRussia0.111.5x
KamazRussia0.544.9x
Group median10.8x
Group average15.0x
This companyRussia2.54.3x

Group median 10.8x; this company 4.3x — a 60% discount.

Group average 15.0x; against the average this company is at a 71% discount. The average sits 38% above the median: Kamaz (44.9x) skews the group.

At the adjusted group median the market cap would be +118% 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 20.5x, Russia 3.6x, South Africa 5.0x, Kazakhstan 4.6x, India 18.7x, Indonesia 5.6x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividend potential

Dividends suspended (~2.2 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)10 bn RUB
Payout ratio60%
Recent actual dividend (3-yr median)17.59 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-8.0 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price87.41 ₽
Forecast dividend yield—
Fair price (dividend-based)—

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

Three-year model and IRR withheld

The number is withheld — here is why

Historical check (7 observations): median EBITDA miss 29.7 pp of margin, within ±5 pp in 0% of cases, relative error 68% at bias 1.68x, revenue 28% — poor on both scales, the model's number is withheld

The path below is computed and shown in full, so you can see what the model rests on and where it breaks. Only the headline price and upside are hidden — those are what we do not trust.

base — LTM на 2026-06-30 (H1)

Metric, RUB mlnLTM, actual
12m to 30.06.2026
2027
12m to 30.06
2028
12m to 30.06
2029
12m to 30.06
Revenue127.6 bn264.3 bn269.2 bn273.6 bn
Revenue growth—+107%+2%+2%
EBITDA58.9 bn101.3 bn102.1 bn102.5 bn
EBITDA margin46.1%38.3%37.9%37.5%
less D&A49.5 bn76.6 bn77.5 bn78.2 bn
EBIT9.4 bn24.7 bn24.6 bn24.3 bn
less net interest-5.0 bn
for 2025
10.7 bn7.3 bn5.2 bn
less tax5.7 bn
for 2025
3.5 bn4.3 bn4.8 bn
Net profit9.7 bn10.4 bn13.0 bn14.3 bn
Capex—76.6 bn77.5 bn78.2 bn
Capex to revenue—29.0%28.8%28.6%
Free cash flow—13.1 bn16.3 bn18.0 bn
Net debt70.1 bn47.7 bn31.4 bn13.4 bn
Net debt / EBITDA1.2x0.5x0.3x0.1x
Dividend per share17.59 ₽0.000 ₽0.000 ₽0.000 ₽
Where the growth comes from
Revenue-growth sourceweightgrowth: yr 1 · 2 · 3
Related-market prices (Tanker freight)
Tanker TCE (VLCC, Gibson) 35% → +644% (pass-through 0.41 → +130%); Tanker TCE (Suezmax, Gibson) 30% → +630% (pass-through 0.41 → +128%); Tanker TCE (Aframax, Gibson) 25% → +271% (pass-through 0.41 → +72%); FX ×1.030; 30% of costs follow price
EI1 Commodities_D_Values + курс
69%+107% · 0% · 0%
Realised pace (acceleration/deceleration)
LTM YoY -14%; acceleration +14.6pp
LTM г/г по отчётности
31%-3% · +1% · +4%
Model assumptions
Exit multipleEV/EBITDA 2.55x (2.23x…3.73x)
No re-rating: min(current 4.7x, three-year median 2.6x). Re-rating to 3.7x on a falling rate is the bull case
Second valuation: discounted cash flow75.28 ₽ (discount 13.1%, terminal growth 4.0%)
79% of that value sits beyond the three-year horizon
Key rate by year13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year)
Cost inflation6.2% · 5.6% · 5.3%
Dividend policy60% of net profit, capped by cash flow
Dividendssuspended — zero in the model
EBITDA calibration×0.59
Current CPI (actual)6.3%, на 2026-09-30
Capexcapex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does
D&Agrows slower than revenue — elasticity 0.6: assets outlive the sales they carry
Interestgross debt × (that year's key rate + 1.5pp) less cash yield at 0.85 of the rate. Debt is refinanced at par; free cash after dividends accumulates and cuts net debt
Tax25% of pre-tax profit when positive; losses earn no tax credit
Working capitalneutral: FCF = EBITDA − capex − interest − tax
Governanceno flags: the dividend has not faded against profit, payouts were not suspended, no audit qualification and no manual penalty — quality multiplier 1.00
Forecast accuracy measured on history
Historical forecast checkobsmedian errorbias±20%
Revenue828%1.28x38%
EBITDA768%1.68x14%
Net profit388%1.13x33%

The model is anchored at each past reporting date with only the data available then, and its one-year-ahead forecast is compared with the actual. Rates and inflation are actuals, so this checks the operating forecast, not macro guessing.

