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KuybyshevAzot PAO (KAZT) USD

KuibyshevAzot is a chemical company in Tolyatti producing caprolactam, polyamide and technical yarns, ammonia and nitrogen fertilizers.

At a glance: strengths & risks
✓Profit growing (+60% y/y, H1 2026)✓Margins improving (20%→27%, H1 2026)✓Low leverage (0.4x EBITDA)✓Cheaper than own history (EV/EBITDA 2.9 vs avg 5.9)

Sector: Chemicals

RU_KAZT

Price chart

364 RUBDay 1.11%

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
364 RUB · 1.11%
Market cap
792 mln USD

Growth

Δ revenue y/y
8.0%
Δ EBITDA y/y
49.0%

Multiples

P/E (LTM)
7.9x
3y avg: 10.4x
P/B (FY)
0.6x
P/E (ann.)
5.5x
EV/EBITDA (LTM)
2.9x
3y avg: 5.9x
EV/EBITDA (ann.)
2.4x

Cash return

Dividend yield
—
FCF yield (LTM)
20.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+114.5%
↓ details

Liquidity

Daily turnover (MOEX)
2.4 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)OK548.7
y/y 8.0%
82.6
y/y 99.2%
66.1
y/y 13.4%
148.8
y/y 49.0%
72.2
y/y 81.0%
127.0-30.12162.8
y/y 8.7%
1339.5
y/y 8.4%
11.1%-71.1Report (PDF)
2025-12-31H2 2025 (6M)OK502.8
y/y 27.0%
37.4
y/y -35.5%
59.3
y/y 86.8%
96.8
y/y 7.8%
27.8
y/y -55.1%
86.8-41.91834.1
y/y 16.0%
1258.5
y/y 35.5%
5.4%80.2Report (PDF)
2025-06-30H1 2025 (6M)OK508.0
y/y 6.7%
41.5
y/y -32.6%
58.3
y/y 100.0%
99.8
y/y 10.0%
39.9
y/y -44.7%
146.5-44.51989.3
y/y 44.5%
1236.2
y/y 18.0%
7.4%74.0Report (PDF)
2024-12-31H2 2024 (6M)OK397.9
y/y -2.4%
58.2
y/y 10.9%
31.8
y/y 24.8%
90.0
y/y 15.5%
62.1
y/y 276.1%
49.6-62.01581.0
y/y —
928.9
y/y —
13.6%209.3Report (PDF)
2024-06-30H1 2024 (6M)OK484.8
y/y -15.4%
62.7
y/y -56.4%
29.7
y/y 3.7%
92.4
y/y -46.4%
73.5
y/y -47.2%
52.1-40.31377.1
y/y -0.4%
1047.4
y/y 6.2%
—-36.6Evidence
2023-12-31H2 2023 (6M)PARTIAL463.6
y/y —
71.5
y/y —
27.8
y/y —
99.3
y/y —
38.4
y/y —
53.3-26.4—
y/y —
—
y/y —
—-101.6Evidence
2023-06-30H1 2023 (6M)OK495.1
y/y —
124.2
y/y —
24.7
y/y —
148.9
y/y —
120.2
y/y —
36.2-51.71382.6
y/y —
986.1
y/y —
—-129.6Evidence

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

Short-term debt (incl. ST leases)8
Long-term debt (incl. LT leases)453
− Cash & equivalents532
Net debt-71

Net debt / LTM EBITDA: -0.3x

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)

02004006002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-50%-25%0%25%50%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

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

-500501001502023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash ($ mln)

-200-10001002003002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2020–2025 operating cash flow came to 1.22x of reported net profit; after capex, 1.03x.
year20202021202320242025
cash flow / profit11.40x1.22x0.60x0.75x3.46x
accruals, % of assets-0.2%——1.9%-9.7%
Last twelve months (to 2026-06-30): 2.15x of profit came back as operating cash flow.
net debt / EBITDA 0.4x · capex 1.2x of depreciation · dividends 12% 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 →

Key-commodity price — Polyamide CFR Asia

Current 2 952spot vs LTM +26%

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 company's 3-YEAR MEDIAN EV/EBITDA (clamped to 1-10x). Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 81 vs LTM-avg 79 → ×1.03 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): +114% · spot +149% · 3-yr +80%

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

1 · Reported baseline (LTM to 2026-06-30)
Revenue82.2 bln RUB
EBITDA19.1 bln RUB
Cash costs (revenue − EBITDA)63.1 bln RUB
2 · Revenue projection
Multiplier — spot×1.17 (+17%)
= Spot revenue95.9 bln RUB
Multiplier — 3-yr prices×1.07 (+7%)
= 3-yr-price revenue87.7 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs66.2 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA29.6 bln RUB
= 3-yr-price EBITDA21.5 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/225.5 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))25.5 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)5.4x
Target EV = EV/EBITDA × conservative EBITDA138.5 bln RUB
Net debt (as of 2026-06-30)746 mln RUB
Target market cap = EV − net debt137.8 bln RUB
Current market cap64.2 bln RUB

Upside = target market cap ÷ current − 1 = +114%

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)
Polyamide CFR Asia30%2 951.762 338.00+26%+29%+16%
AN (Black Sea)18%660.63572.00+15%+18%+5%
Ammonia (Black Sea)17%423.78338.24+25%+28%+18%
Urea (FOB China)11%400.00462.79-14%-11%-11%
UAN (Black Sea)6%487.50434.25+12%+15%-18%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +4% vs +0% the year before — a +4.0 pp move. 3-year CAGR —.
revenue growth by year: 2023 -7% · 2024 +0% · 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 3.0x · 3-year 75th pct 5.4x

