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Henderson (HNFG) USD

Henderson is a Russian menswear retailer selling suits, outerwear and casual clothing under its own brand through salons in shopping centres and online.

At a glance: strengths & risks
✓Low leverage (0.2x EBITDA)✓Cheaper than own history (EV/EBITDA 1.8 vs avg 3.3)✗Profit falling (-53% y/y, H1 2026)

Sector: Retail

RU_HNFG

Price chart

289 RUBDay -0.28%

Key metrics

Net debt (table and EV/EBITDA): as the issuer reports it, before IFRS 16 — lease obligations are a cost, not debt, and the EBITDA beside it is on the same basis. Amounts in millions of the reporting currency.

Market

Price
289 RUB · -0.28%
Market cap
145 mln USD

Growth

Δ revenue y/y
17.5%
Δ EBITDA y/y
12.4%

Multiples

P/E (LTM)
6.4x
3y avg: 9.5x
P/B (FY)
1.1x
P/E (ann.)
12.3x
EV/EBITDA (LTM)
1.8x
3y avg: 3.3x
EV/EBITDA (ann.)
2.0x

Cash return

Dividend yield
10.0%
FCF yield (LTM)
16.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
+13.5%
↓ details

Liquidity

Daily turnover (MOEX)
6 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 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30H1 2026 (6M)OK146.4
y/y 17.5%
24.1
y/y -0.2%
21.8
y/y 30.7%
45.8
y/y 12.4%
5.9
y/y -46.8%
19.8-17.2351.5
y/y 15.1%
124.9
y/y 7.8%
9.4%42.4Report (PDF)
2025-12-31H2 2025 (6M)OK164.1
y/y 34.7%
38.5
y/y 19.4%
19.7
y/y 42.0%
58.2
y/y 26.2%
16.6
y/y -1.9%
44.5-23.2338.5
y/y 52.5%
127.1
y/y 44.7%
22.5%25.1Report (PDF)
2025-06-30H1 2025 (6M)OK124.6
y/y 21.5%
24.1
y/y -4.4%
16.7
y/y 19.4%
40.8
y/y 4.1%
11.1
y/y -30.2%
14.0-18.2305.4
y/y 25.9%
115.8
y/y 23.7%
21.8%34.9Report (PDF)
2024-12-31H2 2024 (6M)OK123.6
y/y 12.7%
32.7
y/y -0.6%
14.2
y/y 13.3%
46.8
y/y 3.3%
17.2
y/y -13.4%
29.5-10.4221.9
y/y -0.9%
87.8
y/y 0.9%
36.2%4.9Report (PDF)
2024-06-30H1 2024 (6M)OK102.6
y/y 12.4%
25.2
y/y 15.6%
14.0
y/y -0.7%
39.2
y/y 9.2%
15.9
y/y 91.1%
17.0-10.4242.6
y/y 30.6%
93.6
y/y 132.1%
35.2%10.9Report (PDF)
2023-12-31H2 2023 (6M)OK105.3
y/y —
31.1
y/y —
12.3
y/y —
43.4
y/y —
18.5
y/y —
29.0-7.2223.9
y/y —
87.1
y/y —
44.3%-5.6Report (PDF)
2023-06-30H1 2023 (6M)OK91.3
y/y —
21.8
y/y —
14.1
y/y —
35.9
y/y —
8.3
y/y —
23.8-9.0185.8
y/y —
40.3
y/y —
—39.9Report (PDF)

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: 2026-01-01 — 2026-06-30. Source: Bank of Russia R01235. Rates

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0501001502002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

0%10%20%30%40%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

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

-1001020302023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash ($ mln)

-10010203040502023 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 1.92x of reported net profit; after capex, 0.78x.
year20212022202320242025
cash flow / profit5.50x0.92x1.92x1.41x2.08x
accruals, % of assets-21.3%1.1%-10.8%-5.5%-9.4%
Last twelve months (to 2026-06-30): 2.85x of profit came back as operating cash flow.
net debt / EBITDA 0.2x · capex 0.8x of depreciation · dividends 40% 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 →

Quality / corporate governance

Potential discount −13% (factor 0.87)

This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +13.5%

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)
= (46 − 41) × 2.27
3
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (145 + 42) ÷ 104
1.8x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (1.8 + 6.5) ÷ 2
4.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -7 + 15 + 0 − 0
8
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (3 × 4.2 + 8) ÷ 145
+13.5%

