Sector: Oil & Gas
RU_NVTK
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.
Shares: connector/market_inputs
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.
| Date | Period | Status | RevenueB RUB | Operating profitB RUB | D&AB RUB | EBITDAB RUB | Net profitB RUB | Operating CFB RUB | Capex + M&AB RUB | AssetsB RUB | EquityB RUB | ROE (annualized) | Net debtB RUB | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | H2 2025 (6M) | OK | 641.3 y/y -19.2% | 126.0 y/y -4.7% | 47.5 y/y 1.3% | 173.5 y/y -3.3% | -41.3 y/y -126.7% | 307.6 | -58.0 | 3589.1 y/y -4.1% | 2842.3 y/y -0.2% | 6.4% | -25.6 | Report (PDF) |
| 2025-06-30 | H1 2025 (6M) | OK | 804.3 y/y 6.9% | 155.0 y/y -19.5% | 59.6 y/y 34.0% | 214.6 y/y -9.4% | 227.3 y/y -34.2% | 195.7 | -70.9 | 3800.4 y/y 5.0% | 2974.4 y/y 5.4% | 15.6% | 121.1 | Report (PDF) |
| 2024-12-31 | H2 2024 (6M) | OK | 793.4 y/y — | 132.1 y/y — | 46.9 y/y — | 179.3 y/y — | 154.8 y/y — | 174.7 | -121.0 | 3740.8 y/y 16.2% | 2848.0 y/y 9.3% | 17.6% | 152.7 | Report (PDF) |
| 2024-06-30 | H1 2024 (6M) | OK | 752.4 y/y — | 192.7 y/y — | 44.5 y/y — | 236.9 y/y — | 345.4 y/y — | 182.4 | -139.7 | 3620.9 y/y — | 2821.3 y/y — | 25.5% | 242.1 | Report (PDF) |
| 2023-12-31 | FY 2023 (12M) | OK | 1371.5 y/y — | 367.1 y/y — | 75.3 y/y — | 442.5 y/y — | 469.5 y/y — | 433.3 | -201.0 | 3219.2 y/y — | 2605.6 y/y — | — | 78.8 | Report (PDF) |
Quarterly values (₽ mln)
Year-over-year change
FCF (₽ mln)
Net debt / cash (₽ mln)
Physical operating metrics — supplementary, not part of the financial statements
Oil & Gas (gas/liquids)
| Year | Reserves, mln boe |
|---|---|
| 2024 | 17 506 |
| Year | Production, mln boe |
|---|---|
| 2025 | 673 +0.9% |
| 2024 | 667 |
Novatek FY2025 preliminary operating data (novatek.ru, 20 Jan 2026): 673 mmboe (+0.9% YoY; 84.57 bcm gas + 14.11 Mt liquids). FY2024 667 mmboe. SEC proved reserves 17,506 mmboe at 31 Dec 2024.
Current 16spot vs LTM +40%
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 current EV/EBITDA. Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.
Oil & gas upside may be overstated: mineral-extraction tax / export duty rise with price but costs are not re-priced here.
Upside (conservative): +47% · spot +90% · 3-yr +5%
How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap
| 1 · Reported baseline (latest FY) | |
| Revenue | 1.45 trn RUB |
| EBITDA | 388.1 bln RUB |
| Cash costs (revenue − EBITDA) | 1.06 trn RUB |
| 2 · Revenue projection | |
| Multiplier — spot | ×1.28 (+28%) |
| = Spot revenue | 1.85 trn RUB |
| Multiplier — 3-yr prices | ×1.05 (+5%) |
| = 3-yr-price revenue | 1.52 trn RUB |
| 3 · Cost projection (+ RU inflation ~5%) | |
| Cost multiplier | ×1.05 (+5%) |
| = Cash costs | 1.11 trn RUB |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 738.2 bln RUB |
| = 3-yr-price EBITDA | 409.1 bln RUB |
| = Avg-scenario EBITDA (spot + 3-yr)/2 | 573.7 bln RUB |
| Conservative EBITDA = min(spot, avg(spot, 3-yr)) | 573.7 bln RUB |
| 5 · Valuation → target market cap | |
| EV/EBITDA (current) | 8.8x |
| Target EV = EV/EBITDA × conservative EBITDA | 5.03 trn RUB |
| Net debt | -25.6 bln RUB |
| Target market cap = EV − net debt | 5.05 trn RUB |
| Current market cap | 3.43 trn RUB |
Upside = target market cap ÷ current − 1 = +47%
Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.
