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Magnit (MGNT) RUB

Magnit is one of Russia's largest food retailers, operating convenience stores, supermarkets, hypermarkets and pharmacies nationwide with its own logistics and food production.

At a glance: strengths & risks
✓Revenue growing (+13% y/y, H1 2026)✗Profit falling (-6279% y/y, H1 2026)✗Loss-making last FY✗Pricier than own history (EV/EBITDA 3.9 vs avg 2.3)✗No dividends currently

Sector: Retail

RU_MGNT

Price chart

1 671.5 RUBDay 0.00%

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
1 671.5 RUB · 0.00%
Market cap
119.8 bn RUB

Growth

Δ revenue y/y
12.8%
Δ EBITDA y/y
13.7%

Multiples

P/E (LTM)
—
3y avg: 8.4x
P/B (FY)
0.8x
P/E (ann.)
<0
EV/EBITDA (LTM)
3.9x
3y avg: 2.3x
EV/EBITDA (ann.)
3.6x

Cash return

Dividend yield
—
FCF yield (LTM)
—

Liquidity

Daily turnover (MOEX)
1.9 bln 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)OK1887.2
y/y 12.8%
84.4
y/y 15.6%
87.3
y/y 11.9%
171.8
y/y 13.7%
-9.5
y/y -6279.2%
51.1-46.12131.3
y/y 27.6%
139.2
y/y -24.3%
-13.2%1133.7Report (PDF)
2025-12-31H2 2025 (6M)OK1836.0
y/y 16.0%
60.3
y/y -22.8%
88.3
y/y 12.7%
148.6
y/y -4.7%
-31.7
y/y -216.1%
80.8-111.91951.4
y/y 24.8%
149.8
y/y -17.4%
-18.9%496.3Report (PDF)
2025-06-30H1 2025 (6M)OK1673.2
y/y 14.6%
73.0
y/y 11.0%
78.0
y/y 13.6%
151.1
y/y 11.9%
0.2
y/y -99.1%
-35.8-74.51670.0
y/y 19.4%
184.0
y/y 21.1%
0.2%430.6Report (PDF)
2024-12-31H2 2024 (6M)OK1583.4
y/y 20.4%
78.1
y/y 14.2%
78.3
y/y 13.8%
155.9
y/y 13.6%
27.3
y/y 10.8%
126.7-104.61563.9
y/y 9.4%
181.3
y/y 14.4%
26.6%252.8Report (PDF)
2024-06-30H1 2024 (6M)OK1460.1
y/y 18.8%
65.8
y/y -1.9%
68.7
y/y 5.1%
135.1
y/y 2.0%
17.0
y/y -50.0%
68.0-61.01398.2
y/y -0.1%
152.0
y/y -36.8%
21.9%221.4Report (PDF)
2023-12-31H2 2023 (6M)OK1315.2
y/y —
68.4
y/y —
68.8
y/y —
137.2
y/y —
24.7
y/y —
106.2-40.41429.5
y/y —
158.5
y/y —
29.4%166.1Report (PDF)
2023-06-30H1 2023 (6M)OK1229.5
y/y —
67.1
y/y —
65.3
y/y —
132.4
y/y —
34.0
y/y —
36.9-26.71400.1
y/y —
240.4
y/y —
—116.8Report (PDF)

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

Short-term debt (incl. ST leases)330 027
Long-term debt (incl. LT leases)1 212 660
− Cash & equivalents408 987
Net debt1 133 700

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0500 0001 000 0001 500 0002 000 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-10%0%10%20%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (₽ mln)

-150 000-100 000-50 000050 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

0250 000500 000750 0001 000 0001 250 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 3.96x of reported net profit; after capex, 1.79x. Loss years (2025) are left out of the ratio.
year20212022202320242025
cash flow / profit3.52x8.47x2.44x4.39x—
accruals, % of assets-10.0%-14.9%-5.9%-9.6%-3.9%
net debt / EBITDA 1.7x · EBIT covers interest 0.7x · capex 0.8x of depreciation · dividends 51% of free cash flow
● EBIT covers interest 0.7x.
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 →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodStores (net)
шт		Selling space
тыс. м²		LFL sales growth
%
H1 2026-06——6.40
FY 2025-12——8.70
1H 2025-0632 58911 2759.80

Магнит, операционные/финансовые результаты 1П2025 и 2025 г. (magnit.com/ru/ir; Атон/Альфа/ТАСС, 2025-2026): на 30.06.2025 32 589 магазинов, торговая площадь 11 275 тыс. м² (+6,4% г/г), LFL-продажи 1П +9,8% (чек +9,3%, трафик +0,4%); LFL за 2025 г. +8,7% (чек +8,4%, трафик +0,3%). | H1 2026 (03.09.2026): LFL-продажи +6,4% г/г (трафик ~0) — Магнит 1П2026 (Kommersant/Rambler/Fomag). Число магазинов и торговая площадь в фин-релизе не приведены -> пусто, нужен операц. отчёт.

Spending: Продовольственные магазины (SberIndex) — leading indicator

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 Magnit. 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 (2026-08-29): +4.5% YoY · flat3-wk smooth: +4.9% vs 8-wk avg +4.8% (+0.2 pp)Продовольственные товары: +4.9%All categories: +7.4%

-10%+4%+18%+31%+45%Q4'24+14%Q1'25+14%Q2'25+11%Q3'25+6%Q4'25+3%Q1'26+4%Q2'26+2%Q3'26+5%+4.5%weekly % YoYquarter average

Average growth by quarter, % YoY: * квартал ещё не закончен

2кв 2025
+10.9%
3кв 2025
+6.1%
4кв 2025
+3.5%
1кв 2026
+3.7%
2кв 2026
+2.1%
3кв 2026 *
+4.8%

Source: SberIndex, updated 2026-09-06.

