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Rusagro (RAGR) USD

Rusagro is a diversified agricultural holding producing sugar, pork, vegetable oils and fats (mayonnaise, margarine) and grain and oilseed crops.

At a glance: strengths & risks
✓Revenue growing (+9% y/y, H1 2026)✓Cheaper than own history (EV/EBITDA 4.7 vs avg 64.4)✗Profit falling (-99% y/y, H1 2026)✗Margins compressing (12%→8%, H1 2026)✗High leverage (3.7x EBITDA)

Sector: Agriculture & Food

RU_RAGR

Price chart

70.76 RUBDay -0.53%

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
70.76 RUB · -0.53%
Market cap
951 mln USD

Growth

Δ revenue y/y
9.1%
Δ EBITDA y/y
-28.6%

Multiples

P/E (LTM)
4.5x
3y avg: 4.3x
P/B (FY)
0.3x
EV/EBITDA (LTM)
4.7x
3y avg: 64.4x
EV/EBITDA (ann.)
8.8x

Cash return

Dividend yield
23.2%
FCF yield (LTM)
—

Value creation

fundamental value/yr, % of market cap
Value created / year
-46.0%
↓ details

Liquidity

Daily turnover (MOEX)
441.7 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 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.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30H1 2026 (6M)OK2.6
y/y 9.1%
0.1
y/y -38.2%
0.1
y/y -15.7%
0.2
y/y -28.6%
0.0
y/y -98.8%
0.5-8.27.8
y/y 12.5%
3.7
y/y 12.1%
0.0%2.4Report (PDF)
2025-12-31H2 2025 (6M)OK3.2
y/y 13.6%
0.4
y/y -36.2%
0.2
y/y 35.5%
0.5
y/y -24.2%
0.2
y/y -59.0%
-0.2-21.57.7
y/y 12.9%
3.7
y/y 14.6%
8.1%2.7Report (PDF)
2025-06-30H1 2025 (6M)OK2.4
y/y 20.8%
0.2
y/y 72.9%
0.1
y/y 28.8%
0.3
y/y 51.0%
0.1
y/y 11.9%
0.1-14.17.0
y/y 46.9%
3.3
y/y 53.8%
4.2%107.9Report (PDF)
2024-12-31H2 2024 (6M)OK2.8
y/y 17.9%
0.6
y/y 5.5%
0.1
y/y -13.0%
0.7
y/y 1.9%
0.5
y/y 1.5%
0.0-32.46.8
y/y 48.8%
3.2
y/y 50.1%
21.8%93.5Report (PDF)
2024-06-30H1 2024 (6M)OK1.9
y/y 31.8%
0.1
y/y -18.8%
0.1
y/y -9.4%
0.2
y/y -14.4%
0.1
y/y -49.0%
0.2-11.54.7
y/y 3.1%
2.1
y/y —
5.7%61.6Report (PDF)
2023-12-31H2 2023 (6M)OK2.4
y/y —
0.5
y/y —
0.1
y/y —
0.7
y/y —
0.5
y/y —
0.3-13.34.6
y/y —
2.1
y/y —
75.3%66.5Report (PDF)
2023-06-30H1 2023 (6M)OK1.5
y/y —
0.1
y/y —
0.1
y/y —
0.2
y/y —
0.1
y/y —
0.2-5.54.6
y/y —
-0.5
y/y —
—80.0Evidence

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

Short-term debt (incl. ST leases)1 893
Long-term debt (incl. LT leases)975
− Cash & equivalents431
Net debt2 437

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

01 0002 0003 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

FCF (₽ mln)

-50005001 0001 5002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

025 00050 00075 000100 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit runs ahead of cash
In a typical year of 2021–2025 operating cash flow came to 0.37x of reported net profit; after capex, -1.07x.
year20212022202320242025
cash flow / profit0.25x2.64x0.75x0.37x-0.47x
accruals, % of assets7.5%-0.5%3.4%5.3%5.3%
Last twelve months (to 2026-06-30): 1.26x of profit came back as operating cash flow.
net debt / EBITDA 3.7x · EBIT covers interest 13.6x · capex 1.8x of depreciation
● In a typical year operating cash flow covered 37% of reported profit (5 profitable years).
● Net debt / EBITDA 3.7x at the last full year.
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 →

Quality / corporate governance

Potential discount −20% (factor 0.80)

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: -44.5%

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)
= (193 − 271) × 3.71
-75
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (951 + 2 437) ÷ 716
4.7x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (4.7 + 6.5) ÷ 2
5.6x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 105 427 + 0 + 0 − 0
0
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-75 × 5.6 + 0) ÷ 951
-44.5%

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
  • 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 decelerating ▼
Last-year revenue growth +17% vs +23% the year before — a -6.6 pp move. 3-year CAGR +19%.
revenue growth by year: 2023 +17% · 2024 +23% · 2025 +17%
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).

