
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.
Sector: Transport & Logistics
RU_FLOT
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.
Shares: connector/market_inputs
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.
| Date | Period | Status | RevenueM USD | Operating profitM USD | D&AM USD | EBITDAM USD | Net profitM USD | Operating CFM USD | Capex + M&AM USD | AssetsM USD | EquityM USD | ROE (annualized) | Net debtM USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | Q2 2026 (3M) | OK | 571.3 y/y 69.0% | 193.0 y/y — | 115.1 y/y -76.1% | 308.1 y/y 86.3% | 186.9 y/y — | 353.0 | -534.1 | 7526.1 y/y 15.2% | 4886.9 y/y 0.6% | 15.5% | 654.2 | Report (PDF) |
| 2026-03-31 | Q1 2026 (3M) | OK | 441.6 y/y 55.7% | 113.9 y/y — | 112.0 y/y -15.2% | 226.0 y/y 111.2% | 93.1 y/y — | 291.1 | — | 6844.9 y/y 6.3% | 4737.0 y/y -1.4% | 7.9% | -377.1 | Report (PDF) |
| 2025-12-31 | Q4 2025 (3M) | OK | 311.3 y/y -42.9% | -204.3 y/y -1276.6% | 310.1 y/y 100.0% | 105.8 y/y -38.8% | -179.9 y/y -281.7% | 126.7 | -566.7 | 6973.0 y/y 4.3% | 4684.7 y/y -6.8% | -13.0% | -562.3 | Report (PDF) |
| 2025-09-30 | Q3 2025 (3M) | OK | 322.2 y/y -28.8% | 32.2 y/y -78.0% | 86.9 y/y -20.7% | 119.1 y/y -53.5% | 37.0 y/y -79.5% | 155.9 | — | 6493.5 y/y -7.3% | 4813.8 y/y -7.6% | 1.0% | -15.5 | Report (PDF) |
| 2025-06-30 | Q2 2025 (3M) | OK | 338.1 y/y -28.8% | -316.4 y/y -318.8% | 481.8 y/y 328.1% | 165.4 y/y -35.6% | -41.9 y/y -138.7% | 91.3 | -33.3 | 6530.4 y/y -9.0% | 4857.1 y/y -4.2% | -3.5% | -336.2 | Report (PDF) |
| 2025-03-31 | Q1 2025 (3M) | OK | 283.6 y/y -48.2% | -25.1 y/y -111.2% | 132.1 y/y 18.3% | 107.0 y/y -68.1% | -400.3 y/y -284.7% | 18.4 | -314.6 | 6441.7 y/y -8.2% | 4805.8 y/y -7.7% | -32.6% | -336.2 | Report (PDF) |
| 2024-12-31 | Q4 2024 (3M) | OK | 554.5 y/y -26.0% | 30.5 y/y -90.7% | 155.5 y/y 46.4% | 186.4 y/y -56.8% | -30.2 y/y -109.5% | 305.6 | -81.9 | 6684.6 y/y -5.2% | 5025.6 y/y -0.4% | 9.0% | -557.0 | Report (PDF) |
| 2024-09-30 | Q3 2024 (3M) | OK | 452.6 y/y -16.5% | 146.8 y/y -45.2% | 109.7 y/y -18.7% | 256.4 y/y -36.3% | 180.8 y/y -12.2% | 181.3 | — | 7006.3 y/y 1.4% | 5211.7 y/y 5.0% | 4.7% | 258.1 | Report (PDF) |
| 2024-06-30 | Q2 2024 (3M) | OK | 475.0 y/y -27.6% | 144.7 y/y -58.4% | 112.5 y/y -3.1% | 256.8 y/y -44.9% | 108.2 y/y -54.9% | 263.0 | -225.4 | 7173.0 y/y 5.5% | 5067.7 y/y 7.1% | 8.4% | 119.3 | Report (PDF) |
| 2024-03-31 | Q1 2024 (3M) | OK | 547.5 y/y -13.3% | 223.4 y/y -36.8% | 111.6 y/y 9.7% | 335.1 y/y -26.4% | 216.7 y/y -24.7% | 307.8 | -7.1 | 7019.0 y/y — | 5206.5 y/y — | 16.9% | 373.6 | Report (PDF) |
