Frontierby eninvs

Language: EN · RU

← Region

Nizhnekamsknef-m (NKNC) RUB

At a glance: strengths & risks
Profit falling (-12%)Margins compressing (28%→20%)High leverage (3.7x EBITDA)

Sector: Oil & Gas

RU_NKNC

Price chart

46.8 RUBDay -0.95%

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
46.8 RUB · -0.95%
Market cap
75.4 bn RUB

Growth

Δ revenue y/y
-14.4%
Δ EBITDA y/y
-55.7%

Multiples

P/E (LTM)
2.8x
3y avg: 6.4x
P/B (FY)
0.2x
P/E (ann.)
62.2x
EV/EBITDA (LTM)
5.1x
3y avg: 5.0x
EV/EBITDA (ann.)
7.0x

Cash return

Dividend yield
5.1%
FCF yield (LTM)
4.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)

Liquidity

Daily turnover (MOEX)
2 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
2025-12-31H2 2025 (6M)OK118.0
y/y -14.4%
1.5
y/y -95.0%
17.5
y/y 29.6%
19.0
y/y -55.7%
0.6
y/y -94.5%
64.6-64.6736.9
y/y 21.7%
380.1
y/y 13.9%
7.4%188.8Report (PDF)
2025-06-30H1 2025 (6M)OK136.7
y/y 13.2%
19.7
y/y 16.4%
12.7
y/y 0.0%
32.4
y/y 9.4%
26.5
y/y 34.6%
52.8-49.2655.7
y/y 24.9%
354.8
y/y 8.5%
15.4%175.7Report (PDF)
2024-12-31H2 2024 (6M)OK137.9
y/y 4.5%
29.3
y/y 22.2%
13.5
y/y 0.0%
42.8
y/y 14.2%
11.1
y/y -29.6%
28.9-53.7605.5
y/y 19.2%
333.7
y/y 6.7%
9.3%176.6Report (PDF)
2024-06-30H1 2024 (6M)OK120.8
y/y 15.9%
16.9
y/y 11.1%
12.7
y/y 0.0%
29.6
y/y 6.1%
19.7
y/y 2083.4%
25.6-26.7524.8
y/y 10.7%
327.1
y/y 10.2%
12.3%93.5Report (PDF)
2023-12-31H2 2023 (6M)OK132.0
y/y
24.0
y/y
13.5
y/y
37.5
y/y
15.7
y/y
33.6-33.6508.0
y/y
312.8
y/y
5.5%123.2Report (PDF)
2023-06-30H1 2023 (6M)OK104.2
y/y
15.2
y/y
12.7
y/y
27.9
y/y
0.9
y/y
-9.9-23.5473.9
y/y
296.9
y/y
116.3Report (PDF)

Net debt structure (leases included, IFRS 16) 2024-12-31

Short-term debt (incl. ST leases)119 461
Long-term debt (incl. LT leases)62 862
− Cash & equivalents5 710
Net debt176 613

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

050 000100 000150 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-60%-40%-20%0%20%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF (₽ mln)

-30 000-20 000-10 000010 0002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (₽ mln)

050 000100 000150 000200 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Profit and cash

Worth a look
In a typical year of 2019–2025 operating cash flow came to 1.88x of reported net profit; after capex, -0.84x.
year20192020202320242025
cash flow / profit1.88x4.34x1.42x1.77x4.34x
accruals, % of assets-9.9%-11.3%-1.4%-3.9%-12.3%
Last twelve months (to 2025-12-31): 4.34x of profit came back as operating cash flow.
net debt / EBITDA 3.7x · capex 3.6x of depreciation
Net debt / EBITDA 3.7x at the last full year.
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.

Key-commodity price — Rubber

Current 2 670spot vs LTM +18%

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 3-year historical (p75) EV/EBITDA. For spread names (petrochemicals) the commodity cost base is re-priced too.

USD/RUB: spot 86 vs LTM-avg 78 → ×1.09 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): -90% · spot -90% · 3-yr -90%

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

1 · Reported baseline (latest FY)
Revenue254.7 bln RUB
EBITDA51.3 bln RUB
Cash costs (revenue − EBITDA)203.4 bln RUB
2 · Revenue projection
Multiplier — spot×1.14 (+14%)
= Spot revenue289.7 bln RUB
Multiplier — 3-yr prices×1.08 (+8%)
= 3-yr-price revenue276.0 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.57 (+57%)
= Cash costs319.5 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA-29.7 bln RUB
= 3-yr-price EBITDA3.9 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/2-12.9 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))-29.7 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)5.5x
Target EV = EV/EBITDA × conservative EBITDA-163.3 bln RUB
Net debt188.8 bln RUB
Target market cap = EV − net debt0 mln RUB
Current market cap93.3 bln RUB

