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OKEY RUB

O'KEY Group is a Russian food retailer operating hypermarkets and the DA! discounter chain, mainly in St. Petersburg and Moscow.

At a glance: strengths & risks
✗Loss-making last FY✗Margins compressing (18%→10%, H1 2026)

Sector: Retail

RU_OKEY

Price chart

58.73 RUBDay -0.51%

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
58.73 RUB · -0.51%
Market cap
15.8 bn RUB

Growth

Δ revenue y/y
-3.6%
Δ EBITDA y/y
-45.6%

Multiples

P/E (LTM)
—
P/B (FY)
—
P/E (ann.)
<0
EV/EBITDA (LTM)
5.5x
EV/EBITDA (ann.)
6.0x

Cash return

Dividend yield
—
FCF yield (LTM)
44.4%

Value creation

fundamental value/yr, % of market cap
Value created / year
-18.2%
↓ details

Liquidity

Daily turnover (MOEX)
12.8 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)OK67.1
y/y -3.6%
-0.5
y/y -110.5%
7.2
y/y 0.0%
6.7
y/y -45.6%
-5.6
y/y —
-3.0—56.6
y/y -24.4%
-23.7
y/y —
52.7%64.0Report (PDF)
2025-12-31H2 2025 (6M)OK73.6
y/y 82.0%
0.7
y/y -82.5%
7.1
y/y 0.0%
7.8
y/y -28.4%
-3.4
y/y -273.4%
10.4-0.274.0
y/y -31.2%
-19.0
y/y —
13.9%56.5Report (PDF)
2025-06-30H1 2025 (6M)OK69.6
y/y -33.6%
5.1
y/y 33.8%
7.2
y/y 23.2%
12.3
y/y 27.4%
-0.1
y/y —
3.5-0.274.8
y/y -20.7%
-32.1
y/y —
1.2%72.1Report (PDF)
2024-12-31H2 2024 (6M)OK40.4
y/y -62.4%
3.7
y/y -3.4%
7.1
y/y 17.8%
10.9
y/y 9.5%
2.0
y/y 455.7%
16.5-0.2107.5
y/y 2.8%
-10.3
y/y —
-12.4%31.8Report (PDF)
2024-06-30H1 2024 (6M)OK104.8
y/y 6.2%
3.8
y/y 431.5%
5.8
y/y -8.7%
9.6
y/y 35.4%
-0.6
y/y —
5.3-0.194.3
y/y -0.4%
-12.2
y/y —
9.8%39.1Report (PDF)
2023-12-31H2 2023 (6M)OK107.6
y/y —
3.9
y/y —
6.0
y/y —
9.9
y/y —
-0.6
y/y —
16.5-0.3104.5
y/y —
-11.7
y/y —
29.9%35.6Report (PDF)
2023-06-30H1 2023 (6M)OK98.7
y/y —
0.7
y/y —
6.4
y/y —
7.1
y/y —
-2.8
y/y —
0.2-0.194.7
y/y —
-11.1
y/y —
—42.5Report (PDF)

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

Short-term debt (incl. ST leases)21 058
Long-term debt (incl. LT leases)44 017
− Cash & equivalents1 034
Net debt64 041

Net debt / LTM EBITDA: 4.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

025 00050 00075 000100 000125 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-100%-50%0%50%100%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

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

-5 00005 00010 00015 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

020 00040 00060 00080 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 14.85x of reported net profit; after capex, 14.48x. Loss years (2022, 2023, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit14.07x——15.62x—
accruals, % of assets-16.0%-15.0%-19.3%-19.0%-23.5%
net debt / EBITDA 2.8x · capex 0.0x of depreciation
● Capex is 3% of depreciation - the asset base is being consumed faster than replaced.
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: -18.2%

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)
= (6 660 − 12 251) × 1.96
-456
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (15 802 + 64 041) ÷ 13 082
6.1x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (6.1 + 6.5) ÷ 2
6.3x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 6 194 + 0 + 0 − 0
0
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-456 × 6.3 + 0) ÷ 15 802
-18.2%

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)
  • FCF (LTM) approximated by latest FY (ended 2025-12-31, before the latest reported period 2026-06-30)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • net-cash rise stripped: net debt fell while EBITDA declined and no share dilution measured (likely equity raise / recapitalisation)
  • EBITDA growth from 3-yr FY trend, min of avg & latest YoY (anomalous latest-period delta)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth -1% vs -30% the year before — a +28.2 pp move. 3-year CAGR -11%.
revenue growth by year: 2023 +3% · 2024 -30% · 2025 -1%
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 5.5x · 3-year 75th pct 3.5x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Retail. 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
Fix PriceRussia0.51.2x1.2x
HendersonRussia0.11.8x1.8x
MagnitRussia1.52.0x2.0x
Magazine LuizaBrazil2.04.5x2.4x
LentaRussia2.52.7x2.7x
VseInstrumentiRussia0.52.7x2.7x
Woolworths HoldingsSouth Africa2.23.7x2.8x
X5 Retail GroupRussia6.62.9x2.9x
BelugaRussia0.33.0x3.0x
The Foschini GroupSouth Africa1.05.0x3.7x
Abrau DursoRussia0.24.9x4.9x
Shoprite HoldingsSouth Africa11.27.0x5.2x
Group median3.0x2.7x
Group average3.4x2.9x
This companyRussia0.25.5x5.5x

Group median 3.0x as traded, 2.7x adjusted; this company 5.5x — a 102% premium.

Group average 3.4x as traded, 2.9x adjusted; against the average this company is at a 88% premium.

At the adjusted group median the market cap would be -231% versus today.

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

Pay yearDividend /sh
20221.77 ₽
Payments by period
PeriodLast day to buy/sh
2022 q32022-07-281.77 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 1 across tracked channels, broker research and shows. 5 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

20.05.26Material event★ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
Компания 'О’КЕЙ' приняла решение о досрочном погашении биржевых облигаций в количестве 3 млн штук по цене 1 тыс. руб. за облигацию с выплатой купонного дохода. Погашение состоится 6 июня 2026 года, с учетом, что дата погашения попадает на нерабочий день.
22.07.26AGM / BoardРешения общих собраний участников (акционеров)
20 июля 2026 года состоится внеочередное общее собрание акционеров ООО «О’КЕЙ» в Москве. В повестке дня - избрание председателя и секретаря, утверждение устава в новой редакции и одобрение сделки по аренде. Кворум составит 100%.

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 OKEY — from primary filings.

Frequently asked questions

What is OKEY's EV/EBITDA?
OKEY trades at 5.5x EV/EBITDA.
What is OKEY's return on equity (ROE)?
OKEY's ROE is 52.7%.
What is OKEY's market capitalization?
OKEY's market cap is 15.8 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
О'КЕЙ Б1Р535.4%11.75%99.84—1.7M—put 05.2026
О'КЕЙ Б1Р736.2%25%99.95—4.2M—put 06.2026
О'КЕЙ Б1Р817.7%16.9%100.15-0.10%979K16.9Mput 02.2027
О'КЕЙ Б1Р617.9%15.5%99.58+0.08%23.5M28.8Mput 03.2027
О'КЕЙ Б1Р218.8%10%85.18-0.02%36K110K04.2029
О'КЕЙ Б1Р418.2%9.9%79.37+1.07%105K59K10.2030

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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