| 2023-12-31 | Q4 2023 (3M) | OK | 696.0 y/y — | 310.7 y/y — | 93.8 y/y — | 402.9 y/y — | 298.5 y/y — | 461.9 | 331.5 | 7053.0 y/y — | 5046.5 y/y — | 21.0% | 395.9 | Report (PDF) |
| 2023-09-30 | Q3 2023 (3M) | OK | 542.3 y/y — | 267.7 y/y — | 134.8 y/y — | 402.6 y/y — | 205.9 y/y — | 385.8 | -198.1 | 6908.2 y/y — | 4962.1 y/y — | 5.7% | 651.4 | Report (PDF) |
| 2023-06-30 | Q2 2023 (3M) | OK | 656.4 y/y — | 347.6 y/y — | 116.2 y/y — | 465.6 y/y — | 239.8 y/y — | 379.2 | -46.8 | 6796.4 y/y — | 4731.8 y/y — | — | 688.2 | Report (PDF) |
| 2023-03-31 | Q1 2023 (3M) | PARTIAL | 631.2 y/y — | 353.7 y/y — | 101.7 y/y — | 455.5 y/y — | 287.9 y/y — | 484.0 | -86.6 | — y/y — | — y/y — | — | 796.2 | Report (PDF) |
| Short-term debt (incl. ST leases) | 155 |
| Long-term debt (incl. LT leases) | 1 169 |
| − Cash & equivalents | 670 |
| Net debt | 654 |
|---|
Net debt / LTM EBITDA: 0.9x
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: 2026-04-01 — 2026-06-30. Source: Bank of Russia R01235. Rates
Quarterly values ($ mln)
Year-over-year change
Operating and investing cash flow (OCF + ICF) ($ mln)
Net debt / cash ($ mln)
| year | 2020 | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| cash flow / profit | 3.53x | 16.24x | 1.66x | 2.30x | — |
| accruals, % of assets | -8.3% | -7.6% | -9.1% | -8.2% | -15.3% |
Our earnings breakdowns and investment notes on this issuer.
Value the company creates per year, as a % of market cap
Value created per year: +38.4%
| 1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30) = (308 − 165) × 2.65 | 378 |
| 2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (2 559 + 654) ÷ 817 | 3.9x |
| 3. Target multiple (Current EV/EBITDA + 6.5) ÷ 2 = (3.9 + 6.5) ÷ 2 | 5.2x |
| 4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = -990 + 0 + 0 − 0 | -990 |
| 5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (378 × 5.2 + -990) ÷ 2 559 | +38.4% |
Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.
Caveats:
Current 4.4x · 3-year 75th pct 3.5x
Group: industrials (Russia). Every peer trades on the same market, so no adjustment is needed.
| Company | Market | Cap, $bn | EV/EBITDA |
|---|---|---|---|
| Aeroflot | Russia | 1.7 | 3.5x |
| EuroElTech | Russia | 0.1 | 4.4x |
| FESCO | Russia | 2.6 | 10.8x |
| Sollers | Russia | 0.1 | 11.5x |
| Kamaz | Russia | 0.5 | 45.0x |
| Group median | 10.8x | ||
| Group average | 15.0x | ||
| This company | Russia | 2.5 | 4.2x |
Group median 10.8x; this company 4.2x — a 61% discount.
Group average 15.0x; against the average this company is at a 72% discount. The average sits 39% above the median: Kamaz (45.0x) skews the group.
