Rusolovo is Russia's largest tin producer, mining and processing tin ore at deposits in Khabarovsk Krai; part of the Seligdar group.
Sector: Mining
RU_ROLO
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 M 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.
| Date | Period | Status | RevenueM RUB | Operating profitM RUB | D&AM RUB | EBITDAM RUB | Net profitM RUB | Operating CFM RUB | Capex + M&AM RUB | AssetsM RUB | EquityM RUB | ROE (annualized) | Net debtM RUB | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | H1 2026 (6M) | PARTIAL | 8569.6 y/y 91.8% | 984.4 y/y — | 1509.5 y/y 24.5% | 2493.9 y/y — | 178.3 y/y — | 1493.4 | -1670.4 | 40934.9 y/y 11.5% | 995.2 y/y -70.7% | 39.3% | 25576.6 | Report (PDF) |
| 2025-12-31 | H2 2025 (6M) | OK | 4711.9 y/y 18.3% | -1513.0 y/y -17.1% | 1149.2 y/y 71.3% | -363.8 y/y 41.4% | -2137.2 y/y -33.2% | 2133.4 | -1704.4 | 37208.6 y/y 7.6% | 817.0 y/y -87.0% | -238.3% | 24379.6 | Report (PDF) |
| 2025-06-30 | H1 2025 (6M) | OK | 4467.4 y/y 28.7% | -2186.4 y/y — | 1212.9 y/y 60.6% | -973.5 y/y — | -2889.6 y/y — | -3395.4 | -1449.5 | 36720.5 y/y 37.7% | 3401.8 y/y 13.9% | -119.2% | 21419.8 | Report (PDF) |
| 2024-12-31 | H2 2024 (6M) | OK | 3983.9 y/y 8.0% | -1291.8 y/y -77.4% | 670.9 y/y -31.0% | -620.9 y/y -354.9% | -1604.0 y/y -58.4% | -1344.9 | -2412.9 | 34569.4 y/y 39.7% | 6291.4 y/y 31.4% | -73.4% | 16958.3 | Report (PDF) |
| 2024-06-30 | H1 2024 (6M) | OK | 3471.4 y/y 34.1% | -1550.9 y/y — | 755.4 y/y 47.9% | -795.5 y/y -548.1% | -1801.7 y/y — | 610.4 | -1484.0 | 26657.4 y/y 13.0% | 2987.8 y/y -48.5% | -92.7% | 10063.6 | Report (PDF) |
| 2023-12-31 | H2 2023 (6M) | PARTIAL | 3688.3 y/y — | -728.2 y/y — | 971.7 y/y — | 243.6 y/y — | -1012.7 y/y — | -406.8 | -2790.3 | 24741.2 y/y — | 4789.5 y/y — | -30.7% | 8602.9 | Report (PDF) |
| 2023-06-30 | H1 2023 (6M) | PARTIAL | 2588.0 y/y — | -333.3 y/y — | 510.8 y/y — | 177.5 y/y — | -613.5 y/y — | 824.3 | -879.8 | 23583.0 y/y — | 5802.2 y/y — | — | 5640.0 | Report (PDF) |
Quarterly values (₽ mln)
Year-over-year change
Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) (₽ mln)
Net debt / cash (₽ mln)
| year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| cash flow / profit | 1.37x | — | — | — | — |
| accruals, % of assets | -3.2% | -7.7% | -8.3% | -7.7% | -10.1% |
Our earnings breakdowns and investment notes on this issuer.
Current 51 548spot vs LTM +20%
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). EV/EBITDA capped at 10x (actual 17.6× distorted by a low-EBITDA year).
Upside (conservative): -90% · spot +47% · 3-yr -90%
How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap
| 1 · Reported baseline (LTM to 2026-06-30) | |
| Revenue | 13.3 bln RUB |
| EBITDA | 2.1 bln RUB |
| Cash costs (revenue − EBITDA) | 11.2 bln RUB |
| 2 · Revenue projection | |
| Multiplier — spot | ×1.21 (+21%) |
| = Spot revenue | 16.0 bln RUB |
| Multiplier — 3-yr prices | ×0.92 (-8%) |
| = 3-yr-price revenue | 12.2 bln RUB |
| 3 · Cost projection (+ RU inflation ~5%) | |
| Cost multiplier | ×1.05 (+5%) |
| = Cash costs | 11.7 bln RUB |
| 4 · EBITDA projection (revenue − costs) | |
| = Spot EBITDA | 4.3 bln RUB |
| = 3-yr-price EBITDA | 469 mln RUB |
| = Avg-scenario EBITDA (spot + 3-yr)/2 | 2.4 bln RUB |
| Conservative EBITDA = min(spot, avg(spot, 3-yr)) | 2.4 bln RUB |
| 5 · Valuation → target market cap | |
| EV/EBITDA (3y hist. p75, capped 10x) | 10.0x |
| Target EV = EV/EBITDA × conservative EBITDA | 23.9 bln RUB |
| Net debt (as of 2026-06-30) | 25.6 bln RUB |
| Target market cap = EV − net debt | 0 mln RUB |
| Current market cap | 12.0 bln RUB |
Upside = target market cap ÷ current − 1 = -90%
Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.
| Commodity | Revenue share | Spot | LTM avg | $ vs LTM | RUB vs LTM (FX) | RUB 3-yr (FX) |
|---|---|---|---|---|---|---|
| Tin | 90% | 51 548.50 | 43 069.91 | +20% | +23% | -9% |
Current 17.6x · 3-year 75th pct 108.7x
Group: Mining. Every peer trades on the same market, so no adjustment is needed.
| Company | Market | Cap, $bn | EV/EBITDA |
|---|---|---|---|
| Polyus | Russia | 12.6 | 3.6x |
| Yuzhuralzoloto Group | Russia | 2.0 | 3.7x |
| Nornickel | Russia | 21.1 | 5.0x |
| Seligdar | Russia | 0.5 | 5.2x |
| Alrosa | Russia | 1.8 | 7.9x |
| Group median | 5.0x | ||
| Group average | 5.1x | ||
| This company | Russia | 0.1 | 17.6x |
Group median 5.0x; this company 17.6x — a 251% premium.
Group average 5.1x; against the average this company is at a 245% premium.
At the adjusted group median the market cap would be -217% 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.
No dividend rows found for this issuer.
| 15.07.26 | AGM / Board | Решения совета директоров (наблюдательного совета) Совет директоров ПАО 'Русолово' принял решения о переизбрании Сергея Антонова на пост Генерального директора на 5 лет с 01.08.2026 и утвердил новый состав Правления на тот же срок. Также согласованы условия трудового договора с Генеральным директором и членами Правления. |
| 01.06.26 | AGM / Board | Решения общих собраний участников (акционеров) На годовом общем собрании акционеров ПАО «Русолово», состоявшемся 27 мая 2026 года, был утвержден годовой отчет и бухгалтерская отчетность за 2025 год. Дивиденды по результатам 2025 года не будут выплачены из-за убытков. Назначена аудиторская организация для проведения аудита за 2026 год. |
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 Rusolovo (ROLO) — from primary filings.
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