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Language: EN / RU

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NMTP RUB

Novorossiysk Commercial Sea Port group operates stevedoring terminals in Novorossiysk and Primorsk handling crude oil, petroleum products, grain, containers and general cargo; controlled by Transneft.

At a glance: strengths & risks
✓Revenue growing (+5% y/y, Q2 2026)✓Profit growing (+13% y/y, Q2 2026)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 2.1 vs avg 3.8)✓Dividend yield above fair (16% vs 10%)

Sector: Other

RU_NMTP

Price chart

7 RUBDay -0.57%

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
7 RUB · -0.57%
Market cap
134.8 bn RUB

Growth

Δ revenue y/y
5.3%
Δ EBITDA y/y
5.0%

Multiples

P/E (LTM)
3.2x
3y avg: 5.4x
P/B (FY)
0.8x
P/E (ann.)
2.7x
EV/EBITDA (LTM)
2.1x
3y avg: 3.8x
EV/EBITDA (ann.)
1.8x

Cash return

Dividend yield
16.3%
FCF yield (LTM)
13.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
+25.2%
↓ details

Liquidity

Daily turnover (MOEX)
87.2 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
2026-06-30Q2 2026 (3M)OK19.9
y/y 5.3%
13.0
y/y 5.8%
1.6
y/y -1.3%
14.5
y/y 5.0%
12.6
y/y 13.2%
7.8-7.7289.1
y/y 17.1%
196.1
y/y 11.9%
25.1%-32.0Report (PDF)
2026-03-31Q1 2026 (3M)OK19.8
y/y 0.0%
11.3
y/y -21.9%
1.5
y/y -2.8%
12.8
y/y -20.0%
10.7
y/y 3.0%
8.7-5.4270.3
y/y 16.5%
205.1
y/y 13.0%
21.5%-28.6Report (PDF)
2025-12-31Q4 2025 (3M)OK20.2
y/y 24.2%
10.6
y/y 22.1%
1.2
y/y -18.8%
11.8
y/y 15.3%
8.7
y/y 18.7%
12.8-6.0253.2
y/y 15.1%
194.4
y/y 13.5%
21.4%-12.8Report (PDF)
2025-09-30Q3 2025 (3M)OK17.6
y/y 11.6%
9.4
y/y 13.3%
1.6
y/y -2.4%
11.0
y/y 10.7%
10.3
y/y 19.5%
7.4-5.2236.6
y/y —
185.4
y/y —
7.6%-14.7Report (PDF)
2025-06-30Q2 2025 (3M)OK18.9
y/y -2.3%
12.3
y/y -3.6%
1.6
y/y 13.7%
13.9
y/y -1.4%
11.1
y/y 1.8%
13.0-6.1246.8
y/y 14.1%
175.2
y/y 13.0%
25.0%-26.5Report (PDF)
2025-03-31Q1 2025 (3M)OK19.8
y/y 0.2%
14.5
y/y 19.2%
1.6
y/y -14.5%
16.0
y/y 14.8%
10.4
y/y -4.6%
9.1-2.1232.1
y/y —
181.6
y/y —
23.6%-14.9Report (PDF)
2024-12-31Q4 2024 (3M)OK16.3
y/y -1.1%
8.6
y/y -1.0%
1.5
y/y -5.7%
10.2
y/y -1.1%
7.4
y/y 3.6%
10.8-6.0220.0
y/y 14.2%
171.2
y/y 16.1%
—-14.6Report (PDF)
2024-09-30Q3 2024 (3M)PARTIAL15.8
y/y —
8.3
y/y —
1.7
y/y —
9.9
y/y —
8.6
y/y —
6.8-4.3—
y/y —
—
y/y —
—-5.3Report (PDF)
2024-06-30Q2 2024 (3M)OK19.3
y/y 11.7%
12.7
y/y 18.9%
1.4
y/y -11.5%
14.0
y/y 14.5%
10.9
y/y 22.8%
8.5—216.3
y/y 13.8%
155.0
y/y 15.9%
—-15.9Report (PDF)
2024-03-31Q1 2024 (3M)PARTIAL19.8
y/y —
12.1
y/y —
1.8
y/y —
14.0
y/y —
10.9
y/y —
9.6-7.8—
y/y —
—
y/y —
—-4.3Report (PDF)
2023-12-31Q4 2023 (3M)OK16.4
y/y —
8.7
y/y —
1.6
y/y —
10.3
y/y —
7.1
y/y —
8.2-0.8192.6
y/y —
147.5
y/y —
21.5%-1.8Report (PDF)
2023-06-30Q2 2023 (3M)OK17.3
y/y —
10.7
y/y —
1.6
y/y —
12.3
y/y —
8.9
y/y —
8.2-0.3190.1
y/y —
133.8
y/y —
—-1.1Report (PDF)