Upside = target market cap ÷ current − 1 = -90%

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)
Rubber39%2 670.122 261.03+18%+29%+14%
Polypropylene (RUB)34%145 690.00136 748.59+7%+7%+9%
URALS crude (feedstock) — cost66%75.8855.99+36%+48%+33%
Electricity (RUB) — cost17%2.221.42+56%+56%+5%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -2% vs +10% the year before — a -11.1 pp move. 3-year CAGR —.
revenue growth by year: 2023 +53% · 2024 +10% · 2025 -2%
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

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

Paid, trailing 12-mo: 0.83 RUB/sh · 1.8%

Pay yearDividend /sh
20260.83 ₽
20252.93 ₽
20242.94 ₽
20231.49 ₽
20220.74 ₽
202110.27 ₽
20209.07 ₽
201919.94 ₽
Payments by period
PeriodEx-date/sh
2026 q22026-06-290.83 ₽
2025 q22025-06-302.93 ₽
2024 q32024-07-082.94 ₽
2023 q32023-07-071.49 ₽
2022 q32022-07-070.74 ₽
2021 q32021-09-169.54 ₽
2021 q22021-04-230.73 ₽
2020 q32020-07-089.07 ₽
2019 q22019-04-1819.94 ₽
2016 q22016-05-024.34 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

05.08.26Filing Совершение эмитентом сделки, в совершении которой имеется заинтересованность
ПАО 'Нижнекамскнефтехим' заключило сделку по дополнительному соглашению к договору подряда на строительство установки полистирола на сумму приблизительно 50,6 млрд. руб. Срок исполнения обязательств по сделке установлен на 01.11.2028.
17.07.26Filing Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора
17 июля 2026 года ПАО 'Нижнекамскнефтехим' получило кредитный рейтинг 'ААА(RU)' на свои биржевые облигации серии 001Р-04. Рейтинг был присвоен Аналитическим Кредитным Рейтинговым Агентством (АКРА) по национальной шкале Российской Федерации.
15.05.26AGM / Board Решения совета директоров (наблюдательного совета)
Совет директоров ПАО 'Нижнекамскнефтехим' рекомендовал выплатить дивиденды в размере 0,83 руб. на акцию по итогам 2025 года, что составит 1,34 млрд. руб. на обыкновенные и 181,76 млн. руб. на привилегированные акции. Дата определения прав на получение дивидендов - 30 июня 2026 года.
01.04.26Material event Информация об иных событиях (действиях), оказывающих, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
31 марта 2026 года на производстве ПАО «Нижнекамскнефтехим» произошло воспламенение газовой смеси с последующим взрывом, однако угрозы для жителей и экологии не зафиксировано. Все остальные производства продолжают работу в штатном режиме. Важно отметить, что у компании есть обыкновенные и привилегированные акции, а также несколько серий облигаций.
13.07.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
Эмитент ПАО 'Нижнекамскнефтехим' принял решение об установлении значения S для процентной ставки своих биржевых облигаций на уровне 1,20% годовых. Событие произойдет 10.07.2026.
24.06.26AGM / BoardРешения общих собраний участников (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 Nizhnekamsknef-m (NKNC) — from primary filings.

NKNC (Nizhnekamskneftekhim) is a Russian petrochemical company primarily engaged in the production of synthetic rubbers, plastics, and monomers, including isoprene and ethylene.

Frequently asked questions

What is Nizhnekamsknef-m (NKNC)'s P/E ratio?
Nizhnekamsknef-m (NKNC) trades at a P/E of 2.8x (price to trailing 12-month earnings).
What is Nizhnekamsknef-m (NKNC)'s EV/EBITDA?
Nizhnekamsknef-m (NKNC) trades at 5.1x EV/EBITDA.
What is Nizhnekamsknef-m (NKNC)'s P/B ratio?
Nizhnekamsknef-m (NKNC) trades at a P/B of 0.2x.
What is Nizhnekamsknef-m (NKNC)'s dividend yield?
Nizhnekamsknef-m (NKNC)'s trailing 12-month dividend yield is 5.1%.
What is Nizhnekamsknef-m (NKNC)'s return on equity (ROE)?
Nizhnekamsknef-m (NKNC)'s ROE is 0.3%.
What is Nizhnekamsknef-m (NKNC)'s market capitalization?
Nizhnekamsknef-m (NKNC)'s market cap is 75.4 bn RUB.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map