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Nizhnekamsknef-m (NKNC) RUB

Nizhnekamskneftekhim is one of Russia's largest petrochemical producers, making synthetic rubbers, plastics and monomers at its Nizhnekamsk site; part of Sibur.

At a glance: strengths & risks
✓Cheaper than own history (EV/EBITDA 1.8 vs avg 4.3)✗Revenue declining (-6% y/y, H1 2026)✗Profit falling (-94% y/y, H1 2026)✗Margins compressing (24%→13%, H1 2026)

Sector: Oil & Gas

RU_NKNC

Price chart

46.4 RUBDay -2.52%

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
46.4 RUB · -2.52%
Market cap
74.8 bn RUB

Growth

Δ revenue y/y
-6.1%
Δ EBITDA y/y
-48.6%

Multiples

P/E (LTM)
33.3x
3y avg: 6.4x
P/B (FY)
0.2x
P/E (ann.)
22.8x
EV/EBITDA (LTM)
1.8x
3y avg: 4.3x
EV/EBITDA (ann.)
1.9x

Cash return

Dividend yield
1.7%
FCF yield (LTM)
-14.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-90.0%
↓ details

Liquidity

Daily turnover (MOEX)
9.4 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 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)OK128.4
y/y -6.1%
3.9
y/y -80.0%
12.7
y/y 0.0%
16.6
y/y -48.6%
1.6
y/y -93.8%
38.1-32.8747.8
y/y 14.0%
380.2
y/y 7.2%
0.9%-10.6Report (PDF)
2025-12-31H2 2025 (6M)OK118.0
y/y -20.7%
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%79.4Report (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%169.3Report (PDF)
2024-12-31H2 2024 (6M)OK148.9
y/y 12.8%
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%125.9Report (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) 2026-06-30

Short-term debt (incl. ST leases)15
− Cash & equivalents10 577
Net debt-10 562

Net debt / LTM EBITDA: -0.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

050 000100 000150 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-60%-40%-20%0%20%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

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

-30 000-20 000-10 000010 00020 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

-50 000050 000100 000150 000200 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
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 2026-06-30): 45.72x of profit came back as operating cash flow.
net debt / EBITDA 1.6x · capex 3.6x of depreciation
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 →

Quality / corporate governance

Potential discount −17% (factor 0.83)

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

Key-commodity price — Rubber

Current 3 100spot vs LTM +28%

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). For spread names (petrochemicals) the commodity cost base is re-priced too.

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): -90% · spot -90% · 3-yr +36%

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

1 · Reported baseline (LTM to 2026-06-30)
Revenue246.4 bln RUB
EBITDA35.6 bln RUB
Cash costs (revenue − EBITDA)210.8 bln RUB
2 · Revenue projection
Multiplier — spot×1.21 (+21%)
= Spot revenue298.3 bln RUB
Multiplier — 3-yr prices×1.07 (+7%)
= 3-yr-price revenue263.1 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.63 (+63%)
= Cash costs343.7 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA-45.4 bln RUB
= 3-yr-price EBITDA25.2 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/2-10.1 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))-45.4 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)3.8x
Target EV = EV/EBITDA × conservative EBITDA-173.1 bln RUB
Net debt (as of 2026-06-30)-10.5 bln RUB
Target market cap = EV − net debt0 mln RUB
Current market cap78.4 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%3 099.832 430.28+28%+31%+2%
Polypropylene (RUB)34%160 240.00127 061.92+26%+26%+17%
URALS crude (feedstock) — cost66%99.6963.87+56%+60%+11%
Electricity (RUB) — cost17%2.551.62+57%+57%-2%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -6% vs +14% the year before — a -19.7 pp move. 3-year CAGR —.
revenue growth by year: 2023 +53% · 2024 +14% · 2025 -6%
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 1.9x · 3-year 75th pct 4.5x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Oil & Gas. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Aker BPglobal26.03.2x1.5x
Occidental Petroleumglobal61.85.1x2.5x
LukoilRussia43.62.5x2.5x
GazpromRussia32.02.9x2.9x
TatneftRussia17.62.9x2.9x
RosneftRussia49.63.3x3.3x
ConocoPhillipsglobal182.47.4x3.6x
Gazprom NeftRussia33.04.2x4.2x
Chevronglobal420.88.7x4.2x
SantosAustralia20.99.6x4.4x
Exxon Mobilglobal744.210.5x5.1x
NovatekRussia42.68.5x8.5x
Group median4.7x3.4x
Group average5.7x3.8x
This companyRussia0.91.8x1.8x

Group median 4.7x as traded, 3.4x adjusted; this company 1.8x — a 47% discount.

Group average 5.7x as traded, 3.8x adjusted; against the average this company is at a 52% discount.

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.

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 · 1.7%

Pay yearDividend /sh
20260.83 ₽
20252.93 ₽
20242.94 ₽
20231.49 ₽
20220.74 ₽
202110.27 ₽
20209.07 ₽
201919.94 ₽
Payments by period
PeriodLast day to buy/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.
21.09.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
21 сентября 2026 года эмитент, ПАО 'Нижнекамскнефтехим', исполнил обязательства по приобретению 730 307 биржевых облигаций по цене 1 тыс. руб. за облигацию, а также выплатил накопленный купонный доход в размере 2,07 руб. на облигацию.
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.

Frequently asked questions

What is Nizhnekamsknef-m (NKNC)'s P/E ratio?
Nizhnekamsknef-m (NKNC) trades at a P/E of 33.3x (price to trailing 12-month earnings).
What is Nizhnekamsknef-m (NKNC)'s EV/EBITDA?
Nizhnekamsknef-m (NKNC) trades at 1.8x 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 1.7%.
What is Nizhnekamsknef-m (NKNC)'s return on equity (ROE)?
Nizhnekamsknef-m (NKNC)'s ROE is 0.9%.
What is Nizhnekamsknef-m (NKNC)'s market capitalization?
Nizhnekamsknef-m (NKNC)'s market cap is 74.8 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
НКНХ 1Р-03floatfloat99.83+0.08%19K365Kput 03.2028
НКНХ 1Р-0215.3%15.1%99.96+0.00%2K17K09.2028
НКНХ 1Р-0115.4%15.7%101.49+0.00%16K436K12.2028
НКНХ 1Р-04floatfloat100.49+0.51%1K1.0M07.2029

Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.

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