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IVA Technologies (IVAT) RUB

At a glance: strengths & risks
✓Low leverage (0.3x EBITDA)✓Cheaper than own history (EV/EBITDA 3.8 vs avg 9.0)✗Profit falling (-25%)✗Margins compressing (67%→63%)

Sector: Information Technology

RU_IVAT

Price chart

68.95 RUBDay -0.36%

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
68.95 RUB · -0.36%
Market cap
6.9 bn RUB

Growth

Δ revenue y/y
-5.5%
Δ EBITDA y/y
-8.2%

Multiples

P/E (LTM)
4.8x
3y avg: 11.2x
P/B (FY)
1.4x
P/E (ann.)
3.1x
EV/EBITDA (LTM)
3.8x
3y avg: 9.0x
EV/EBITDA (ann.)
2.6x

Cash return

Dividend yield
3.9%
FCF yield (LTM)
24.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
-12.7%
↓ details

Liquidity

Daily turnover (MOEX)
45.9 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 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.

DatePeriodStatusRevenueM RUBOperating profitM RUBD&AM RUBEBITDAM RUBNet profitM RUBOperating CFM RUBCapex + M&AM RUBAssetsM RUBEquityM RUBROE (annualized)Net debtM RUBSource
2025-12-31H2 2025 (6M)OK2133.3
y/y -5.5%
1264.0
y/y -12.5%
191.3
y/y 36.8%
1455.3
y/y -8.2%
1115.9
y/y -20.2%
761.0-5.98585.4
y/y 22.7%
6524.1
y/y 27.9%
23.9%696.8Report (PDF)
2025-06-30H1 2025 (6M)OK1069.6
y/y 0.1%
359.1
y/y -29.3%
191.7
y/y 53.9%
550.9
y/y -12.9%
307.6
y/y -38.4%
911.3-4.07424.6
y/y 34.0%
5408.2
y/y 46.1%
11.7%584.7Report (PDF)
2024-12-31H2 2024 (6M)OK2258.3
y/y 30.3%
1445.2
y/y 13.3%
139.8
y/y 59.0%
1585.0
y/y 16.2%
1398.9
y/y 9.4%
1458.5-46.56994.9
y/y 41.3%
5100.6
y/y 34.5%
43.1%434.6Report (PDF)
2024-06-30H1 2024 (6M)OK1068.5
y/y 48.2%
508.0
y/y 5.7%
124.6
y/y 58.4%
632.6
y/y 13.1%
499.0
y/y 3.0%
254.3-13.25539.6
y/y 11.9%
3701.7
y/y -2.4%
26.6%609.6Report (PDF)
2023-12-31H2 2023 (6M)OK1732.7
y/y —
1276.0
y/y —
87.9
y/y —
1363.9
y/y —
1279.3
y/y —
154.2-14.64952.1
y/y —
3792.3
y/y —
46.5%-48.4Report (PDF)
2023-06-30H1 2023 (6M)OK721.1
y/y —
480.6
y/y —
78.7
y/y —
559.2
y/y —
484.4
y/y —
548.2-0.64952.1
y/y —
3792.3
y/y —
—-197.0—

Net debt structure (leases included, IFRS 16) 2025-06-30

Short-term debt (incl. ST leases)503
Long-term debt (incl. LT leases)180
− Cash & equivalents99
Net debt585

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

05001 0001 5002 0002 5002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-20%0%20%40%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF (₽ mln)

-400-20002004006002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (₽ mln)

-20002004006002023 H12023 FY2024 H12024 FY2025 H12025 FY

Profit and cash

Worth a look
In a typical year of 2022–2025 operating cash flow came to 0.97x of reported net profit; after capex, 0.95x.
year2022202320242025
cash flow / profit1.04x0.40x0.90x1.18x
accruals, % of assets-1.2%21.4%2.6%-2.9%
Last twelve months (to 2025-12-31): 1.18x of profit came back as operating cash flow.
net debt / EBITDA 0.3x · capex 0.1x of depreciation · dividends 26% of free cash flow
● Capex is 9% 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.