Dividend potential

Dividend-model upside: -100%

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)15 bn RUB
Payout ratio86%
Free cash flow (FY, OCF − capex) — caps payout-45 bn RUB
Recent actual dividend (3-yr median)16.48 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)+6.6 pp
= Fair dividend yield20.5%
3 · Valuation → upside
Current price70.48 ₽
Forecast dividend yield—
Fair price (dividend-based)-0.030 ₽

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

Dividend history

Paid, trailing 12-mo: 16.48 RUB/sh · 23.4%

Pay yearDividend /sh
202616.48 ₽
2021144.28 ₽
202038.20 ₽
201938.82 ₽
201826.43 ₽
201746.27 ₽
201652.67 ₽
201538.40 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-08-0516.48 ₽
2021 q32021-09-0865.21 ₽
2021 q22021-04-1479.07 ₽
2020 q32020-09-1614.22 ₽
2020 q22020-04-1523.98 ₽
2019 q32019-09-1112.45 ₽
2019 q22019-04-2426.37 ₽
2018 q32018-09-128.28 ₽
2018 q22018-04-1118.15 ₽
2017 q32017-09-1213.27 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 1, last 30 days: 5 across tracked channels, broker research and shows. 18 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

28.07.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
ПАО 'Группа 'Русагро' установило дату фиксации лиц, имеющих право на получение дивидендов по обыкновенным акциям с номинальной стоимостью 2,5 руб. на 6 августа 2026 года. Дивиденды будут распределены из нераспределенной прибыли прошлых лет.
24.07.26Filing★ ▲ Созыв общего собрания участников (акционеров)
ПАО 'Группа Русагро' созывает внеочередное общее собрание акционеров на 27 июля 2026 года в 10:30. В повестке дня стоит вопрос о распределении нераспределенной прибыли, включая возможные дивиденды. Дата окончания приема бюллетеней для голосования - 24 июля 2026 года.
08.05.26Filing★ Сообщение об изменении или корректировке информации, ранее опубликованной в Ленте новостей
ПАО 'Группа 'Русагро' объявило о сделке займа на сумму 1,9 млрд. руб. с заинтересованной стороной. Проценты по займу будут начисляться по плавающей ставке, не менее 2% годовых. Сумма сделки составляет 1,938 млрд. руб., что превышает 25% балансовой стоимости активов компании.
06.05.26Filing★ ▲ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня
ПАО 'Группа 'Русагро' проведет заседание совета директоров 13 мая 2026 года, на котором будет обсуждаться созыв годового общего собрания акционеров и рекомендации по распределению чистой прибыли, включая дивиденды по итогам 2025 года.
13.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО 'Группа 'Русагро' принял решение о досрочном прекращении полномочий действующего Правления и избрании нового состава Правления. На заседании, состоявшемся 12 августа 2026 года, кворум был достигнут, и оба решения были приняты единогласно.
04.08.26AGM / BoardРешения общих собраний участников (акционеров)
На внеочередном собрании акционеров ПАО 'Группа 'Русагро' 03.08.2026 принято решение о передаче полномочий единоличного исполнительного органа управляющей организации 'РСХБ-Финанс'. Также утверждены условия договора с данной организацией. Кворум составил 64,96%, что позволило принять решения большинством голосов.

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 Rusagro (RAGR) — from primary filings.

Frequently asked questions

What is Rusagro (RAGR)'s P/E ratio?
Rusagro (RAGR) trades at a P/E of 4.5x (price to trailing 12-month earnings).
What is Rusagro (RAGR)'s EV/EBITDA?
Rusagro (RAGR) trades at 4.7x EV/EBITDA.
What is Rusagro (RAGR)'s P/B ratio?
Rusagro (RAGR) trades at a P/B of 0.3x.
What is Rusagro (RAGR)'s dividend yield?
Rusagro (RAGR)'s trailing 12-month dividend yield is 23.2%.
What is Rusagro (RAGR)'s market capitalization?
Rusagro (RAGR)'s market cap is 951 mln USD.

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