Frontierby eninvs

Language: EN / RU

← Region

Rusagro (RAGR) RUB

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)✗Profit falling (-99% y/y, H1 2026)✗Margins compressing (12%→8%, H1 2026)✗High leverage (3.7x EBITDA)✗No dividends currently

Sector: Agriculture & Food

RU_RAGR

Price chart

72.7 RUBDay 0.89%

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
72.7 RUB · 0.89%
Market cap
69.7 bn RUB

Growth

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

Multiples

P/E (LTM)
4.6x
3y avg: 4.3x
P/B (FY)
0.3x
EV/EBITDA (LTM)
4.8x
3y avg: 4.4x
EV/EBITDA (ann.)
8.8x

Cash return

Dividend yield
—
FCF yield (LTM)
-23.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
-168.9%
↓ details

Liquidity

Daily turnover (MOEX)
473.3 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)OK183.0
y/y 9.1%
6.9
y/y -38.2%
6.9
y/y -15.7%
13.8
y/y -28.6%
0.1
y/y -98.8%
32.9-8.2559.3
y/y 12.5%
260.4
y/y 12.1%
0.0%173.7Report (PDF)
2025-12-31H2 2025 (6M)OK228.7
y/y 13.6%
26.1
y/y -36.2%
11.1
y/y 35.5%
37.3
y/y -24.2%
15.1
y/y -59.0%
-13.7-21.5551.2
y/y 12.9%
260.4
y/y 14.6%
8.1%192.9Report (PDF)
2025-06-30H1 2025 (6M)OK167.8
y/y 20.8%
11.1
y/y 72.9%
8.2
y/y 28.8%
19.3
y/y 51.0%
4.8
y/y 11.9%
4.2-14.1497.1
y/y 46.9%
232.3
y/y 53.8%
4.2%107.9Report (PDF)
2024-12-31H2 2024 (6M)OK201.2
y/y 17.9%
41.0
y/y 5.5%
8.2
y/y -13.0%
49.2
y/y 1.9%
36.9
y/y 1.5%
0.7-32.4488.2
y/y 48.8%
227.1
y/y 50.1%
21.8%93.5Report (PDF)
2024-06-30H1 2024 (6M)OK138.8
y/y 31.8%
6.4
y/y -18.8%
6.3
y/y -9.4%
12.8
y/y -14.4%
4.3
y/y -49.0%
14.5-11.5338.4
y/y 3.1%
151.1
y/y —
5.7%61.6Report (PDF)
2023-12-31H2 2023 (6M)OK170.7
y/y —
38.8
y/y —
9.4
y/y —
48.3
y/y —
36.3
y/y —
21.5-13.3328.1
y/y —
151.3
y/y —
75.3%66.5Report (PDF)
2023-06-30H1 2023 (6M)OK105.4
y/y —
7.9
y/y —
7.0
y/y —
14.9
y/y —
8.5
y/y —
12.1-5.5328.1
y/y —
-32.4
y/y —
—80.0Evidence

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

Short-term debt (incl. ST leases)134 969
Long-term debt (incl. LT leases)69 518
− Cash & equivalents30 742
Net debt173 746

Net debt / LTM EBITDA: 3.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

050 000100 000150 000200 000250 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)

-50 000050 000100 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

050 000100 000150 000200 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: -167.4%

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)
= (13 782 − 19 315) × 3.71
-5 374
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (69 701 + 173 746) ÷ 51 068
4.8x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (4.8 + 6.5) ÷ 2
5.6x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -86 382 + 0 + 0 − 0
-86 382
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-5 374 × 5.6 + -86 382) ÷ 69 701
-167.4%

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)
  • 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).

EV/EBITDA — daily history

Current 4.8x · 3-year 75th pct 5.1x

EV/EBITDA3-year 75th pct

Peer comparison

Group: consumer (Russia). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Fix PriceRussia0.51.2x
HendersonRussia0.11.8x
MagnitRussia1.52.0x
LentaRussia2.52.7x
VseInstrumentiRussia0.52.7x
X5 Retail GroupRussia6.62.9x
BelugaRussia0.33.0x
CherkizovoRussia1.83.9x
Abrau DursoRussia0.24.9x
OKEYRussia0.25.5x
InarcticaRussia0.36.9x
Group median2.9x
Group average3.4x
This companyRussia0.84.8x

Group median 2.9x; this company 4.8x — a 65% premium.

Group average 3.4x; against the average this company is at a 39% premium.

At the adjusted group median the market cap would be -149% 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 (~5.2 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)15 bn RUB
Payout ratio44%
Free cash flow (FY, OCF − capex) — caps payout-45 bn RUB
Recent actual dividend (3-yr median)144.28 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
= Fair dividend yield12.0%
3 · Valuation → upside
Current price73.28 ₽
Forecast dividend yield—
Fair price (dividend-based)—

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

Dividend history

Pay yearDividend /sh
2021144.28 ₽
202038.20 ₽
201938.82 ₽
201826.43 ₽
201746.27 ₽
201652.67 ₽
201538.40 ₽
201418.14 ₽
Payments by period
PeriodLast day to buy/sh
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 ₽
2017 q22017-04-1133.00 ₽

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. 6 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.
15.10.26AGM / BoardРешения общих собраний участников (акционеров)
На внеочередном собрании акционеров ПАО 'Группа 'Русагро', состоявшемся 12.10.2026, было принято решение о досрочном прекращении полномочий членов Совета директоров и о его избрании в новом составе. Кворум по всем вопросам составил 77,5%. Акции имеют номинальную стоимость 2,5 руб.
21.09.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Группа «Русагро» принял решение о включении кандидатов в список для голосования на внеочередном собрании акционеров, назначенном на 12 октября 2026 года. В голосовании участвовали 6 из 10 членов совета, все проголосовали 'за'. Обыкновенные акции компании имеют номинал 2,5 руб. каждая.

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 4.6x (price to trailing 12-month earnings).
What is Rusagro (RAGR)'s EV/EBITDA?
Rusagro (RAGR) trades at 4.8x 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 market capitalization?
Rusagro (RAGR)'s market cap is 69.7 bn RUB.

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