Lenta is a Russian food retailer operating hypermarkets, supermarkets and, after acquiring Monetka, a large chain of convenience stores across the country.
Sector: Retail
RU_LENT
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.
Shares: connector/market_inputs
Monetary columns are in B 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.
| Date | Period | Status | RevenueB RUB | Operating profitB RUB | D&AB RUB | EBITDAB RUB | Net profitB RUB | Operating CFB RUB | Capex + M&AB RUB | AssetsB RUB | EquityB RUB | ROE (annualized) | Net debtB RUB | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | H1 2026 (6M) | OK | 648.5 y/y 26.2% | 31.7 y/y -0.2% | 26.6 y/y 30.7% | 58.3 y/y 11.9% | 10.7 y/y -25.5% | 20.0 | -30.0 | 689.3 y/y 38.5% | 190.7 y/y 16.8% | — | 117.4 | Report (PDF) |
| 2026-03-31 | Q1 2026 (3M) | PARTIAL | — y/y — | — y/y — | — y/y — | — y/y — | — y/y — | 10.0 | -14.7 | — y/y — | — y/y — | — | 70.3 | Report (PDF) |
| 2025-12-31 | H2 2025 (6M) | OK | 589.7 y/y 24.2% | 38.5 y/y 25.9% | 22.4 y/y 24.4% | 60.9 y/y 25.4% | 20.5 y/y 68.1% | 66.6 | -25.7 | 604.5 y/y 22.0% | 180.1 y/y 20.8% | 20.3% | 48.8 | Report (PDF) |
| 2025-06-30 | H1 2025 (6M) | OK | 513.9 y/y 24.3% | 31.8 y/y 42.8% | 20.3 y/y 17.7% | 52.1 y/y 31.8% | 14.3 y/y 39.7% | 26.0 | -22.7 | 497.7 y/y 11.0% | 163.3 y/y 19.4% | 18.3% | 69.2 | Report (PDF) |
| 2024-12-31 | H2 2024 (6M) | OK | 474.7 y/y 32.3% | 30.6 y/y 77.8% | 18.0 y/y 13.1% | 48.6 y/y 46.7% | 12.2 y/y 2634.5% | 54.5 | -19.3 | 495.4 y/y 7.2% | 149.0 y/y 17.5% | 15.7% | 60.9 | Report (PDF) |
| 2024-06-30 | H1 2024 (6M) | OK | 413.6 y/y 60.8% | 22.2 y/y 939.1% | 17.3 y/y 41.7% | 39.5 y/y 175.8% | 10.2 y/y — | 16.6 | -11.1 | 448.4 y/y 35.1% | 136.8 y/y 8.1% | 15.5% | 92.5 | Report (PDF) |
| 2023-12-31 | H2 2023 (6M) | OK | 358.8 y/y — | 17.2 y/y — | 15.9 y/y — | 33.1 y/y — | 0.4 y/y — | 48.8 | -81.0 | 462.2 y/y — | 126.8 y/y — | -2.1% | 95.4 | Report (PDF) |
| 2023-06-30 | H1 2023 (6M) | OK | 257.2 y/y — | 2.1 y/y — | 12.2 y/y — | 14.3 y/y — | -3.1 y/y — | -0.6 | -3.9 | 331.8 y/y — | 126.5 y/y — | — | 59.3 | Report (PDF) |
| Short-term debt | 42 553 |
| Long-term debt | 100 030 |
| − Cash & equivalents | 25 173 |
| Net debt | 117 410 |
|---|
Net debt / LTM EBITDA: 1.0x
Quarterly values (₽ mln)
Year-over-year change
Operating and investing cash flow (OCF + ICF) (₽ mln)
Net debt / cash (₽ mln)
| year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| cash flow / profit | 3.09x | 7.22x | — | 3.16x | 2.66x |
| accruals, % of assets | -7.5% | -6.5% | -11.0% | -9.8% | -9.6% |
Our earnings breakdowns and investment notes on this issuer.
