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IVA Technologies (IVAT) RUB

IVA Technologies develops Russian corporate communications software: video-conferencing, messaging and telephony platforms sold to government bodies and large enterprises as alternatives to foreign products.

At a glance: strengths & risks
✓Margins improving (-42%→-37%, H1 2026)✓Low leverage (0.3x EBITDA)✓Cheaper than own history (EV/EBITDA 3.9 vs avg 9.0)✗Revenue declining (-9% y/y, H1 2026)✗Profit falling (-72% y/y, H1 2026)

Sector: Information Technology

RU_IVAT

Price chart

65.65 RUBDay 0.92%

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
65.65 RUB · 0.92%
Market cap
6.6 bn RUB

Growth

Δ revenue y/y
-8.5%
Δ EBITDA y/y
-9.5%

Multiples

P/E (LTM)
5.5x
3y avg: 11.2x
P/B (FY)
1.3x
P/E (ann.)
38.1x
EV/EBITDA (LTM)
3.9x
3y avg: 9.0x
EV/EBITDA (ann.)
<0

Cash return

Dividend yield
—
FCF yield (LTM)
19.9%

Value creation

fundamental value/yr, % of market cap
Value created / year
+24.6%
↓ details

Liquidity

Daily turnover (MOEX)
35.6 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 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
2026-06-30H1 2026 (6M)OK978.3
y/y -8.5%
-412.8
y/y —
54.0
y/y 50.0%
-358.8
y/y —
86.2
y/y -72.0%
556.7-173.59147.1
y/y 23.2%
6654.4
y/y 23.0%
2.6%1600.7Report (PDF)
2025-12-31H2 2025 (6M)OK2133.3
y/y -5.5%
2112.8
y/y 46.2%
347.0
y/y 148.2%
2459.8
y/y 55.2%
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%
-489.7
y/y -196.4%
36.0
y/y -71.1%
-453.7
y/y -171.7%
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%-48.0Report (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 —
—-197.0Evidence

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)1 156
Long-term debt (incl. LT leases)496
− Cash & equivalents51
Net debt1 601

Net debt / LTM EBITDA: 0.8x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-1 00001 0002 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-200%-100%0%100%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (₽ mln)

-400-20002004006002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

-50005001 0001 5002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

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 2026-06-30): 1.10x of profit came back as operating cash flow.
net debt / EBITDA 0.3x · capex 0.1x of depreciation · dividends 22% 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

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

Value created per year: +24.8%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X
= —
95
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (6 565 + 1 601) ÷ 2 101
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
= -418 + 0 + 0 − 0
1 138
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (95 × 5.2 + 1 138) ÷ 6 565
+24.8%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • LTM EBITDA = FY2025 + H12026 - H12025 (cumulative-YTD reporter); ΔEBITDA vs prior full year

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).

EV/EBITDA — daily history

Current 3.9x · 3-year 75th pct 12.7x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Information Technology. 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
MICRON TECHNOLOGY INCUS1157.610.3x1.8x
ORACLE CORPUS427.616.5x2.9x
MICROSOFT CORPUS3987.920.9x3.7x
NVIDIA CORPUS5572.427.8x4.8x
TEXAS INSTRUMENTS INCUS259.128.3x4.9x
Apple Inc.US4973.329.1x5.1x
CISCO SYSTEMS, INC.US467.230.0x5.2x
Broadcom Inc.US1754.632.1x5.6x
APPLIED MATERIALS INC /DEUS402.141.3x7.2x
INTEL CORPUS522.945.6x7.9x
LAM RESEARCH CORPUS399.046.0x8.0x
Arista Networks, Inc.US276.559.1x10.3x
Group median29.6x5.2x
Group average32.3x5.6x
This companyRussia0.13.9x3.9x

Group median 29.6x as traded, 5.2x adjusted; this company 3.9x — a 25% discount.

Group average 32.3x as traded, 5.6x adjusted; against the average this company is at a 31% discount.

At the adjusted group median the market cap would be +35% 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 23.5x, Russia 4.1x, South Africa 5.1x, Kazakhstan 6.5x, India 18.6x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-12; the company's own is live.

Dividend potential

Dividend-model upside: -8%

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 share4.04 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-14.4 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price64.85 ₽
Forecast dividend yield6.2%
Fair price (dividend-based)59.63 ₽

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

Three-year model and IRR with caveats

Expected IRR: +17% (bear +4% … bull +37%)

price in 3 years 90.26 ₽ (+39% к 64.80 ₽); dividends along the way 11.67 ₽ (+18% цены); base — LTM на 2026-06-30 (H1)