Independent one-year estimates: eninvs Company_Forecast — 292 ₽. Ours on the same horizon — 88.75 ₽. Dropped as broken: eninvs DividendPrediction (9.22e-08)

Checks and caveats
  • ✗ Historical check (7 observations): median EBITDA miss 29.7 pp of margin, within ±5 pp in 0% of cases, relative error 68% at bias 1.68x, revenue 28% — poor on both scales, the model's number is withheld
  • ✗ Revenue driver map is unconfirmed: revenue elasticity to the TCE benchmark is unidentified: OLS 0.42 with R² 0.17 over 10 quarters, USD revenue per unit of benchmark fell from ~15 (2024) to ~3 (1H2026) — a sanctioned fleet earns an unknown discount
  • ⚠ Year-3 margin 37% is below the worst year on record (40%), though inside tolerance
  • ⚠ The base carries no capex — it is set equal to depreciation
  • ⚠ The miss is one-sided and in the dangerous direction: across 7 measurements the median EBITDA forecast came to 1.68 of actual — the model consistently OVERSTATES this name. The IRR here is more a ceiling than a floor
  • ⚠ The debt build-up beyond cash flow could not be measured: 0 usable years, 4 discarded (perimeter change, asset sale, revaluation). The forecast runs without it — where it could be measured it adds about 5% of revenue a year to debt
  • ⚠ The reporting-period series needed repair: 2 rows discarded as incompatible with the cumulative convention (years 2018, 2021), and 3 cumulative periods rebuilt by summing standalone quarters. The database carries quarters labelled as halves and nine-month periods; LTM and year-on-year growth computed on those are wrong, so they are dropped
  • ⚠ One-year value 89 is an outlier: even the nearest independent estimate (eninvs Company_Forecast 292) is 0.3x away. Compared with: eninvs Company_Forecast
  • ✓ Growth sources: market, momentum
  • ✓ Revenue CAGR +29%
  • ✓ Year-3 net debt/EBITDA 0.1x
  • ✓ IRR +6%
  • ✓ Base is fresh: report 4 months old
  • ✓ Exit multiple and discounted cash flow agree (105 vs 75, 1.39x); in the DCF 79% of value sits in the terminal value
  • ✓ The formula undercounts cash: over 3 reported years free cash flow came to 1.26 of 'EBITDA less capex, interest and tax', and the excess held in 3 of 3 years. The forecast is scaled up 1.26x — never above 1.3, which would extrapolate a good year
  • The price move passes into revenue to the power of 0.51 (общая оценка по нефтяникам), not one for one. The tax part of costs still follows the full price move — mineral tax is levied on price, not revenue.
  • Volume is taken separately, not from revenue momentum — объёмов нет — рост объёма принят нулевым. A commodity producer's revenue is mostly price, so using revenue growth as volume would count the price twice.
  • Commodity prices held at spot; 30% of cash costs follow the output price (mineral tax, energy, freight), the rest follows inflation. FX drifts with the inflation differential (PPP), so USD revenue still grows in roubles at a flat commodity price.
  • The model historically overstated this name's EBITDA by 1.68x (7 observations), so the path is trimmed by 41%.
  • The analyst forecast for this name is in USD while the model runs in RUB — the line-by-line comparison is switched off.

A forecast, not investment advice. Related-market prices are held at today's level, so the model answers what the business earns and is worth if markets stay here — it does not predict prices.

Dividend history

Pay yearDividend /sh
202417.59 ₽
20234.29 ₽
20216.67 ₽
20203.65 ₽
20190.73 ₽
20180.86 ₽
20173.12 ₽
20163.04 ₽
Payments by period
PeriodLast day to buy/sh
2024 q32024-07-1811.27 ₽
2024 q12024-01-046.32 ₽
2023 q32023-07-034.29 ₽
2021 q32021-07-016.67 ₽
2020 q32020-08-123.65 ₽
2019 q32019-07-030.73 ₽
2018 q32018-07-050.86 ₽
2017 q22017-06-223.12 ₽
2016 q32016-07-073.04 ₽
2015 q32015-07-080.57 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 2 (1 positive), last 30 days: 5 (4 positive) across tracked channels, broker research and shows. 9 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

26.06.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
26 июня 2026 года ПАО «Совкомфлот» определит лиц, имеющих право на получение дивидендов по результатам 2025 года. Дата фиксации прав по акциям назначена на 16 июля 2026 года.
21.09.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО 'Совкомфлот' провел заседание 16.09.2026, на котором приняты решения по директивам Правительства РФ и утверждено новое положение о стратегии развития. Все 10 участников из 11 проголосовали за принятие решений, кворум был соблюден.
26.06.26AGM / BoardРешения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Совкомфлот», состоявшемся 26 июня 2026 года, было принято решение о выплате дивидендов в размере 11 566 220 297,87 руб., что составляет 4,87 руб. на акцию. Также утверждены годовой отчет и бухгалтерская отчетность за 2025 год, а также избраны члены совета директоров и ревизионной комиссии.

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 SCF Group (FLOT) — from primary filings.

Frequently asked questions

What is SCF Group (FLOT)'s P/E ratio?
SCF Group (FLOT) trades at a P/E of 20.5x (price to trailing 12-month earnings).
What is SCF Group (FLOT)'s EV/EBITDA?
SCF Group (FLOT) trades at 4.3x EV/EBITDA.
What is SCF Group (FLOT)'s P/B ratio?
SCF Group (FLOT) trades at a P/B of 0.6x.
What is SCF Group (FLOT)'s return on equity (ROE)?
SCF Group (FLOT)'s ROE is 14.8%.
What is SCF Group (FLOT)'s market capitalization?
SCF Group (FLOT)'s market cap is 207.1 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
СКФ ЗО202810.6%3.85%91.20+0.35%1.6M21.4M04.2028
СКФ 1Р210.1%7.55%94.50+0.05%7.2M12.0M10.2029

Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map