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PIK Group (PIKK) RUB

PIK Group is Russia's largest homebuilder, developing mass-market residential districts mainly in Moscow and Moscow region with industrialised panel construction.

At a glance: strengths & risks
✓Margins improving (13%→15%, H1 2026)✗Revenue declining (-12% y/y, H1 2026)✗Profit falling (-54% y/y, H1 2026)✗No dividends currently

Sector: Construction & Real Estate

RU_PIKK

Price chart

544 RUBDay 0.00%

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
544 RUB · 0.00%
Market cap
359.3 bn RUB

Growth

Δ revenue y/y
-11.6%
Δ EBITDA y/y
4.5%

Multiples

P/E (LTM)
7.0x
3y avg: 8.4x
P/B (FY)
0.9x
P/E (ann.)
12.2x
EV/EBITDA (LTM)
5.3x
3y avg: 6.0x
EV/EBITDA (ann.)
9.9x

Cash return

Dividend yield
—
FCF yield (LTM)
-27.9%

Value creation

fundamental value/yr, % of market cap
Value created / year
+12.9%
↓ details

Liquidity

Daily turnover
—

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)OK290.1
y/y -11.6%
40.9
y/y 5.0%
3.7
y/y 0.0%
44.5
y/y 4.5%
14.7
y/y -54.1%
-120.7-6.71937.2
y/y 14.2%
425.5
y/y 3.3%
7.0%526.6Report (PDF)
2025-12-31H2 2025 (6M)OK441.2
y/y 7.5%
118.0
y/y 55.6%
5.9
y/y 4.3%
123.9
y/y 52.0%
36.8
y/y 402.8%
31.3-7.01881.3
y/y 23.6%
411.4
y/y 7.6%
16.7%463.4Report (PDF)
2025-06-30H1 2025 (6M)OK328.1
y/y 23.9%
38.9
y/y -24.6%
3.7
y/y 0.0%
42.6
y/y -23.0%
32.0
y/y -21.6%
-97.5-4.01695.7
y/y 10.8%
411.8
y/y 4.8%
16.1%498.8Report (PDF)
2024-12-31H2 2024 (6M)OK410.3
y/y 28.1%
75.8
y/y 6.8%
5.6
y/y 38.6%
81.5
y/y 8.5%
-12.1
y/y -149.7%
-54.9-7.71522.5
y/y 7.1%
382.5
y/y 8.4%
7.4%424.0Report (PDF)
2024-06-30H1 2024 (6M)OK264.8
y/y -0.1%
51.6
y/y 1.6%
3.7
y/y 0.0%
55.3
y/y 1.5%
40.8
y/y 46.3%
-54.9-4.61530.3
y/y 8.5%
392.8
y/y 11.1%
21.9%620.8Report (PDF)
2023-12-31H2 2023 (6M)OK320.4
y/y —
71.0
y/y —
4.1
y/y —
75.1
y/y —
24.4
y/y —
-8.4-4.51421.0
y/y —
352.9
y/y —
14.8%531.2Report (PDF)
2023-06-30H1 2023 (6M)OK264.9
y/y —
50.8
y/y —
3.7
y/y —
54.5
y/y —
27.9
y/y —
-184.3-3.71410.9
y/y —
353.5
y/y —
—611.5Report (PDF)

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

Short-term debt (incl. ST leases)242 190
Long-term debt (incl. LT leases)637 790
− Cash & equivalents353 409
Net debt526 571

Net debt / LTM EBITDA: 3.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0100 000200 000300 000400 000500 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

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

Cash flow

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

-200 000-150 000-100 000-50 000050 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

0200 000400 000600 000800 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

The gap is the business model
In a typical year of 2021–2025 operating cash flow came to -2.31x of reported net profit; after capex, -2.42x.
year20212022202320242025
cash flow / profit-1.64x-2.31x-3.68x-3.83x-0.96x
accruals, % of assets25.8%—17.2%9.1%7.2%
Last twelve months (to 2026-06-30): -1.74x of profit came back as operating cash flow.
net debt / EBITDA 2.6x · capex 1.3x of depreciation
● In a typical year operating cash flow covered -231% of reported profit (5 profitable years).
● Accruals average 14.8% of assets a year - profit runs ahead of cash.
Real estate: profit carries investment-property revaluations and, for developers, buyer money that sits in escrow until handover - neither passes through operating cash flow, so profit above cash is structural here. Judge the leverage against escrow coverage and against the rent roll, not against this ratio.
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 →

Earnings ex-capitalized interest

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.

YearEBITDACap. interestEBITDA ex-%Net profitNP ex-%
2025166 477−36 230130 24768 76832 538
2024136 792−34 202102 59028 666-5 536
2023129 589−25 232104 35752 31027 078

RUB mln. Adjustment is gross (pre-tax): shows the full interest burden as if the capitalized interest had been a period expense.

Construction pipeline (DOM.RF registry)

65 projects building · 1.03m m² · 23 156 flats

escrow accounts: 100%overdue delivery: 0matched SPVs: 56

Commissioning, m m²: actual 2022: 0.41 · 2023: 0.30 · 2024: 0.48 · 2025: 0.59 · 2026: 0.12 · planned 2026: 0.22 · 2027: 0.41 · 2028: 0.30 · 2029: 0.10

→ Commissioning: last full year +25% YoY · 2026 exp. 0.34m (-43% — decelerating)

Pipeline MoM: 0.72→1.03 млн м² (+42.3%)

Geography (area): Москва 360k m² · Московская обл. 151k m² · Краснодарский край 144k m² · код 25 105k m² · Ленинградская обл. 76k m²

Source: DOM.RF ЕИСЖС, snapshot 2026-10-22, 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).

Quality / corporate governance

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.

