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Raspadskaya USD

Raspadskaya is a coking-coal producer combining Evraz's coal assets in Kuzbass: underground mines, an open pit and washing plants supplying steelmakers in Russia and Asia.

At a glance: strengths & risks
✓Margins improving (-18%→2%, H1 2026)✓Net cash balance sheet✗Loss-making last FY✗No dividends currently

Sector: Coal

RU_RASP

Price chart

131.25 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
131.25 RUB · 0.00%
Market cap
1.1 bn USD

Growth

Δ revenue y/y
8.4%
Δ EBITDA y/y
-633.5%

Multiples

P/E (LTM)
—
P/B (FY)
0.6x
P/E (ann.)
<0
EV/EBITDA (LTM)
—
EV/EBITDA (ann.)
29.5x

Cash return

Dividend yield
—
FCF yield (LTM)
2.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-90.0%
↓ details

Liquidity

Daily turnover (MOEX)
28.6 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 M 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30H1 2026 (6M)OK741.1
y/y 8.4%
-121.4
y/y —
139.2
y/y 8.7%
17.8
y/y —
-108.4
y/y —
24.3-101.82508.6
y/y -16.3%
1661.2
y/y -25.1%
-12.7%-36.0Report (PDF)
2025-12-31H2 2025 (6M)OK720.0
y/y 2.1%
-508.2
y/y -1810.0%
152.0
y/y 61.8%
-356.2
y/y -628.9%
-456.3
y/y -1177.6%
116.2-177.72600.3
y/y 5.3%
1757.3
y/y -6.4%
-31.8%-26.8Report (PDF)
2025-06-30H1 2025 (6M)OK683.8
y/y -32.0%
-248.2
y/y —
128.1
y/y 28.8%
-120.1
y/y -715.4%
-190.8
y/y —
110.5-80.42995.7
y/y 2.1%
2219.1
y/y -2.0%
-18.6%63.9Report (PDF)
2024-12-31H2 2024 (6M)OK727.8
y/y -27.2%
-28.8
y/y -119.1%
95.9
y/y -4.2%
67.2
y/y -73.2%
-38.1
y/y -133.6%
76.9-2.52470.1
y/y -14.8%
1878.1
y/y -16.8%
-6.1%-32.4Report (PDF)
2024-06-30H1 2024 (6M)OK1006.1
y/y -18.1%
-80.0
y/y -123.2%
99.5
y/y 2.3%
19.5
y/y -95.6%
-91.3
y/y -130.3%
-91.3-1.92932.9
y/y 5.1%
2264.0
y/y 3.3%
-8.1%-184.4Report (PDF)
2023-12-31H2 2023 (6M)OK989.2
y/y —
160.5
y/y —
97.2
y/y —
257.7
y/y —
124.0
y/y —
116.8-2.42900.7
y/y —
2256.9
y/y —
18.7%10.2Report (PDF)
2023-06-30H1 2023 (6M)OK1227.8
y/y —
345.3
y/y —
97.2
y/y —
442.6
y/y —
301.6
y/y —
175.8-2.42789.6
y/y —
2191.3
y/y —
—-256.3Report (PDF)

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

Short-term debt (incl. ST leases)15
Long-term debt (incl. LT leases)20
− Cash & equivalents71
Net debt-36

Conversion to USD. Balance sheet: rate effective on 2026-06-30, fixing date 2026-06-30. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-01-01 — 2026-06-30. Source: Bank of Russia R01235. Rates

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-50005001 0001 5002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

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

Cash flow

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

-300-200-10001002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash ($ mln)

-300-200-10001002023 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 0.99x of reported net profit; after capex, 0.98x. Loss years (2024, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit0.99x1.11x0.70x——
accruals, % of assets0.2%-2.8%4.0%-4.3%-35.4%
capex 0.3x of depreciation · dividends 39% of free cash flow
● Capex is 28% 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 →

Key-commodity price — Coking coal

Current 264spot vs LTM +22%

Commodity price upside

The same staged build as the commodity players: revenue → costs → EBITDA → conservative EBITDA (min of the spot case and the spot/3-yr average) → target market cap at the company's 3-YEAR MEDIAN EV/EBITDA (clamped to 1-10x). Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 81 vs LTM-avg 79 → ×1.03 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): -90% · spot -90% · 3-yr -90%