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

Short-term debt (incl. ST leases)12 099
Long-term debt (incl. LT leases)38 296
− Cash & equivalents82 390
Net debt-31 995

Net debt / LTM EBITDA: -0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

05 00010 00015 00020 00025 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-40%-20%0%20%40%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

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

-10 000-5 00005 00010 00015 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

-40 000-30 000-20 000-10 00002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2020–2025 operating cash flow came to 1.04x of reported net profit; after capex, 0.73x.
year20202022202320242025
cash flow / profit4.92x0.82x1.09x0.94x1.04x
accruals, % of assets-11.8%3.5%-1.4%1.0%-0.7%
Last twelve months (to 2026-06-30): 0.87x of profit came back as operating cash flow.
net debt / EBITDA -0.2x · EBIT covers interest 17.8x · capex 1.7x of depreciation · dividends 99% of free cash flow
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 →

Fundamental value creation

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

Value created per year: +25.2%

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)
= (14 544 − 13 853) × 3.45
2 383
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (134 819 + -31 995) ÷ 50 153
2.1x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (2.1 + 6.5) ÷ 2
4.3x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 5 339 + 18 439 + 0 − 0
23 778
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (2 383 × 4.3 + 23 778) ÷ 134 819
+25.2%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +8% vs +5% the year before — a +2.1 pp move. 3-year CAGR +12%.
revenue growth by year: 2023 +23% · 2024 +5% · 2025 +8%
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 2.1x · 3-year 75th pct 3.8x

EV/EBITDA3-year 75th pct

Dividend potential

Dividend-model upside: +56%

The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)42 bn RUB
Payout ratio41%
Free cash flow (FY, OCF − capex) — not a cap (leverage -0.2x)23 bn RUB
Recent actual dividend (3-yr median)1.14 ₽
= Forecast dividend per share1.14 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-8.0 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price7.00 ₽
Forecast dividend yield16.4%
Fair price (dividend-based)10.90 ₽

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

Three-year model and IRR with caveats

Expected IRR: +24% (bear +13% … bull +41%)

price in 3 years 9.97 ₽ (+42% к 7.04 ₽); dividends along the way 2.69 ₽ (+38% цены); base — LTM на 2026-06-30 (H1)

Metric, RUB mlnLTM, actual
12m to 30.06.2026
2027
12m to 30.06
2028
12m to 30.06
2029
12m to 30.06
Revenue77.5 bn84.9 bn91.8 bn98.5 bn
Revenue growth—+10%+8%+7%
EBITDA50.2 bn55.8 bn61.2 bn66.7 bn
EBITDA margin64.7%65.7%66.7%67.7%
less D&A5.9 bn6.3 bn6.6 bn6.8 bn
EBIT44.2 bn49.5 bn54.7 bn59.8 bn
less net interest-8.0 bn-1.8 bn-1.6 bn-1.7 bn
less tax10.7 bn12.8 bn14.1 bn15.4 bn
Net profit42.3 bn38.5 bn42.2 bn46.1 bn
Capex24.3 bn22.7 bn24.5 bn26.3 bn
Capex to revenue31.4%26.7%26.7%26.7%
Free cash flow12.5 bn
operating cash flow less capex
21.6 bn23.7 bn26.1 bn
Net debt-30.1 bn-37.9 bn-44.4 bn-51.6 bn
Net debt / EBITDA-0.6x-0.7x-0.7x-0.8x
Dividend per share1.14 ₽0.820 ₽0.890 ₽0.980 ₽
Yield on current price16.2%11.6%12.6%13.9%
Where the growth comes from
Revenue-growth sourceweightgrowth: yr 1 · 2 · 3
Realised pace (acceleration/deceleration)
LTM YoY +9%; acceleration +9.2pp
LTM г/г по отчётности		100%+10% · +8% · +7%
Model assumptions
Exit multipleEV/EBITDA 2.10x (1.68x…3.08x)
No re-rating: min(current 2.1x, three-year median 3.2x). Re-rating to 3.1x on a falling rate is the bull case
Second valuation: discounted cash flow13.59 ₽ (discount 13.1%, terminal growth 4.0%)
79% of that value sits beyond the three-year horizon
Key rate by year13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year)
Cost inflation6.2% · 5.6% · 5.3%
Dividend policy41% of net profit
Year-3 EBITDA margin target67.7%
Current CPI (actual)6.3%, на 2026-09-30
Capexcapex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does
D&Agrows slower than revenue — elasticity 0.6: assets outlive the sales they carry
Interestgross 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
Tax25% of pre-tax profit when positive; losses earn no tax credit
Working capitalneutral: FCF = EBITDA − capex − interest − tax
Governanceno flags: the dividend has not faded against profit, payouts were not suspended, no audit qualification and no manual penalty — quality multiplier 1.00
Forecast accuracy measured on history
Historical forecast checkobsmedian errorbias±20%
Revenue68%0.98x100%
EBITDA67%1.01x100%
Net profit614%0.86x83%

