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LSR Group (LSRG) RUB

LSR Group is a residential developer and building-materials producer in St. Petersburg, Moscow and Yekaterinburg, with its own aggregates, brick and concrete plants.

At a glance: strengths & risks
✗Margins compressing (20%→-33%, H1 2026)✗High leverage (5.5x EBITDA)✗Pricier than own history (EV/EBITDA 40.7 vs avg 4.9)✗Dividend-trap risk

Sector: Construction & Real Estate

RU_LSRG

Price chart

528.8 RUBDay 0.23%

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
528.8 RUB · 0.23%
Market cap
54.5 bn RUB

Growth

Δ revenue y/y
0.7%
Δ EBITDA y/y
-263.0%

Multiples

P/E (LTM)
5.1x
3y avg: 3.9x
P/B (FY)
0.4x
P/E (ann.)
<0
EV/EBITDA (LTM)
40.7x
3y avg: 4.9x
EV/EBITDA (ann.)
<0

Cash return

Dividend yield
14.7%
FCF yield (LTM)
-158.7%

Value creation

fundamental value/yr, % of market cap
Value created / year
-269.8%
↓ details

Liquidity

Daily turnover (MOEX)
36.6 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 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.

DatePeriodStatusRevenueB RUBOperating profitB RUBD&AB RUBEBITDAB RUBNet profitB RUBOperating CFB RUBCapex + M&AB RUBAssetsB RUBEquityB RUBROE (annualized)Net debtB RUBSource
2026-06-30H1 2026 (6M)OK97.1
y/y 0.7%
-32.9
y/y -279.8%
1.3
y/y 21.4%
-31.6
y/y -263.0%
-57.6
y/y —
29.6-16.7602.8
y/y 5.6%
72.9
y/y -39.6%
-111.5%358.2Report (PDF)
2025-12-31H2 2025 (6M)OK155.7
y/y 1.0%
40.5
y/y -15.7%
1.2
y/y 9.6%
41.8
y/y -15.1%
13.3
y/y -45.0%
-64.0-21.4659.5
y/y 20.2%
133.5
y/y -5.0%
8.5%336.4Report (PDF)
2025-06-30H1 2025 (6M)OK96.4
y/y 13.2%
18.3
y/y 3.5%
1.1
y/y 5.3%
19.4
y/y 3.6%
-2.5
y/y -156.9%
-45.7-10.7571.0
y/y 15.5%
120.8
y/y 8.1%
-3.9%263.9Report (PDF)
2024-12-31H2 2024 (6M)OK154.1
y/y -4.5%
48.1
y/y -3.3%
1.1
y/y 13.8%
49.2
y/y -3.0%
24.2
y/y -9.2%
-19.0-11.3548.7
y/y 15.4%
140.5
y/y 18.4%
22.7%210.7Report (PDF)
2024-06-30H1 2024 (6M)PARTIAL85.1
y/y 13.8%
17.7
y/y 38.0%
1.0
y/y 10.7%
18.7
y/y 36.1%
4.4
y/y 155.1%
-21.1-7.1494.3
y/y 11.9%
111.8
y/y 22.3%
7.7%212.5Report (PDF)
2023-12-31H2 2023 (6M)OK161.4
y/y —
49.7
y/y —
1.0
y/y —
50.7
y/y —
26.6
y/y —
26.1-6.0475.6
y/y —
118.7
y/y —
27.0%172.6Report (PDF)
2023-06-30H1 2023 (6M)PARTIAL74.8
y/y —
12.8
y/y —
0.9
y/y —
13.8
y/y —
1.7
y/y —
3.8-4.5441.9
y/y —
91.4
y/y —
—197.4Report (PDF)

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

Short-term debt (incl. ST leases)57 325
Long-term debt (incl. LT leases)306 259
− Cash & equivalents5 385
Net debt358 199

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-50 000050 000100 000150 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-300%-200%-100%0%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (₽ mln)

-100 000-75 000-50 000-25 000025 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

