Sector: Construction & Real Estate
RU_PIKK
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 USD, 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 USD | Operating profitB USD | D&AB USD | EBITDAB USD | Net profitB USD | Operating CFB USD | Capex + M&AB USD | AssetsB USD | EquityB USD | ROE (annualized) | Net debtB USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | H2 2025 (6M) | OK | 6.2 y/y 7.5% | 1.7 y/y 55.6% | 0.1 y/y 4.3% | 1.7 y/y 52.0% | 0.5 y/y 402.8% | 0.4 | -7.0 | 26.4 y/y 23.6% | 5.8 y/y 7.6% | 16.7% | 427.9 | Report (PDF) |
| 2025-06-30 | H1 2025 (6M) | OK | 4.6 y/y 23.9% | 0.5 y/y -24.6% | 0.1 y/y 0.0% | 0.6 y/y -23.0% | 0.4 y/y -21.6% | -1.4 | -4.0 | 23.8 y/y 10.8% | 5.8 y/y 4.8% | 16.1% | 478.5 | Report (PDF) |
| 2024-12-31 | H2 2024 (6M) | OK | 5.8 y/y 28.1% | 1.1 y/y 6.8% | 0.1 y/y 38.6% | 1.1 y/y 8.5% | -0.2 y/y -149.7% | -0.8 | -7.7 | 21.4 y/y 7.1% | 5.4 y/y 8.4% | 7.4% | 416.1 | Report (PDF) |
| 2024-06-30 | H1 2024 (6M) | OK | 3.7 y/y -0.1% | 0.7 y/y 1.6% | 0.1 y/y 0.0% | 0.8 y/y 1.5% | 0.6 y/y 46.3% | -0.8 | -4.6 | 21.5 y/y 8.5% | 5.5 y/y 11.1% | 21.9% | 617.4 | Report (PDF) |
| 2023-12-31 | H2 2023 (6M) | OK | 4.5 y/y — | 1.0 y/y — | 0.1 y/y — | 1.1 y/y — | 0.3 y/y — | -0.1 | -4.5 | 19.9 y/y — | 4.9 y/y — | 14.8% | 528.5 | Report (PDF) |
| 2023-06-30 | H1 2023 (6M) | OK | 3.7 y/y — | 0.7 y/y — | 0.1 y/y — | 0.8 y/y — | 0.4 y/y — | -2.6 | -3.7 | 19.8 y/y — | 5.0 y/y — | — | 613.5 | Report (PDF) |
Quarterly values (₽ mln)
Year-over-year change
FCF (₽ mln)
Net debt / cash (₽ mln)
Developers fund construction with project financing and, under IAS 23, capitalize the interest into inventory (construction-in-progress) instead of expensing it. At a high key rate this understates the true interest burden in EBITDA and net profit. Below: earnings as if ALL interest were expensed.
| Year | EBITDA | Cap. interest | EBITDA ex-% | Net profit | NP ex-% |
|---|---|---|---|---|---|
| 2025 | 166 477 | −36 230 | 130 247 | 68 768 | 32 538 |
| 2024 | 136 792 | −34 202 | 102 590 | 28 666 | -5 536 |
| 2023 | 129 589 | −25 232 | 104 357 | 52 310 | 27 078 |
RUB mln. Adjustment is gross (pre-tax): shows the full interest burden as if the capitalized interest had been a period expense.
108 projects building · 1.88m m² · 42 413 flats
escrow accounts: 100%overdue delivery: 0matched SPVs: 64
Commissioning, m m²: actual 2022: 0.99 · 2023: 1.33 · 2024: 1.06 · 2025: 0.99 · 2026: 0.10 · planned 2026: 0.50 · 2027: 0.55 · 2028: 0.64 · 2029: 0.14
→ Commissioning: last full year -7% YoY · 2026 exp. 0.60m (-39% — decelerating)
Pipeline MoM: 1.84→1.88 млн м² (+2.2%)
Geography (area): Москва 714k m² · Московская обл. 317k m² · Ленинградская обл. 172k m² · Краснодарский край 144k m² · код 25 132k m²
Source: DOM.RF ЕИСЖС, snapshot 2026-07-23, updated monthly. Projects are matched by developer brand — groups whose SPVs use project names (notably PIK) are only PARTIALLY covered, so levels are a lower bound; read the month-over-month trend and ratios (escrow, timing, regions).
Potential discount −18% (factor 0.82)
This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.
Value the company creates per year, as a % of market cap
Value created per year: -133.2%
| 1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2025-12-31 vs 2024-12-31) = (1 737 − 1 143) × 1.34 | 259 |
| 2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (5 269 + 427 854) ÷ 2 335 | 30.0x — capped at 30x |
| 3. Target multiple (Current EV/EBITDA + 6.5) ÷ 2 = (30.0 + 6.5) ÷ 2 | 18.2x |
| 4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = -11 737 + 0 + 0 − 0 | -11 737 |
| 5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (259 × 18.2 + -11 737) ÷ 5 269 | -133.2% |
Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.