Quality / corporate governance

Potential discount −30% (factor 0.70)

This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.

Fundamental value creation

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

Value created per year: ≤-300.0%

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)
= (171 758 − 151 075) × 1.86
0
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (119 751 + 1 133 700) ÷ 320 323
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
= -712 129 + 804 + 0 − 0
-711 325
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (0 × 5.2 + -711 325) ÷ 119 751
≤-300.0%

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)
  • growth zeroed: debt-funded EBITDA growth but net profit is now a LOSS while net debt rose (FY net 44334->-31576)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +15% vs +20% the year before — a -4.3 pp move. 3-year CAGR +14%.
revenue growth by year: 2023 +8% · 2024 +20% · 2025 +15%
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

Dividends suspended (~2.2 yr without a payout)

The company has not paid a dividend for over 18 months — profit is going to capex or deleveraging (e.g. Nornickel, NLMK, RusHydro, FSK). The forecast payout is zeroed until distributions resume; profit and cash flow may still be healthy.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)-32 bn RUB
Payout ratio64%
Free cash flow (FY, OCF − capex) — not a cap (leverage 1.7x)-141 bn RUB
Recent actual dividend (3-yr median)824.26 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-10.2 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price1672 ₽
Forecast dividend yield—
Fair price (dividend-based)0.000 ₽

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

Dividend history

Pay yearDividend /sh
2024824.26 ₽
2021784.99 ₽
2020304.19 ₽
2019166.78 ₽
2018272.88 ₽
2017182.92 ₽
2016432.79 ₽
2015220.97 ₽
Payments by period
PeriodEx-date/sh
2024 q32024-07-12412.13 ₽
2024 q12024-01-10412.13 ₽
2021 q42021-12-29294.37 ₽
2021 q22021-06-23245.31 ₽
2021 q12021-01-06245.31 ₽
2020 q22020-06-17157.00 ₽
2020 q12020-01-08147.19 ₽
2019 q22019-06-12166.78 ₽
2018 q42018-12-19137.38 ₽
2018 q32018-07-04135.50 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 49% buy — balanced5d: 52% buy — balanced20d: 48% buy — balanced

Iceberg levels last session: 7 bid / 7 ask; largest — ask 1658 (filled ×4.6 of displayed, 48 refills).
Robot clips (recurring characteristic order size): 1 bid / 0 ask; largest — bid 174 lots ×124 appearances across 58 price levels.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
04.0949%7/71/021,251
03.0961%0/00/012,850
02.0951%2/10/08,311
01.0943%0/10/113,235
31.0854%9/21/021,733

Source: L2 order book + trade tape (TQBR main session, ~23 liquid names). Trade side = the aggressor crossing the spread. Iceberg = level filled a multiple of its displayed size with regular refills. Robot clip = a non-round order size recurring hundreds of times across dozens of price levels (an algo's fingerprint migrating with price); ping = 1-2 lot probe orders. Updated nightly.

Investment-community mentions

Substantive mentions last 7 days: 1, last 30 days: 2 across tracked channels, broker research and shows. 12 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

28.08.26Material event★ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «Магнит» объявило операционные и финансовые результаты за 1 полугодие 2026 года. Важные события могут повлиять на стоимость облигаций и акций компании.
22.05.26Filing★ ▼ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора
ПАО «Магнит» присвоен кредитный рейтинг AA+(RU), измененный с AAA(RU) 22 мая 2026 года. Рейтинг касается нескольких серий биржевых облигаций, включая БО-004Р-08 и БО-005Р-05.
22.05.26Filing★ ▼ Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора
ПАО «Магнит» присвоен кредитный рейтинг AA+(RU) с прогнозом стабильный, изменившийся с AAA(RU) 22 мая 2026 года. Рейтинг был присвоен Аналитическим Кредитным Рейтинговым Агентством (АКРА).
01.07.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Магнит» 30.06.2026 избрал новый состав Правления, в который вошли 8 членов. Все 9 членов совета проголосовали «ЗА» без против и воздержавшихся. Один из членов Правления, Мелешина Анна Юрьевна, владеет 0,0016% акций компании.
22.06.26AGM / BoardРешения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Магнит» 19 июня 2026 года было принято решение не выплачивать дивиденды по результатам 2025 года и оставить чистую прибыль в качестве нераспределенной. Кворум был установлен, все решения были приняты с высоким уровнем одобрения акционеров.

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 Magnit (MGNT) — from primary filings.

Frequently asked questions

What is Magnit (MGNT)'s EV/EBITDA?
Magnit (MGNT) trades at 3.9x EV/EBITDA.
What is Magnit (MGNT)'s P/B ratio?
Magnit (MGNT) trades at a P/B of 0.8x.
What is Magnit (MGNT)'s return on equity (ROE)?
Magnit (MGNT)'s ROE is -13.2%.
What is Magnit (MGNT)'s market capitalization?
Magnit (MGNT)'s market cap is 119.8 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
Магнит5P02—21.5%100.21.1M09.2026
Магнит4P0914.0%13.3%100.11.5M08.2027
Магнит4P0814.4%14.95%101.31.5M09.2027
Магнит5P04floatfloat100.4146K11.2027
Магнит5P05floatfloat100.2416K01.2028
Магнит4P0316.2%15.25%99.9446K02.2028
Магнит6P01floatfloat100.0150K05.2028
Магнит6P02floatfloat100.2454K09.2028
Магнит4P0516.3%15.35%100.14.0Mput 10.2028
Магнит5P06floatfloat101.0648K05.2029

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

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