How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap

1 · Reported baseline (LTM to 2026-06-30)
Revenue114.3 bln RUB
EBITDA-27.1 bln RUB
Cash costs (revenue − EBITDA)141.4 bln RUB
2 · Revenue projection
Multiplier — spot×1.23 (+23%)
= Spot revenue140.8 bln RUB
Multiplier — 3-yr prices×1.12 (+12%)
= 3-yr-price revenue127.5 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs148.5 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA-7.7 bln RUB
= 3-yr-price EBITDA-21.0 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/2-14.3 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))-14.3 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)1.0x
Target EV = EV/EBITDA × conservative EBITDA-14.3 bln RUB
Net debt (as of 2026-06-30)-2.0 bln RUB
Target market cap = EV − net debt0 mln RUB
Current market cap88.5 bln RUB

Upside = target market cap ÷ current − 1 = -90%

Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.

CommodityRevenue shareSpotLTM avg$ vs LTMRUB vs LTM (FX)RUB 3-yr (FX)
Coking coal90%263.50215.32+22%+26%+13%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -26% vs -14% the year before — a -12.0 pp move. 3-year CAGR -16%.
revenue growth by year: 2023 -5% · 2024 -14% · 2025 -26%
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 17.9x · 3-year 75th pct 6.3x

EV/EBITDA3-year 75th pct

Dividend potential

Dividends suspended (~4.8 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)-45 bn RUB
Payout ratio25%
Free cash flow (FY, OCF − capex) — caps payout-3 bn RUB
Recent actual dividend (3-yr median)28.00 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
= Fair dividend yield12.0%
3 · Valuation → upside
Current price133 ₽
Forecast dividend yield—
Fair price (dividend-based)—

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

Dividend history

Pay yearDividend /sh
202228.00 ₽
202128.70 ₽
20205.53 ₽
20192.50 ₽
20115.00 ₽
20085.25 ₽
20073.19 ₽
20051.35 ₽
Payments by period
PeriodLast day to buy/sh
2022 q12022-01-1428.00 ₽
2021 q32021-09-3023.00 ₽
2021 q22021-06-035.70 ₽
2020 q42020-10-132.70 ₽
2020 q22020-06-042.83 ₽
2019 q42019-10-162.50 ₽
2011 q32011-07-115.00 ₽
2008 q42008-11-121.50 ₽
2008 q22008-04-223.75 ₽
2007 q42007-10-231.25 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

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

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

16.06.26AGM / Board★ ▼ Решения общих собраний участников (акционеров)
На годовом общем собрании акционеров ПАО «Распадская» 16 июня 2026 года было принято решение не распределять прибыль и не объявлять дивиденды за 2025 год. Также утвержден годовой отчет за 2025 год и назначена аудиторская организация для аудита отчетности за 2026 год.
05.06.26Buyback★ ▲ Приобретение лицом права распоряжаться определенным количеством голосов, приходящихся на голосующие акции (доли), составляющие уставный капитал эмитента
Лицо приобрело право распоряжаться 620,7 млн. голосов, что составляет 93,24% голосующих акций ПАО 'Распадская'. Это произошло в результате приобретения доли участия в компании. До этого лицо не имело прав на голосующие акции.
22.10.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
21 октября 2026 года ПАО 'Распадская' классифицировало инцидент на шахте как авария, что может негативно сказаться на стоимости акций компании. Расследование будет проведено Ростехнадзором.
16.10.26Material eventИнформация об иных событиях (действиях), оказывающих, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
16 октября 2026 года ПАО 'Распадская' опубликовало пресс-релиз о текущем статусе инцидента на шахте 'Распадская', что может оказать влияние на стоимость его акций. Акции эмитента имеют ISIN RU000A0B90N8.
07.10.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО 'Распадская' принял решение о согласии на заключение договора поручительства. Все 9 членов совета проголосовали 'ЗА'. Дата заседания - 06.10.2026.

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 Raspadskaya — from primary filings.

Frequently asked questions

What is Raspadskaya's P/B ratio?
Raspadskaya trades at a P/B of 0.6x.
What is Raspadskaya's return on equity (ROE)?
Raspadskaya's ROE is -12.7%.
What is Raspadskaya's market capitalization?
Raspadskaya's market cap is 1.1 bn USD.

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