0100 000200 000300 000400 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

The gap is the business model
In a typical year of 2021–2025 operating cash flow came to -1.40x of reported net profit; after capex, -2.04x.
year20212022202320242025
cash flow / profit1.81x-5.28x1.05x-1.40x-10.18x
accruals, % of assets-3.8%20.2%-0.3%12.5%18.3%
net debt / EBITDA 5.5x · capex 7.1x of depreciation
● In a typical year operating cash flow covered -140% of reported profit (5 profitable years).
Real estate: profit carries investment-property revaluations and, for developers, buyer money that sits in escrow until handover - neither passes through operating cash flow, so profit above cash is structural here. Judge the leverage against escrow coverage and against the rent roll, not against this ratio.
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 →

Earnings ex-capitalized interest

Developers fund construction with project financing and, under IAS 23, capitalize the interest into inventory (construction-in-progress) instead of expensing it. At a high key rate this understates the true interest burden in EBITDA and net profit. Below: earnings as if ALL interest were expensed.

YearEBITDACap. interestEBITDA ex-%Net profitNP ex-%
202561 159−6 63754 52210 7784 141
202467 905−4 27963 62628 59824 319
202364 440−3 27861 16228 34325 065

RUB mln. Adjustment is gross (pre-tax): shows the full interest burden as if the capitalized interest had been a period expense.

Construction pipeline (DOM.RF registry)

43 projects building · 0.46m m² · 12 946 flats

escrow accounts: 100%overdue delivery: 0matched SPVs: 14

Commissioning, m m²: actual 2022: 0.33 · 2023: 0.20 · 2024: 0.29 · 2025: 0.37 · 2026: 0.09 · planned 2026: 0.17 · 2027: 0.25 · 2028: 0.04

→ Commissioning: last full year +28% YoY · 2026 exp. 0.25m (-31% — decelerating)

Pipeline MoM: 1.14→0.46 млн м² (-59.7%)

Geography (area): Санкт-Петербург 275k m² · Москва 149k m² · Свердловская обл. 35k m²

Source: DOM.RF ЕИСЖС, snapshot 2026-09-07, updated monthly. Projects are matched by developer brand — groups whose SPVs use project names (notably PIK) are only PARTIALLY covered, so levels are a lower bound; read the month-over-month trend and ratios (escrow, timing, regions).

Fundamental value creation

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

Value created per year: -269.8%

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)
= (-31 623 − 19 404) × 2.00
-2 985
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (54 482 + 358 199) ÷ 10 132
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (30.0 + 6.5) ÷ 2
18.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -92 533 + 0 + 0 − 0
-92 533
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-2 985 × 18.2 + -92 533) ÷ 54 482
-269.8%

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)
  • EBITDA growth from 3-yr FY trend, min of avg & latest YoY (anomalous latest-period delta)
  • EBITDA-growth term clamped to ±market cap

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +5% vs +1% the year before — a +4.1 pp move. 3-year CAGR +22%.
revenue growth by year: 2023 +69% · 2024 +1% · 2025 +5%
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

High yield on falling profit

The forecast yield is high but full-year profit fell >20% — the payout rests on past earnings and is likely to be cut. Upside is suppressed to avoid flagging a yield trap as a buy.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)-44 bn RUB
Payout ratio19%
Free cash flow (FY, OCF − capex) — not a cap (escrow)-142 bn RUB
Recent actual dividend (3-yr median)78.00 ₽
= Forecast dividend per share78.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-5.2 pp
= Fair dividend yield8.8%
3 · Valuation → upside
Current price523 ₽
Forecast dividend yield14.9%
Fair price (dividend-based)883 ₽

