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Cherkizovo (GCHE) RUB

At a glance: strengths & risks
✓Revenue growing (+11%)✓Profit growing (+51%)✓Margins improving (18%→23%)✓Cheaper than own history (EV/EBITDA 4.1 vs avg 5.4)

Sector: Agriculture & Food

RU_GCHE

Price chart

3 232 RUBDay -2.15%

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
3 232 RUB · -2.15%
Market cap
136.5 bn RUB

Growth

Δ revenue y/y
12.8%
Δ EBITDA y/y
137.4%

Multiples

P/E (LTM)
4.5x
3y avg: 6.3x
P/B (FY)
0.9x
P/E (ann.)
3.0x
EV/EBITDA (LTM)
4.1x
3y avg: 5.4x
EV/EBITDA (ann.)
3.3x

Cash return

Dividend yield
7.1%
FCF yield (LTM)
5.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-19.0%
↓ details

Liquidity

Daily turnover (MOEX)
4.5 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
2025-12-31H2 2025 (6M)OK151.9
y/y 12.8%
32.1
y/y 256.4%
9.6
y/y 12.5%
41.7
y/y 137.4%
23.1
y/y 499.2%
24.0-14.0360.8
y/y 10.2%
150.8
y/y 20.5%
21.6%139.9Report (PDF)
2025-06-30H1 2025 (6M)OK136.9
y/y 9.8%
17.4
y/y -19.1%
8.0
y/y 10.6%
25.5
y/y -11.6%
7.0
y/y -56.8%
7.7-10.7339.4
y/y 13.0%
127.9
y/y 0.4%
11.0%149.8Report (PDF)
2024-12-31H2 2024 (6M)OK134.6
y/y 7.5%
9.0
y/y -58.4%
8.6
y/y 11.7%
17.6
y/y -40.1%
3.9
y/y -76.5%
16.3-31.1327.5
y/y 15.4%
125.1
y/y 4.3%
15.8%140.6Report (PDF)
2024-06-30H1 2024 (6M)OK124.7
y/y 21.3%
21.6
y/y 14.6%
7.3
y/y 11.5%
28.8
y/y 13.8%
16.1
y/y -3.4%
15.2-17.0300.3
y/y 13.1%
127.4
y/y 17.3%
26.0%114.2Report (PDF)
2023-12-31H2 2023 (6M)OK125.3
y/y —
21.6
y/y —
7.7
y/y —
29.3
y/y —
16.4
y/y —
25.2-24.2283.7
y/y —
120.0
y/y —
28.9%101.5Report (PDF)
2023-06-30H1 2023 (6M)OK102.8
y/y —
18.8
y/y —
6.5
y/y —
25.3
y/y —
16.6
y/y —
9.0-10.5265.6
y/y —
108.6
y/y —
—97.8Report (PDF)

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)73 432
Long-term debt (incl. LT leases)89 783
− Cash & equivalents23 270
Net debt139 945

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

050 000100 000150 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-50%0%50%100%150%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF (₽ mln)

-15 000-10 000-5 00005 00010 0002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (₽ mln)

050 000100 000150 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.24x of reported net profit; after capex, 0.25x.
year20212022202320242025
cash flow / profit1.24x1.76x1.03x1.58x1.06x
accruals, % of assets-2.1%-4.4%-0.4%-3.5%-0.5%
Last twelve months (to 2025-12-31): 1.06x of profit came back as operating cash flow.
net debt / EBITDA 2.1x · capex 1.9x of depreciation · dividends 235% of free cash flow
● Dividends were 235% of the free cash flow earned over the window.
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.

Key-commodity price — Chicken broiler (RUB)

Current 232spot vs LTM +5%

Commodity price upside

The same staged build as the commodity players: revenue → costs → EBITDA → conservative EBITDA (min of the spot case and the spot/3-yr average) → target market cap at the 3-year historical (p75) EV/EBITDA. Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 84 vs LTM-avg 78 → ×1.07 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): -19% · spot -10% · 3-yr -28%

How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap

1 · Reported baseline (latest FY)
Revenue288.7 bln RUB
EBITDA67.2 bln RUB
Cash costs (revenue − EBITDA)221.5 bln RUB
2 · Revenue projection
Multiplier — spot×1.03 (+3%)
= Spot revenue296.6 bln RUB
Multiplier — 3-yr prices×1.01 (+1%)
= 3-yr-price revenue290.4 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs232.6 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA63.9 bln RUB
= 3-yr-price EBITDA57.8 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/260.9 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))60.9 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)4.1x
Target EV = EV/EBITDA × conservative EBITDA251.4 bln RUB
Net debt140.3 bln RUB
Target market cap = EV − net debt111.1 bln RUB
Current market cap137.2 bln RUB

Upside = target market cap ÷ current − 1 = -19%

Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.