EV/EBITDA3-year 75th pct

Peer comparison

Group: materials (Russia). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
MMKRussia3.22.8x
NLMKRussia5.53.6x
Yuzhuralzoloto GroupRussia1.93.6x
PolyusRussia12.83.6x
NornickelRussia21.35.0x
SeligdarRussia0.55.2x
SeverstalRussia7.26.1x
PhosagroRussia9.07.3x
AlrosaRussia1.97.9x
RusalRussia4.610.5x
AcronRussia8.713.6x
TMK (pipe)Russia0.916.3x
Group median5.7x
Group average7.1x
This companyRussia0.82.9x

Group median 5.7x; this company 2.9x — a 48% discount.

Group average 7.1x; against the average this company is at a 59% discount. The average sits 26% above the median: TMK (pipe) (16.3x) skews the group.

At the adjusted group median the market cap would be +102% 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 20.5x, Russia 3.6x, South Africa 5.0x, Kazakhstan 4.6x, India 18.7x, Indonesia 5.6x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; 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

Pay yearDividend /sh
202620.00 ₽
20256.50 ₽
202422.00 ₽
202349.00 ₽
202232.40 ₽
202116.85 ₽
20197.00 ₽
20185.00 ₽
Payments by period
PeriodLast day to buy/sh
2026 q42026-11-3020.00 ₽
2025 q32025-09-224.00 ₽
2025 q22025-05-232.50 ₽
2024 q42024-12-027.00 ₽
2024 q22024-05-2415.00 ₽
2023 q42023-12-1114.00 ₽
2023 q22023-05-1835.00 ₽
2022 q32022-09-2915.00 ₽
2022 q22022-05-1917.40 ₽
2021 q42021-12-2010.00 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 1 (1 positive), last 30 days: 1 (1 positive) across tracked channels, broker research and shows. 2 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

22.10.26Filing★ ▲ Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора
Кредитный рейтинг ПАО 'КуйбышевАзот' изменен с A+(RU) с прогнозом 'Стабильный' на A+(RU) с прогнозом 'Позитивный' 21.10.2026. Изменение рейтинга подтверждает надежность компании для инвесторов.
21.10.26Filing★ Совершение эмитентом существенной сделки
ПАО 'КуйбышевАзот' приняло решение о проведении крупной сделки, которая включает в себя предоставление согласия на заключение Договора Залога Прав по Договору Займа. Размер сделки составляет 18,5 млрд. руб., что составляет 11% от стоимости активов компании, которая на последнюю отчетную дату составила 168,2 млрд. руб.
21.10.26Filing★ ▼ Совершение эмитентом сделки, в совершении которой имеется заинтересованность
ПАО 'КуйбышевАзот' согласовало крупную сделку, связанную с предоставлением залога прав по договору займа, общей стоимостью до 18,5 млрд. руб. Срок исполнения обязательств по сделке установлен до 15.10.2036. Общее собрание акционеров одобрило сделку 15.05.2026.
16.10.26AGM / Board★ ▲ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО 'КуйбышевАзот' единогласно принял решение о распределении нераспределенной прибыли в размере 3,6 млрд. руб. на выплату дивидендов по 20 руб. на акцию. Дата определения лиц, имеющих право на получение дивидендов, установлена на 1 декабря 2026 года.
28.07.26Filing★ Созыв общего собрания участников (акционеров)
ПАО «КуйбышевАзот» проведет внеочередное общее собрание акционеров с заочным голосованием 7 сентября 2026 года. Установлены цены выкупа акций: 412,06 руб. за обыкновенную и 419,17 руб. за привилегированную акцию. Срок для предъявления требований о выкупе акций истекает 22 октября 2026 года.
22.10.26BuybackПриобретение подконтрольной эмитенту организацией голосующих акций (долей) эмитента или депозитарных расписок на акции эмитента
Подконтрольная эмитенту организация приобрела 3 тыс. голосующих акций ПАО 'КуйбышевАзот', увеличив свою долю до 4,75%. Приобретение произошло на основании договора купли-продажи, а дата события - 21.10.2026.
09.09.26AGM / BoardРешения общих собраний участников (акционеров)
На внеочередном собрании акционеров ПАО 'КуйбышевАзот' 7 сентября 2026 года было предложено реорганизовать компанию путем присоединения к ней ООО 'Новаком'. Однако решение не было принято, так как 73,99% голосов высказались 'ЗА', что не дало необходимого кворума для одобрения.

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 KuybyshevAzot PAO (KAZT) — from primary filings.

Frequently asked questions

What is KuybyshevAzot PAO (KAZT)'s P/E ratio?
KuybyshevAzot PAO (KAZT) trades at a P/E of 7.9x (price to trailing 12-month earnings).
What is KuybyshevAzot PAO (KAZT)'s EV/EBITDA?
KuybyshevAzot PAO (KAZT) trades at 2.9x EV/EBITDA.
What is KuybyshevAzot PAO (KAZT)'s P/B ratio?
KuybyshevAzot PAO (KAZT) trades at a P/B of 0.6x.
What is KuybyshevAzot PAO (KAZT)'s return on equity (ROE)?
KuybyshevAzot PAO (KAZT)'s ROE is 11.1%.
What is KuybyshevAzot PAO (KAZT)'s market capitalization?
KuybyshevAzot PAO (KAZT)'s market cap is 792 mln USD.

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