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

Dividend history

Paid, trailing 12-mo: 78.00 RUB/sh · 14.9%

Pay yearDividend /sh
202678.00 ₽
202578.00 ₽
2024100.00 ₽
202378.00 ₽
202139.00 ₽
202050.00 ₽
201978.00 ₽
201878.00 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-1078.00 ₽
2025 q22025-04-2878.00 ₽
2024 q22024-05-01100.00 ₽
2023 q32023-07-0578.00 ₽
2021 q22021-05-0739.00 ₽
2020 q42020-10-0820.00 ₽
2020 q22020-05-0830.00 ₽
2019 q32019-07-0878.00 ₽
2018 q32018-07-0678.00 ₽
2017 q22017-06-1678.00 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 1 (1 negative), last 30 days: 3 (1 positive, 1 negative) across tracked channels, broker research and shows. 1 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

26.08.26Earnings★ Выявление ошибок в ранее раскрытой отчётности эмитента (бухгалтерской (финансовой), консолидированной финансовой или финансовой отчетности)
ПАО «Группа ЛСР» выявило ошибки в бухгалтерской отчетности за 6 месяцев 2026 года, что повлияло на показатели выручки и чистой прибыли. Корректная отчетность будет раскрыта.
30.06.26Filing★ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
29 июля 2026 года акционеры ПАО «Группа ЛСР» будут иметь право на получение дивидендов по обыкновенным акциям. Дата фиксации прав по ценным бумагам установлена на 13 июля 2026 года.
30.06.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На общем собрании акционеров ПАО «Группа ЛСР», которое состоится 30.06.2026, было принято решение о выплате дивидендов в размере 78 руб. на акцию на общую сумму 8,036 млрд. руб. Также утвержден размер вознаграждений членам Совета директоров в 75 млн. руб.
27.04.26Filing★ ▲ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора
17.04.26Filing★ Операционные результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические)
ПАО «Группа ЛСР» объявила результаты деятельности за I квартал 2026 года, что может повлиять на стоимость её акций. Акции обыкновенные именные бездокументарные с ISIN RU000A0JPFP0.
01.09.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
01.09.2026 Эмитентом приобретены 2,3 млн. Биржевых облигаций серии 001Р-10 по требованию их владельцев. Также выплачен накопленный купонный доход в размере 5,05 млн. руб. (2,19 руб. на облигацию).
28.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Группа ЛСР» единогласно утвердил консолидированную промежуточную финансовую отчетность за первое полугодие 2026 года, завершившееся 30 июня 2026 года. Кворум для голосования составил 9 членов совета.
11.08.26BuybackПриобретение (наступление оснований для приобретения) размещённых эмитентом облигаций
ПАО «Группа ЛСР» планирует приобрести все выпущенные облигации серии 001Р-10 по цене 100% от их номинальной стоимости, с выплатой накопленного купонного дохода. Период предъявления требований владельцев облигаций для их продажи составляет с 21.08.2026 по 27.08.2026, а дата приобретения назначена на 01.09.2026.

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 LSR Group (LSRG) — from primary filings.

Frequently asked questions

What is LSR Group (LSRG)'s P/E ratio?
LSR Group (LSRG) trades at a P/E of 5.1x (price to trailing 12-month earnings).
What is LSR Group (LSRG)'s EV/EBITDA?
LSR Group (LSRG) trades at 40.7x EV/EBITDA.
What is LSR Group (LSRG)'s P/B ratio?
LSR Group (LSRG) trades at a P/B of 0.4x.
What is LSR Group (LSRG)'s dividend yield?
LSR Group (LSRG)'s trailing 12-month dividend yield is 14.7%.
What is LSR Group (LSRG)'s return on equity (ROE)?
LSR Group (LSRG)'s ROE is -111.5%.
What is LSR Group (LSRG)'s market capitalization?
LSR Group (LSRG)'s market cap is 54.5 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
ЛСР БО 1Р7—8.65%99.91.4M09.2026
ЛСР БО 1Р913.1%14.75%99.92.9M03.2027
ЛСР БО1Р1018.3%16%98.57.6Mput 02.2028
ЛСР БО1Р1118.1%16%99.03.3M08.2028
ЛСР БО2Р0118.7%15.65%97.025.1M04.2029

YTM and turnover from MOEX; floaters have no fixed YTM. Not investment advice.

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