Fundamental value creation

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

Value created per year: +13.2%

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)
= (44 539 − 42 605) × 3.78
7 313
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (359 311 + 526 571) ÷ 168 411
5.3x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (5.3 + 6.5) ÷ 2
5.9x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 4 341 + 0 + 0 − 0
4 341
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (7 313 × 5.9 + 4 341) ÷ 359 311
+13.2%

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)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +14% vs +15% the year before — a -1.4 pp move. 3-year CAGR +10%.
revenue growth by year: 2023 +2% · 2024 +15% · 2025 +14%
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 5.3x · 3-year 75th pct 7.8x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Construction & Real Estate. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
GLORAXRussia0.17.9x
APRIRussia0.28.6x
SamoletRussia0.29.5x
EtalonRussia0.210.9x
LSR GroupRussia0.741.1x
Group median9.5x
Group average15.6x
This companyRussia4.45.3x

Group median 9.5x; this company 5.3x — a 44% discount.

Group average 15.6x; against the average this company is at a 66% discount. The average sits 65% above the median: LSR Group (41.1x) skews the group.

At the adjusted group median the market cap would be +183% 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

Dividends suspended (~5.4 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)51 bn RUB
Payout ratio12%
Free cash flow (FY, OCF − capex) — not a cap (escrow)-77 bn RUB
Recent actual dividend (3-yr median)45.43 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
= Fair dividend yield12.0%
3 · Valuation → upside
Current price543 ₽
Forecast dividend yield—
Fair price (dividend-based)—

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

Dividend history

Pay yearDividend /sh
202145.43 ₽
202022.71 ₽
201922.71 ₽
201822.71 ₽
20144.16 ₽
Payments by period
PeriodLast day to buy/sh
2021 q22021-05-1345.43 ₽
2020 q42020-10-0822.71 ₽
2019 q22019-05-3022.71 ₽
2018 q32018-08-3122.71 ₽
2014 q42014-11-034.16 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 38% buy — sellers5d: 57% buy — buyers20d: 56% buy — buyers

No iceberg levels detected last session.
No characteristic robot clips detected last session. Ping probes (1-2 lots, typical iceberg hunting): bid ×784.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
15.1038%0/00/03,793
14.1061%1/14/72,123
13.1076%0/09/132,015
12.1071%0/220/31,078
09.1046%0/06/41,094

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.

Investment-community mentions

Substantive mentions last 7 days: 2 (2 negative), last 30 days: 6 (5 negative) across tracked channels, broker research and shows. 9 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

14.10.26Filing★ ▼ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
ПАО «ПИК-специализированный застройщик» определило дату фиксирования лиц, имеющих право на акции, на 19.09.2026. Акционеры, голосовавшие против или не участвовавшие в собрании 13.10.2026, могут требовать выкуп своих акций. В повестке дня собрания стоит вопрос об изменении устава и делистинге акций.
14.10.26AGM / Board★ ▼ Решения общих собраний участников (акционеров)
ПАО «ПИК-специализированный застройщик» провело внеочередное общее собрание акционеров 13 октября 2026 года с целью внесения изменений в устав, включая прекращение публичного статуса и делистинг акций. За изменения проголосовало 99,9995% участников. Общее количество голосов, которыми обладали акционеры, составило 660,5 млн.
07.09.26Filing★ ▼ Сообщение об изменении или корректировке информации, ранее опубликованной в Ленте новостей
ПАО 'ПИК-Специализированный застройщик' изменило тип сообщения о выкупе акций, который теперь называется 'требование о выкупе'. Цена выкупа составляет 551,4 руб. за акцию, а фиксирование владельцев акций произойдет 20.10.2026.
07.09.26AGM / Board★ ▼ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО «ПИК СЗ» принял решения о делистинге акций и установил цену выкупа акций в размере 537,90 руб. за одну акцию. Внеочередное заочное голосование акционеров назначено на 13 октября 2026 года.
04.09.26Filing★ ▼ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня
На заседании совета директоров ПАО «ПИК-специализированный застройщик», назначенном на 07.09.2026, будет рассмотрен вопрос делистинга акций и определение цены выкупа акций по требованию акционеров. Также планируется провести внеочередное заочное голосование.
04.09.26Buyback★ ▼ Поступление эмитенту уведомления о праве требовать выкупа эмиссионных ценных бумаг эмитента
Акционерное общество «Недвижимые активы» уведомило о праве требовать выкуп 98,0071% акций ПАО «ПИК-специализированный застройщик» по цене 551,40 руб. за акцию. Дата фиксации владельцев выкупаемых акций - 20.10.2026.
05.08.26Material event★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «ПИК СЗ» приняло решение о досрочном погашении биржевых облигаций серии БО-П04 в количестве 7 млн штук по номинальной стоимости 1 тыс. руб. с расчетной датой погашения 20.08.2026. Эмитент также выплатит накопленный купонный доход на дату погашения.
03.07.26Buyback★ ▲ 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.

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 PIK Group (PIKK) — from primary filings.

Frequently asked questions

What is PIK Group (PIKK)'s P/E ratio?
PIK Group (PIKK) trades at a P/E of 7.0x (price to trailing 12-month earnings).
What is PIK Group (PIKK)'s EV/EBITDA?
PIK Group (PIKK) trades at 5.3x EV/EBITDA.
What is PIK Group (PIKK)'s P/B ratio?
PIK Group (PIKK) trades at a P/B of 0.9x.
What is PIK Group (PIKK)'s return on equity (ROE)?
PIK Group (PIKK)'s ROE is 7.0%.
What is PIK Group (PIKK)'s market capitalization?
PIK Group (PIKK)'s market cap is 359.3 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
ПИК БО-П04floatfloat99.82—46K—03.2028

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

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map