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Cherkizovo (GCHE) USD

At a glance: strengths & risks
✓Revenue growing (+11%)✓Profit growing (+51%)✓Margins improving (18%→23%)

Sector: Agriculture & Food

RU_GCHE

Price chart

3 088 RUBDay 2.73%

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
3 088 RUB · 2.73%
Market cap
1.8 bn USD

Growth

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

Multiples

P/E (LTM)
4.3x
3y avg: 6.3x
P/B (FY)
0.9x
P/E (ann.)
2.8x
EV/EBITDA (LTM)
—
3y avg: 169.1x
EV/EBITDA (ann.)
121.4x

Cash return

Dividend yield
7.1%
FCF yield (LTM)
—

Value creation

to target market cap (spot commodity model)
Upside (potential)
-30.2%
↓ details

Liquidity

Daily turnover (MOEX)
3.1 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
2025-12-31H2 2025 (6M)OK2.1
y/y 12.8%
0.4
y/y 256.4%
0.1
y/y 12.5%
0.6
y/y 137.4%
0.3
y/y 499.2%
0.3-14.05.1
y/y 10.2%
2.1
y/y 20.5%
21.6%140.3Report (PDF)
2025-06-30H1 2025 (6M)OK1.9
y/y 9.8%
0.2
y/y -19.1%
0.1
y/y 10.6%
0.4
y/y -11.6%
0.1
y/y -56.8%
0.1-10.74.8
y/y 13.0%
1.8
y/y 0.4%
11.0%150.1Report (PDF)
2024-12-31H2 2024 (6M)OK1.9
y/y 7.5%
0.1
y/y -58.4%
0.1
y/y 11.7%
0.2
y/y -40.1%
0.1
y/y -76.5%
0.2-31.14.6
y/y 15.4%
1.8
y/y 4.3%
15.8%140.9Report (PDF)
2024-06-30H1 2024 (6M)OK1.7
y/y 21.3%
0.3
y/y 14.6%
0.1
y/y 11.5%
0.4
y/y 13.8%
0.2
y/y -3.4%
0.2-17.04.2
y/y 13.1%
1.8
y/y 17.3%
26.0%114.6Report (PDF)
2023-12-31H2 2023 (6M)OK1.8
y/y —
0.3
y/y —
0.1
y/y —
0.4
y/y —
0.2
y/y —
0.4-24.24.0
y/y —
1.7
y/y —
28.9%101.8Report (PDF)
2023-06-30H1 2023 (6M)OK1.4
y/y —
0.3
y/y —
0.1
y/y —
0.4
y/y —
0.2
y/y —
0.1-10.53.7
y/y —
1.5
y/y —
—98.2Report (PDF)

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

05001 0001 5002 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)

-300-200-10001002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (₽ mln)

050 000100 000150 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Key-commodity price — Chicken broiler (RUB)

Current 232spot vs LTM +3%

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 current EV/EBITDA. Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

Upside (conservative): -30% · spot -16% · 3-yr -44%

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×1.02 (+2%)
= Spot revenue294.5 bln RUB
Multiplier — 3-yr prices×0.99 (-1%)
= 3-yr-price revenue285.0 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs232.6 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA61.9 bln RUB
= 3-yr-price EBITDA52.4 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/257.1 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))57.1 bln RUB
5 · Valuation → target market cap
EV/EBITDA (current)4.1x
Target EV = EV/EBITDA × conservative EBITDA236.0 bln RUB
Net debt140.3 bln RUB
Target market cap = EV − net debt95.7 bln RUB
Current market cap137.2 bln RUB

Upside = target market cap ÷ current − 1 = -30%

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%232.30225.83+3%+3%-1%
Lean pork (RUB)29%1 900.371 900.37+0%+0%+2%
Wheat (RUB)8%15 360.0014 958.26+3%+3%-18%

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

Dividend-model upside: -22%

The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)30 bn RUB
Payout ratio38%
Free cash flow (FY, OCF − capex) — not a cap (leverage 2.1x)8 bn RUB
Recent actual dividend (3-yr median)98.92 ₽
= Forecast dividend per share158.27 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.2%
Historical yield spread to rate (3-yr median)-12.5 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price2996 ₽
Forecast dividend yield5.3%
Fair price (dividend-based)2340 ₽

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

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.

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.
20.07.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «Группа Черкизово» установило S-спред для своих биржевых облигаций серии БО-002Р-04 на уровне 1,65% годовых. Это событие может существенно повлиять на стоимость и котировки ценных бумаг компании.
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.

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.

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 4.3x (price to trailing 12-month earnings).
What is Cherkizovo (GCHE)'s EV/EBITDA?
Cherkizovo (GCHE) trades at 150.8x 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 1.8 bn USD.