SberIndex — weekly nominal Russian consumer-spending growth (% YoY) from aggregated Sber-card data. The “Продовольственные магазины” category tracks consumer demand in near-real-time and is a leading signal for Lenta. The level is closer to turnover than to revenue, so the spread to the company's own growth is shown below.
Продовольственные магазины latest week (2026-10-17): +4.5% YoY · flat3-wk smooth: +4.5% vs 8-wk avg +4.8% (-0.4 pp)Продовольственные товары: +6.4%All categories: +7.2%
Average growth by quarter, % YoY: * квартал ещё не закончен
3кв 2025 +6.1% | 4кв 2025 +3.5% | 1кв 2026 +3.7% | 2кв 2026 +2.1% | 3кв 2026 +4.9% | 4кв 2026 * +4.5% |
Source: SberIndex, updated 2026-10-22.
Potential discount −18% (factor 0.82)
This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.
Value the company creates per year, as a % of market cap
Value created per year: +4.9%
| 1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30) = (58 290 − 52 095) × 2.04 | 12 664 |
| 2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (202 742 + 117 410) ÷ 119 171 | 2.7x |
| 3. Target multiple (Current EV/EBITDA + 6.5) ÷ 2 = (2.7 + 6.5) ÷ 2 | 4.6x |
| 4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = -48 246 + 0 + 0 − 0 | -48 246 |
| 5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (12 664 × 4.6 + -48 246) ÷ 202 742 | +4.9% |
Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.
Caveats:
Current 2.7x · 3-year 75th pct 3.1x
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.
| Company | Market | Cap, $bn | EV/EBITDA | EV/EBITDA, adjusted |
|---|---|---|---|---|
| Fix Price | Russia | 0.5 | 1.2x | 1.2x |
| Henderson | Russia | 0.1 | 1.8x | 1.8x |
| Magnit | Russia | 1.5 | 2.0x | 2.0x |
| Magazine Luiza | Brazil | 2.0 | 4.5x | 2.4x |
| VseInstrumenti | Russia | 0.5 | 2.7x | 2.7x |
| Woolworths Holdings | South Africa | 2.2 | 3.7x | 2.8x |
| X5 Retail Group | Russia | 6.6 | 2.9x | 2.9x |
| Beluga | Russia | 0.3 | 3.0x | 3.0x |
| The Foschini Group | South Africa | 1.0 | 5.0x | 3.7x |
| Abrau Durso | Russia | 0.2 | 4.9x | 4.9x |
| Shoprite Holdings | South Africa | 11.2 | 7.0x | 5.2x |
| OKEY | Russia | 0.2 | 5.5x | 5.5x |
| Group median | 3.4x | 2.8x | ||
| Group average | 3.7x | 3.2x | ||
| This company | Russia | 2.5 | 2.7x | 2.7x |
Group median 3.4x as traded, 2.8x adjusted; this company 2.7x — a 5% discount.
Group average 3.7x as traded, 3.2x adjusted; against the average this company is at a 15% discount.
At the adjusted group median the market cap would be +7% 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 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.