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)
  • growth discounted x0.25: EBITDA grew but net profit FELL while net debt rose - debt-funded growth not reaching equity (interest drag)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +15% vs +24% the year before — a -9.5 pp move. 3-year CAGR +24%.
revenue growth by year: 2023 +35% · 2024 +24% · 2025 +15%
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 1.8x · 3-year 75th pct 3.6x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Retail. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Fix PriceRussia0.51.2x1.2x
MagnitRussia1.52.0x2.0x
Magazine LuizaBrazil1.94.3x2.3x
LentaRussia2.52.7x2.7x
VseInstrumentiRussia0.52.7x2.7x
Woolworths HoldingsSouth Africa2.13.7x2.7x
X5 Retail GroupRussia6.92.9x2.9x
BelugaRussia0.33.1x3.1x
The Foschini GroupSouth Africa0.94.9x3.6x
Abrau DursoRussia0.25.0x5.0x
Shoprite HoldingsSouth Africa11.17.0x5.2x
OKEYRussia0.25.5x5.5x
Group median3.4x2.8x
Group average3.8x3.2x
This companyRussia0.11.8x1.8x

Group median 3.4x as traded, 2.8x adjusted; this company 1.8x — a 36% discount.

Group average 3.8x as traded, 3.2x adjusted; against the average this company is at a 45% discount.

At the adjusted group median the market cap would be +67% 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 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 18.6x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-24; the company's own is live.

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

Paid, trailing 12-mo: 29.00 RUB/sh · 10.0%

Pay yearDividend /sh
202617.00 ₽
202532.00 ₽
202448.00 ₽
Payments by period
PeriodLast day to buy/sh
2026 q22026-06-0517.00 ₽
2025 q42025-12-0112.00 ₽
2025 q22025-05-3020.00 ₽
2024 q42024-12-0618.00 ₽
2024 q22024-05-3130.00 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

16.10.26AGM / Board★ ▲ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО ХЭНДЕРСОН ФЭШН ГРУПП рекомендовал выплату дивидендов в размере 8 руб. на акцию по результатам 9 месяцев 2026 г. Дата определения лиц, имеющих право на получение дивидендов, установлена на 07 декабря 2026 г.
16.10.26Filing★ ▲ Созыв общего собрания участников (акционеров)
ПАО ХЭНДЕРСОН ФЭШН ГРУПП проведет внеочередное общее собрание акционеров 20 ноября 2026 года с заочным голосованием. На повестке дня стоит вопрос о выплате промежуточных дивидендов в размере 8 руб. на одну обыкновенную акцию по результатам 9 месяцев 2026 года.
15.10.26Material event★ ▼ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
15 октября 2026 года компания HENDERSON объявила о росте выручки на 5% за III квартал 2026 года, составившей 7,2 млрд руб. Основные каналы продаж показали положительную динамику, в то время как выручка внешних каналов снизилась на 13,6%. Дата раскрытия данных за IV квартал запланирована на 21 января 2027 года.
27.05.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
Компания ПАО ХЭНДЕРСОН ФЭШН ГРУПП определила дату 8 июня 2026 года для фиксации лиц, имеющих право на получение дивидендов по обыкновенным акциям за 1 квартал 2026 года. Протокол общего собрания акционеров был составлен 27 мая 2026 года.
15.05.26Filing★ ▲ Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора
15 мая 2026 года ПАО ХЭНДЕРСОН ФЭШН ГРУПП присвоен кредитный рейтинг ruAA-, изменившийся с ruA+. Рейтинг был присвоен агентством 'Эксперт РА'.
15.05.26Filing★ ▲ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора
15 мая 2026 года ПАО ХЭНДЕРСОН ФЭШН ГРУПП присвоен кредитный рейтинг ruAA- для облигаций с идентификационным номером 4B02-01-03109-G-001P. Рейтинг изменился с ruA+ на ruAA-.
30.06.26AGM / BoardРешения общих собраний участников (акционеров)
На общем собрании акционеров ПАО ХЭНДЕРСОН ФЭШН ГРУПП, состоявшемся 25 июня 2026 года, было принято решение не распределять прибыль за 2025 год в размере 21,843 млн. руб. и не выплачивать дивиденды. Установлены размеры вознаграждений членам Совета директоров на 2025-2026 год: базовое вознаграждение 3,3 млн. руб. и дополнительное 3,3 млн. руб. за участие в комитетах.

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 Henderson (HNFG) — from primary filings.

Frequently asked questions

What is Henderson (HNFG)'s P/E ratio?
Henderson (HNFG) trades at a P/E of 6.4x (price to trailing 12-month earnings).
What is Henderson (HNFG)'s EV/EBITDA?
Henderson (HNFG) trades at 1.8x EV/EBITDA.
What is Henderson (HNFG)'s P/B ratio?
Henderson (HNFG) trades at a P/B of 1.1x.
What is Henderson (HNFG)'s dividend yield?
Henderson (HNFG)'s trailing 12-month dividend yield is 10.0%.
What is Henderson (HNFG)'s return on equity (ROE)?
Henderson (HNFG)'s ROE is 9.4%.
What is Henderson (HNFG)'s market capitalization?
Henderson (HNFG)'s market cap is 145 mln USD.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
HENDERSON15.6%19.5%102.71+0.17%4.6M7.3M05.2027

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