Caveats:
Dividends suspended (~5.2 yr without a payout)
The company has not paid a dividend for over 18 months — profit is going to capex or deleveraging (e.g. Nornickel, NLMK, RusHydro, FSK). The forecast payout is zeroed until distributions resume; profit and cash flow may still be healthy.
| 1 · Forecast dividend (per policy) | |
| Smoothed net profit (median YTD-ann./LTM/FY) | 69 bn RUB |
| Payout ratio | 12% |
| Free cash flow (FY, OCF − capex) — not a cap (escrow) | -77 bn RUB |
| Recent actual dividend (3-yr median) | 45.43 ₽ |
| = Forecast dividend per share | 0.00 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.2% |
| = Fair dividend yield | 12.0% |
| 3 · Valuation → upside | |
| Current price | 587 ₽ |
| Forecast dividend yield | — |
| Fair price (dividend-based) | 0.000 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
| Pay year | Dividend /sh | |
|---|---|---|
| 2021 | 45.43 ₽ | |
| 2020 | 22.71 ₽ | |
| 2019 | 22.71 ₽ | |
| 2018 | 22.71 ₽ | |
| 2014 | 4.16 ₽ |
| Period | Ex-date | /sh |
|---|---|---|
| 2021 q2 | 2021-05-13 | 45.43 ₽ |
| 2020 q4 | 2020-10-08 | 22.71 ₽ |
| 2019 q2 | 2019-05-30 | 22.71 ₽ |
| 2018 q3 | 2018-08-31 | 22.71 ₽ |
| 2014 q4 | 2014-11-03 | 4.16 ₽ |
No dividend rows found for this issuer.
Share of volume initiated by buyers (crossing the spread):
1d: 42% buy — sellers5d: 53% buy — balanced20d: 52% buy — balanced
No iceberg levels detected last session.
Robot clips (recurring characteristic order size): 14 bid / 20 ask; largest — ask 288 lots ×2449 appearances across 177 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×1433, ask ×1823.
| Day | Buyer initiative | Icebergs bid/ask | Robots bid/ask | Trades |
|---|---|---|---|---|
| 23.07 | 42% | 0/0 | 14/20 | 4,925 |
| 22.07 | 54% | 0/0 | 23/17 | 3,599 |
| 21.07 | 49% | 0/0 | 24/19 | 4,534 |
| 20.07 | 57% | 0/1 | 24/14 | 9,438 |
| 17.07 | 59% | 0/0 | 24/27 | 4,827 |
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.
| 03.07.26 | Buyback | ★ ▲ Приобретение лицом права распоряжаться определенным количеством голосов, приходящихся на голосующие акции (доли), составляющие уставный капитал эмитента Лицо приобрело право распоряжаться 502,8 млн. голосующих акций ПАО «ПИК СЗ», что составляет 76,13% уставного капитала. Ранее это лицо имело право на 416,1 млн. голосующих акций (63%). Дата наступления события - 3 июля 2026 года. |
| 06.04.26 | Filing | ★ ▲ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня 06 апреля 2026 года состоится заседание совета директоров ПАО «ПИК СЗ», на котором будет рассмотрено добровольное или обязательное предложение по акциям компании. |
| 03.04.26 | Buyback | ★ ▼ Поступление эмитенту обязательного предложения о приобретении его эмиссионных ценных бумаг ПАО «ПИК СЗ» получило обязательное предложение о приобретении своих акций по цене 551,40 руб. за акцию. Предложение поступило от АО «Недвижимые активы», владеющего 84,88% акций компании. Срок принятия предложения составляет 70 дней с момента его получения. |
| 03.07.26 | AGM / Board | Решения совета директоров (наблюдательного совета) Совет директоров ПАО «ПИК СЗ» принял решение о досрочном прекращении полномочий Генерального директора с 03.07.2026 и избрании нового Генерального директора с 04.07.2026. Все решения были приняты единогласно. Также сформированы новые комитеты совета директоров. |
| 01.07.26 | AGM / Board | Решения общих собраний участников (акционеров) На годовом собрании акционеров ПАО «ПИК СЗ» 26 июня 2026 года было принято решение не распределять чистую прибыль за 2025 год в размере 23,6 млрд. руб. и не выплачивать дивиденды. Также был избран новый состав Совета директоров и Ревизионной комиссии на 2026 год, а аудитором назначена компания «Бизнес Навигатор». Протокол заседания был составлен 30 июня 2026 года. |
Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.
Substantive mentions last 7 days: 0, last 30 days: 0 across tracked channels, broker research and shows. 8 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=44
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 PIK Group (PIKK) — from primary filings.
PIKK is a Russian real estate development and construction company, primarily focused on residential housing projects in the Moscow region and other major Russian cities.