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 DividendPrediction — 9.54 ₽; Frontier див-модель — 10.90 ₽. Ours on the same horizon — 8.06 ₽

Checks and caveats
  • ⚠ Growth rests on a single source (momentum)
  • ⚠ The debt build-up beyond cash flow could not be measured: 0 usable years, 3 discarded (perimeter change, asset sale, revaluation). The forecast runs without it — where it could be measured it adds about 5% of revenue a year to debt
  • ✓ Revenue CAGR +8%
  • ✓ Year-3 margin 68% inside history 64%–73%
  • ✓ Year-3 net debt/EBITDA -0.8x
  • ✓ Three-year dividends — 38% of the current price
  • ✓ IRR +24%
  • ✓ Base is fresh: report 4 months old
  • ✓ Historical check (6 observations): median EBITDA miss 4.5 pp of margin, within ±5 pp in 67% of cases, relative error 7% at bias 1.01x, revenue 8%
  • ✓ Exit multiple and discounted cash flow agree (10 vs 14, 0.73x); in the DCF 79% of value sits in the terminal value
  • ✓ One-year value agrees with an independent estimate: eninvs DividendPrediction (0.84x). Compared with: eninvs DividendPrediction, Frontier див-модель

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.

Dividend history

Paid, trailing 12-mo: 1.14 RUB/sh · 16.4%

Pay yearDividend /sh
20261.14 ₽
20250.96 ₽
20240.77 ₽
20230.80 ₽
20220.54 ₽
20210.06 ₽
20201.35 ₽
20190.76 ₽
Payments by period
PeriodLast day to buy/sh
2026 q32026-07-101.14 ₽
2025 q32025-07-110.96 ₽
2024 q32024-07-090.77 ₽
2023 q32023-07-100.80 ₽
2022 q32022-07-080.54 ₽
2021 q32021-07-080.06 ₽
2020 q32020-07-241.35 ₽
2019 q22019-06-210.50 ₽
2019 q12019-01-070.26 ₽
2018 q42018-10-040.52 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

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

06.07.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
Эмитент ПАО «Новороссийский морской торговый порт» установил дату, на которую фиксируются лица, имеющие право на получение дивидендов по акциям за 2025 год, на 13.07.2026. Протокол заседания, на котором принято это решение, был составлен 03.07.2026.
15.09.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Новороссийский морской торговый порт» одобрил сделку на заседании 10.09.2026. Решение принято по вопросу повестки дня № 5. Дата составления протокола - 14.09.2026.
02.09.26AGM / BoardРешения общих собраний участников (акционеров)
На внеочередном собрании акционеров ПАО «Новороссийский морской торговый порт», состоявшемся 28.08.2026, было решено досрочно прекратить полномочия членов Совета директоров и избрать новых членов. На голосовании по первому вопросу 99,6% голосов проголосовали 'за', а по второму вопросу были избраны 6 новых членов Совета директоров.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

RU equity fund ownership

Disclosed in the top-10 of 1 of 17 funds, ≈22 млн ₽ combined.

FundManagerWeight≈PositionΔ weight m/mDisclosure
TITR Т-Капитал Акции ростаТ-Капитал7.23%22 млн ₽—31.08.2026

Source: monthly fund portfolio disclosures (investfunds); NAV is daily. Disclosures list each fund's top-10 only, so absence does not mean no position. Weight changes mix revaluation with trading. Fund flows and betas live in the fund monitor on the RU region page.

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 NMTP — from primary filings.

Frequently asked questions

What is NMTP's P/E ratio?
NMTP trades at a P/E of 3.2x (price to trailing 12-month earnings).
What is NMTP's EV/EBITDA?
NMTP trades at 2.1x EV/EBITDA.
What is NMTP's P/B ratio?
NMTP trades at a P/B of 0.8x.
What is NMTP's dividend yield?
NMTP's trailing 12-month dividend yield is 16.3%.
What is NMTP's return on equity (ROE)?
NMTP's ROE is 25.1%.
What is NMTP's market capitalization?
NMTP's market cap is 134.8 bn RUB.

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