Fundamental value creation

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

Value created per year: -12.7%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2025-12-31 vs 2024-12-31)
= (1 455 − 1 585) × 1.38
-179
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (6 895 + 697) ÷ 2 006
3.8x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (3.8 + 6.5) ÷ 2
5.1x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -258 + 300 + 0 − 0
42
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-179 × 5.1 + 42) ÷ 6 895
-12.7%

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)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -4% vs +36% the year before — a -39.3 pp move. 3-year CAGR +32%.
revenue growth by year: 2023 +77% · 2024 +36% · 2025 -4%
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: +4%

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)1 bn RUB
Payout ratio34%
Free cash flow (FY, OCF − capex) — not a cap (leverage 0.3x)2 bn RUB
Recent actual dividend (3-yr median)3.00 ₽
= Forecast dividend per share4.79 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-14.2 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price67.95 ₽
Forecast dividend yield7.0%
Fair price (dividend-based)70.78 ₽

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

Dividend history

Pay yearDividend /sh
20253.00 ₽
Payments by period
PeriodEx-date/sh
2025 q32025-07-143.00 ₽

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. 6 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

10.07.26Filing★ ▲ Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора
ПАО 'ИВА' изменило кредитный рейтинг с A-.ru (прогноз 'стабильный') на A-.ru (прогноз 'позитивный') 9 июля 2026 года. Рейтинг присвоен Обществом с ограниченной ответственностью 'Национальные Кредитные Рейтинги'.
04.06.26Material event★ ▼ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «ИВА» сообщила о снижении выручки на 64% в 1 квартале 2026 года до 53,8 млн руб. из-за переноса сроков реализации проектов, однако совокупная выручка Группы за 4 месяца выросла на 4% до 209,4 млн руб. Компания планирует продолжить развитие продуктового портфеля и внедрение ИИ-технологий.
25.05.26AGM / Board★ ▼ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО 'ИВА' принял решение не распределять прибыль за 2025 год и не производить выплату дивидендов. Также были включены кандидаты для голосования на годовом собрании акционеров. Кворум для принятия решений был соблюден, все голосования прошли единогласно.
05.08.26BuybackПриобретение лицом права распоряжаться определенным количеством голосов, приходящихся на голосующие акции (доли), составляющие уставный капитал эмитента
Акционерное общество «Сбербанк КИБ» приобрело право прямого распоряжения 14,8% голосов, приходящихся на 14 811 788 голосующих акций ПАО 'ИВА'. До этого у него было 22,5% голосов на 22 528 962 акции. Приобретение произошло на основании доли участия в эмитенте.
29.06.26AGM / BoardРешения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО 'ИВА', которое состоится 26 июня 2026 года в Москве, было решено не распределять прибыль за 2025 год и не выплачивать дивиденды. Также избран новый Совет директоров и назначена аудиторская организация на 2026-2028 годы.

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 IVA Technologies (IVAT) — from primary filings.

Frequently asked questions

What is IVA Technologies (IVAT)'s P/E ratio?
IVA Technologies (IVAT) trades at a P/E of 4.8x (price to trailing 12-month earnings).
What is IVA Technologies (IVAT)'s EV/EBITDA?
IVA Technologies (IVAT) trades at 3.8x EV/EBITDA.
What is IVA Technologies (IVAT)'s P/B ratio?
IVA Technologies (IVAT) trades at a P/B of 1.4x.
What is IVA Technologies (IVAT)'s dividend yield?
IVA Technologies (IVAT)'s trailing 12-month dividend yield is 3.9%.
What is IVA Technologies (IVAT)'s return on equity (ROE)?
IVA Technologies (IVAT)'s ROE is 34.2%.
What is IVA Technologies (IVAT)'s market capitalization?
IVA Technologies (IVAT)'s market cap is 6.9 bn RUB.

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