Expected IRR: +32% (bear -9% … bull +74%)
price in 3 years 4 031 ₽ (+129% к 1 758 ₽); base — LTM на 2026-06-30 (H1)
| Metric, RUB mln | LTM, actual 12m to 30.06.2026 | 2027 12m to 30.06 | 2028 12m to 30.06 | 2029 12m to 30.06 |
|---|---|---|---|---|
| Revenue | 1.24 trn | 1.48 trn | 1.68 trn | 1.85 trn |
| Revenue growth | — | +20% | +14% | +10% |
| EBITDA | 119.2 bn | 143.9 bn | 165.1 bn | 183.9 bn |
| EBITDA margin | 9.6% | 9.7% | 9.8% | 9.9% |
| less D&A | 49.0 bn | 54.5 bn | 58.8 bn | 62.4 bn |
| EBIT | 70.2 bn | 89.4 bn | 106.3 bn | 121.5 bn |
| less net interest | — | 18.1 bn | 13.4 bn | 10.8 bn |
| less tax | 8.7 bn | 17.8 bn | 23.2 bn | 27.7 bn |
| Net profit | 31.2 bn | 53.5 bn | 69.6 bn | 83.0 bn |
| Capex | 48.6 bn | 55.9 bn | 63.4 bn | 70.0 bn |
| Capex to revenue | 3.9% | 3.8% | 3.8% | 3.8% |
| Free cash flow | 38.1 bn operating cash flow less capex | 61.0 bn | 76.1 bn | 88.3 bn |
| Net debt | 117.4 bn | 96.7 bn | 66.3 bn | 28.4 bn |
| Net debt / EBITDA | 1.0x | 0.7x | 0.4x | 0.1x |
| Dividend per share | — | 0.000 ₽ | 0.000 ₽ | 0.000 ₽ |
| Yield on current price | — | 0.0% | 0.0% | 0.0% |
| Revenue-growth source | weight | growth: yr 1 · 2 · 3 |
|---|---|---|
| Realised pace (acceleration/deceleration) LTM YoY +25%; acceleration -2.8pp LTM г/г по отчётности | 100% | +20% · +14% · +10% |
| Exit multiple | EV/EBITDA 2.70x (2.16x…3.94x) |
| No re-rating: min(current 2.7x, three-year median 2.8x). Re-rating to 3.9x on a falling rate is the bull case | |
| Second valuation: discounted cash flow | 7 522 ₽ (discount 13.1%, terminal growth 4.0%) |
| 80% of that value sits beyond the three-year horizon | |
| Key rate by year | 13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year) |
| Cost inflation | 6.2% · 5.6% · 5.3% |
| Year-3 EBITDA margin target | 9.9% |
| Current CPI (actual) | 6.3%, на 2026-09-30 |
| Capex | capex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does |
| D&A | grows slower than revenue — elasticity 0.6: assets outlive the sales they carry |
| Interest | gross 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 |
| Tax | 25% of pre-tax profit when positive; losses earn no tax credit |
| Working capital | neutral: FCF = EBITDA − capex − interest − tax |
| Governance | quality multiplier 0.82 — flags: no_distributions; the model's dividend is cut 18% by penalties measured on distributions |
| Historical forecast check | obs | median error | bias | ±20% |
|---|---|---|---|---|
| Revenue | 9 | 9% | 0.97x | 78% |
| EBITDA | 9 | 9% | 0.99x | 67% |
| Net profit | 7 | 49% | 1.29x | 14% |
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 — 540 ₽. Ours on the same horizon — 2 512 ₽
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.
No dividend rows found for this issuer.
Substantive mentions last 7 days: 0, last 30 days: 2 (1 positive) 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.
| 04.08.26 | Material event | События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг 4 августа 2026 года акции компании 'Лента' будут переведены в 'Третий уровень' на Московской бирже с 12 августа 2026 года из-за истечения срока, установленного решением Совета директоров Банка России. Изменение уровня листинга является техническим и не повлияет на операционную деятельность компании. |
| 30.06.26 | AGM / Board | Решения общих собраний участников (акционеров) На годовом собрании акционеров МКПАО «Лента» 25.06.2026 было принято решение о распределении убытка за 2025 год в размере 106,2 млн. руб. за счет нераспределенной прибыли прошлых лет. Члены Совета директоров были избраны, размер вознаграждения им не определен. Аудиторами на 2026 год назначены ООО «Интерком-Аудит» и ООО «Б1 – Аудит». |
| 25.05.26 | AGM / Board | Решения совета директоров (наблюдательного совета) Совет директоров МКПАО «Лента» единогласно утвердил рекомендации к Собранию, включая погашение убытка 2025 года в размере 106,2 млн. руб. за счет нераспределенной прибыли прошлых лет. |
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 Lenta — from primary filings.
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