Metric, RUB mlnLTM, actual
12m to 30.06.2026
2027
12m to 30.06
2028
12m to 30.06
2029
12m to 30.06
Revenue3.1 bn3.2 bn3.3 bn3.4 bn
Revenue growth—+2%+4%+5%
EBITDA2.1 bn1.9 bn2.0 bn2.1 bn
EBITDA margin67.5%60.0%59.8%59.5%
less D&A401405414427
EBIT1.7 bn1.5 bn1.5 bn1.6 bn
less net interest—15351-18
less tax92336375411
Net profit1.2 bn1.0 bn1.1 bn1.2 bn
Capex179324332341
Capex to revenue5.8%10.2%10.1%9.9%
Free cash flow1.1 bn
operating cash flow less capex
1.2 bn1.3 bn1.4 bn
Net debt1.0 bn233-688-1.7 bn
Net debt / EBITDA0.5x0.1x-0.3x-0.8x
Dividend per share3.00 ₽3.75 ₽3.78 ₽4.14 ₽
Yield on current price4.6%5.8%5.8%6.4%
Where the growth comes from
Revenue-growth sourceweightgrowth: yr 1 · 2 · 3
Realised pace (acceleration/deceleration)
LTM YoY -6%; acceleration -25.3pp
LTM г/г по отчётности		100%+2% · +4% · +5%
Model assumptions
Exit multipleEV/EBITDA 3.57x (2.86x…5.22x)
No re-rating: min(current 3.6x, three-year median 9.8x). Re-rating to 5.2x on a falling rate is the bull case
Second valuation: discounted cash flow142 ₽ (discount 13.1%, terminal growth 4.0%)
79% of that value sits beyond the three-year horizon
Key rate by year13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year)
Cost inflation6.2% · 5.6% · 5.3%
Dividend policy34% of net profit, capped by cash flow
EBITDA calibration×0.89
Year-3 EBITDA margin target66.7%
Current CPI (actual)6.3%, на 2026-08-31
Capexcapex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does
D&Agrows slower than revenue — elasticity 0.6: assets outlive the sales they carry
Interestgross 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
Tax25% of pre-tax profit when positive; losses earn no tax credit
Working capitalneutral: FCF = EBITDA − capex − interest − tax
Governanceno flags: the dividend has not faded against profit, payouts were not suspended, no audit qualification and no manual penalty — quality multiplier 1.00
Forecast accuracy measured on history
Historical forecast checkobsmedian errorbias±20%
Revenue523%1.00x40%
EBITDA527%1.12x40%
Net profit514%0.90x80%

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 — 230 ₽; Frontier див-модель — 59.63 ₽. Ours on the same horizon — 65.58 ₽. Dropped as broken: eninvs DividendPrediction (2.417)

Checks and caveats
  • ⚠ Growth rests on a single source (momentum)
  • ⚠ Year-3 margin 60% is below the worst year on record (63%), though inside tolerance
  • ⚠ Historical check (5 observations): median EBITDA miss 16.9 pp of margin, within ±5 pp in 20% of cases, relative error 27% at bias 1.12x, revenue 23%
  • ⚠ The debt build-up beyond cash flow could not be measured: 0 usable years, 3 discarded (perimeter change, asset sale, revaluation). The forecast runs without it — where it could be measured it adds about 5% of revenue a year to debt
  • ✓ Revenue CAGR +3%
  • ✓ Year-3 net debt/EBITDA -0.8x
  • ✓ Three-year dividends — 18% of the current price
  • ✓ IRR +17%
  • ✓ Base is fresh: report 3 months old
  • ✓ Exit multiple and discounted cash flow agree (90 vs 142, 0.63x); in the DCF 79% of value sits in the terminal value
  • ✓ The formula undercounts cash: over 4 reported years free cash flow came to 1.08 of 'EBITDA less capex, interest and tax', and the excess held in 3 of 4 years. The forecast is scaled up 1.08x — never above 1.3, which would extrapolate a good year
  • ✓ One-year value agrees with an independent estimate: Frontier див-модель (1.10x). Compared with: eninvs Company_Forecast, Frontier див-модель
  • The model historically overstated this name's EBITDA by 1.12x (5 observations), so the path is trimmed by 11%.

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.

Dividend history

Pay yearDividend /sh
20253.00 ₽
Payments by period
PeriodLast day to buy/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.

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

28.08.26Material event★ ▼ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «ИВА» объявило аудированные результаты за 6 месяцев 2026 года: выручка составила 978,3 млн руб., EBITDA — 431 млн руб. Компания ожидает выручку свыше 3 млрд руб. по итогам 2026 года. Также подтвержден кредитный рейтинг на уровне A- с позитивным прогнозом.
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'.
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.
04.09.26BuybackПриобретение лицом права распоряжаться определенным количеством голосов, приходящихся на голосующие акции (доли), составляющие уставный капитал эмитента
Акционерное общество «Сбербанк КИБ» приобрело прямое распоряжение 15 013 860 голосами, что составляет 15,01% уставного капитала ПАО 'ИВА'. Ранее у него было 14 949 979 голосов (14,95%). Основание для приобретения - доля 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 5.5x (price to trailing 12-month earnings).
What is IVA Technologies (IVAT)'s EV/EBITDA?
IVA Technologies (IVAT) trades at 3.9x EV/EBITDA.
What is IVA Technologies (IVAT)'s P/B ratio?
IVA Technologies (IVAT) trades at a P/B of 1.3x.
What is IVA Technologies (IVAT)'s return on equity (ROE)?
IVA Technologies (IVAT)'s ROE is 2.6%.
What is IVA Technologies (IVAT)'s market capitalization?
IVA Technologies (IVAT)'s market cap is 6.6 bn RUB.

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