CommodityRevenue shareSpotLTM avg$ vs LTMRUB vs LTM (FX)RUB 3-yr (FX)
Chicken broiler (RUB)62%232.30220.36+5%+5%+2%
Lean pork (RUB)29%1 900.371 896.48+0%+0%+2%
Wheat (RUB)8%13 630.0014 958.26-9%-9%-17%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +11% vs +14% the year before — a -2.3 pp move. 3-year CAGR +16%.
revenue growth by year: 2023 +24% · 2024 +14% · 2025 +11%
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).

Dividend potential

Illiquid — forecast not shown

The line trades very thinly (low average daily turnover), so the model dividend forecast is unreliable and is not shown. Actual (sporadic) payments are in the dividend-history card below.

Dividend history

Pay yearDividend /sh
202598.92 ₽
2024347.49 ₽
2023118.43 ₽
2022148.05 ₽
2021219.27 ₽
2020109.71 ₽
2019150.42 ₽
201895.55 ₽
Payments by period
PeriodEx-date/sh
2025 q22025-04-0498.92 ₽
2024 q32024-09-26142.11 ₽
2024 q22024-04-04205.38 ₽
2023 q32023-09-28118.43 ₽
2022 q42022-12-08148.05 ₽
2021 q32021-09-2985.27 ₽
2021 q22021-04-01134.00 ₽
2020 q42020-10-0148.79 ₽
2020 q22020-04-0360.92 ₽
2019 q42019-10-0348.79 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 0 across tracked channels, broker research and shows.

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

30.03.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
ПАО «Группа Черкизово» установило дату фиксации лиц, имеющих право на получение дивидендов по акциям, на 7 апреля 2026 года. Дивиденды будут выплачены по результатам 2025 отчетного года.
30.03.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Группа Черкизово», состоявшемся 27 марта 2026 года, было решено выплатить дивиденды в размере 229,37 руб. на акцию за 2025 год. Также утверждены годовой отчет и финансовая отчетность за 2025 год, а состав Совета директоров определен в 9 членов.
07.08.26Material eventИнформация об иных событиях (действиях), оказывающих, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
07 августа 2026 года ПАО «Группа Черкизово» установила значение S-спреда для своих биржевых облигаций (серия БО-002Р-05) на уровне 1,40% годовых. Это событие может существенно повлиять на стоимость и котировки ценных бумаг компании.
28.07.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
27 июля 2026 года Эмитент приобрел 103,5 тыс. облигаций серии 03-01 по цене 104,1 млн. руб. по требованию их владельцев. Это событие может существенно повлиять на стоимость ценных бумаг Эмитента.
22.05.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Группа Черкизово» принял решение о совершении сделок с заинтересованностью, определив их цену до 10% от балансовой стоимости активов на последнюю отчетную дату. Решение будет действовать в течение одного года.

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 Cherkizovo (GCHE) — from primary filings.

Frequently asked questions

What is Cherkizovo (GCHE)'s P/E ratio?
Cherkizovo (GCHE) trades at a P/E of 4.5x (price to trailing 12-month earnings).
What is Cherkizovo (GCHE)'s EV/EBITDA?
Cherkizovo (GCHE) trades at 4.1x EV/EBITDA.
What is Cherkizovo (GCHE)'s P/B ratio?
Cherkizovo (GCHE) trades at a P/B of 0.9x.
What is Cherkizovo (GCHE)'s dividend yield?
Cherkizovo (GCHE)'s trailing 12-month dividend yield is 7.1%.
What is Cherkizovo (GCHE)'s return on equity (ROE)?
Cherkizovo (GCHE)'s ROE is 30.6%.
What is Cherkizovo (GCHE)'s market capitalization?
Cherkizovo (GCHE)'s market cap is 136.5 bn RUB.

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