At the adjusted group median the market cap would be +121% 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 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 ratio | 60% |
| Recent actual dividend (3-yr median) | 17.59 ₽ |
| = Forecast dividend per share | 0.00 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.0% |
| Historical yield spread to rate (3-yr median) | -8.0 pp |
| = Fair dividend yield | 7.0% |
| 3 · Valuation → upside | |
| Current price | 87.90 ₽ |
| Forecast dividend yield | — |
| Fair price (dividend-based) | — |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
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 mln | LTM, actual 12m to 30.06.2026 | 2027 12m to 30.06 | 2028 12m to 30.06 | 2029 12m to 30.06 |
|---|---|---|---|---|
| Revenue | 127.6 bn | 264.3 bn | 269.2 bn | 273.6 bn |
| Revenue growth | — | +107% | +2% | +2% |
| EBITDA | 58.9 bn | 101.3 bn | 102.1 bn | 102.5 bn |
| EBITDA margin | 46.1% | 38.3% | 37.9% | 37.5% |
| less D&A | 49.5 bn | 76.6 bn | 77.5 bn | 78.2 bn |
| EBIT | 9.4 bn | 24.7 bn | 24.6 bn | 24.3 bn |
| less net interest | -5.0 bn for 2025 | 10.7 bn | 7.3 bn | 5.2 bn |
| less tax | 5.7 bn for 2025 | 3.5 bn | 4.3 bn | 4.8 bn |
| Net profit | 9.7 bn | 10.4 bn | 13.0 bn | 14.3 bn |
| Capex | — | 76.6 bn | 77.5 bn | 78.2 bn |
| Capex to revenue | — | 29.0% | 28.8% | 28.6% |
| Free cash flow | — | 13.1 bn | 16.3 bn | 18.0 bn |
| Net debt | 70.1 bn | 47.7 bn | 31.4 bn | 13.4 bn |
| Net debt / EBITDA | 1.2x | 0.5x | 0.3x | 0.1x |
| Dividend per share | 17.59 ₽ | 0.000 ₽ | 0.000 ₽ | 0.000 ₽ |
| Revenue-growth source | weight | growth: 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% |
| Exit multiple | EV/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 flow | 75.28 ₽ (discount 13.1%, terminal growth 4.0%) |
| 79% of that value sits beyond the three-year horizon | |
| Key rate by year | 13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year) |
| Cost inflation | 6.2% · 5.6% · 5.3% |
| Dividend policy | 60% of net profit, capped by cash flow |
| Dividends | suspended — zero in the model |
| EBITDA calibration | ×0.59 |
| Current CPI (actual) | 6.3%, на 2026-09-30 |
| Capex | capex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does |
| D&A | grows slower than revenue — elasticity 0.6: assets outlive the sales they carry |
| Interest | gross 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 |
| Tax | 25% of pre-tax profit when positive; losses earn no tax credit |
| Working capital | neutral: FCF = EBITDA − capex − interest − tax |
| Governance | no flags: the dividend has not faded against profit, payouts were not suspended, no audit qualification and no manual penalty — quality multiplier 1.00 |
| Historical forecast check | obs | median error | bias | ±20% |
|---|---|---|---|---|
| Revenue | 8 | 28% | 1.28x | 38% |
| EBITDA | 7 | 68% | 1.68x | 14% |
| Net profit | 3 | 88% | 1.13x | 33% |
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 — 359 ₽. Ours on the same horizon — 88.75 ₽. Dropped as broken: eninvs DividendPrediction (9.22e-08)
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.
| Pay year | Dividend /sh | |
|---|---|---|
| 2024 | 17.59 ₽ | |
| 2023 | 4.29 ₽ | |
| 2021 | 6.67 ₽ | |
| 2020 | 3.65 ₽ | |
| 2019 | 0.73 ₽ | |
| 2018 | 0.86 ₽ | |
| 2017 | 3.12 ₽ | |
| 2016 | 3.04 ₽ |
| Period | Last day to buy | /sh |
|---|---|---|
| 2024 q3 | 2024-07-18 | 11.27 ₽ |
| 2024 q1 | 2024-01-04 | 6.32 ₽ |
| 2023 q3 | 2023-07-03 | 4.29 ₽ |
| 2021 q3 | 2021-07-01 | 6.67 ₽ |
| 2020 q3 | 2020-08-12 | 3.65 ₽ |
| 2019 q3 | 2019-07-03 | 0.73 ₽ |
| 2018 q3 | 2018-07-05 | 0.86 ₽ |
| 2017 q2 | 2017-06-22 | 3.12 ₽ |
| 2016 q3 | 2016-07-07 | 3.04 ₽ |
| 2015 q3 | 2015-07-08 | 0.57 ₽ |
No dividend rows found for this issuer.
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.
| 26.06.26 | Filing | ★ ▲ 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. |
| 21.09.26 | AGM / Board | Решения 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. |
| 26.06.26 | AGM / Board | Решения 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.
| Issue | YTM | Coupon | Price, % | 1D | Volume today, ₽ | Avg vol. 20D, ₽ | Maturity |
|---|---|---|---|---|---|---|---|
| СКФ ЗО2028 | 10.3% | 3.85% | 91.51 | +0.70% | 1.4M | 21.4M | 04.2028 |
| СКФ 1Р2 | 10.1% | 7.55% | 94.50 | +0.05% | 5.7M | 12.0M | 10.2029 |
Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.
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