| Commodity | Revenue share | Spot | LTM avg | $ vs LTM | RUB vs LTM (FX) | RUB 3-yr (FX) |
|---|---|---|---|---|---|---|
| LNG | 45% | 16.30 | 11.66 | +40% | +40% | +7% |
| Brent | 35% | 97.73 | 76.58 | +28% | +28% | +5% |
Dividend-model upside: -17%
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) | 186 bn RUB |
| Payout ratio | 55% |
| Recent actual dividend (3-yr median) | 82.73 ₽ |
| = Forecast dividend per share | 82.73 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.2% |
| Historical yield spread to rate (3-yr median) | -9.4 pp |
| = Fair dividend yield | 10.8% |
| 3 · Valuation → upside | |
| Current price | 977 ₽ |
| Forecast dividend yield | 8.5% |
| Fair price (dividend-based) | 811 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
Paid, trailing 12-mo: 82.73 RUB/sh · 8.5%
| Pay year | Dividend /sh | |
|---|---|---|
| 2026 | 47.23 ₽ | |
| 2025 | 82.15 ₽ | |
| 2024 | 79.59 ₽ | |
| 2023 | 95.08 ₽ | |
| 2022 | 88.77 ₽ | |
| 2021 | 51.41 ₽ | |
| 2020 | 29.92 ₽ | |
| 2019 | 31.04 ₽ |
| Period | Ex-date | /sh |
|---|---|---|
| 2026 q2 | 2026-04-10 | 47.23 ₽ |
| 2025 q4 | 2025-10-03 | 35.50 ₽ |
| 2025 q2 | 2025-04-25 | 46.65 ₽ |
| 2024 q4 | 2024-10-10 | 35.50 ₽ |
| 2024 q1 | 2024-03-25 | 44.09 ₽ |
| 2023 q4 | 2023-10-09 | 34.50 ₽ |
| 2023 q2 | 2023-05-01 | 60.58 ₽ |
| 2022 q4 | 2022-10-05 | 45.00 ₽ |
| 2022 q2 | 2022-05-03 | 43.77 ₽ |
| 2021 q4 | 2021-10-07 | 27.67 ₽ |
No dividend rows found for this issuer.
Share of volume initiated by buyers (crossing the spread):
1d: 51% buy — balanced5d: 51% buy — balanced20d: 50% buy — balanced
Iceberg levels last session: 1 bid / 0 ask; largest — bid 991.3 (filled ×5.7 of displayed, 12 refills).
Robot clips (recurring characteristic order size): 28 bid / 23 ask; largest — ask 3 lots ×708 appearances across 212 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×2660, ask ×2600.
| Day | Buyer initiative | Icebergs bid/ask | Robots bid/ask | Trades |
|---|---|---|---|---|
| 22.07 | 51% | 1/0 | 28/23 | 43,672 |
| 21.07 | 53% | 2/0 | 45/35 | 59,932 |
| 20.07 | 56% | 0/0 | 47/40 | 65,822 |
| 17.07 | 47% | 2/2 | 50/44 | 56,154 |
| 16.07 | 48% | 2/4 | 37/19 | 57,111 |
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.
| 13.07.26 | Material event | ★ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг ПАО «НОВАТЭК» представило предварительные производственные показатели за 2 квартал и первое полугодие 2026 года. Добыча углеводородов во 2 квартале составила 171,5 млн бнэ, увеличившись на 2,3% по сравнению с 2025 годом. Общий объем реализации природного газа за 1 полугодие составил 39,4 млрд куб. м. |
| 18.05.26 | Filing | ★ ▲ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня Совет директоров ПАО «НОВАТЭК» проведет заседание 25 мая 2026 года для обсуждения изменений в программе выкупа глобальных депозитарных расписок, удостоверяющих права на акции компании. |
| 01.04.26 | Filing | ★ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента ПАО «НОВАТЭК» установило дату фиксации лиц, имеющих право на получение дивидендов за 2025 год по обыкновенным акциям. Дата фиксации - 13 апреля 2026 года. Протокол общего собрания акционеров, на котором принято это решение, датирован 1 апреля 2026 года. |
| 01.04.26 | AGM / Board | ★ ▲ Решения общих собраний участников (акционеров) 1 апреля 2026 года ПАО «НОВАТЭК» проведет годовое общее собрание акционеров, на котором будет утвержден годовой отчет за 2025 год и распределена прибыль, включая дивиденды в размере 47,23 руб. на акцию. Общая сумма дивидендов составит 251,2 млрд. руб. |
| 23.07.26 | AGM / Board | Решения совета директоров (наблюдательного совета) Совет директоров ПАО «НОВАТЭК» утвердил проспект ценных бумаг для размещения биржевых облигаций серии 001Р. Заседание состоялось 21 июля 2026 года, решение было принято единогласно. Облигации будут процентными неконвертируемыми на предъявителя. |
Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.
Disclosed in the top-10 of 12 of 17 funds, ≈3,3 млрд ₽ combined. Last month: added — 1.
| Fund | Manager | Weight | ≈Position | Δ weight m/m | Disclosure |
|---|---|---|---|---|---|
| AKME Альфа-Капитал Управляемые акции | Альфа-Капитал | 9.11% | 1,2 млрд ₽ | +2.07 pp | 29.05.2026 |
| AKIE Альфа-Капитал Управляемые акции с выплатой дохода | Альфа-Капитал | 7.98% | 24 млн ₽ | — | 29.05.2026 |
| AMRE АТОН – Российские акции + | Атон-менеджмент | 6.08% | 37 млн ₽ | — | 29.05.2026 |
| DIVD ДОХОДЪ Индекс дивидендных акций | ДОХОДЪ | 6.00% | 53 млн ₽ | — | 29.05.2026 |
| TRND Т-Капитал Трендовые акции | Т-Капитал | 5.60% | 28 млн ₽ | — | 29.05.2026 |
| BCSR БКС Индекс Российского рынка | Брокеркредитсервис | 4.98% | 14 млн ₽ | — | 29.05.2026 |
| SBPS Первая – Фонд Моя цель 2035 | Первая | 4.83% | 7 млн ₽ | — | 29.05.2026 |
| AKUP Альфа-Капитал Умный портфель | Альфа-Капитал | 4.30% | 12 млн ₽ | — | 29.05.2026 |
| SBMX Первая - Фонд Топ Российских акций | Первая | 4.06% | 689 млн ₽ | — | 29.05.2026 |
| TMOS Т-Капитал Индекс МосБиржи | Т-Капитал | 4.06% | 489 млн ₽ | — | 29.05.2026 |
| EQMX Индекс МосБиржи | ВИМ Инвестиции | 4.04% | 475 млн ₽ | — | 29.05.2026 |
| TRUR Т-Капитал – Стратегия вечного портфеля в рублях | Т-Капитал | 1.56% | 271 млн ₽ | — | 29.05.2026 |
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.
Substantive mentions last 7 days: 2 (2 positive), last 30 days: 6 (6 positive) across tracked channels, broker research and shows. 16 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.
Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=225
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 Novatek (NVTK) — from primary filings.
NVTK (Novatek) is a Russian natural gas producer focused on the exploration, production, processing, and sale of natural gas and liquid hydrocarbons, primarily operating in the Yamal Peninsula.