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Seligdar (SELG) RUB

Seligdar is a gold producer with mines in Yakutia, Altai and Buryatia, and Russia's leading tin producer through its subsidiary Rusolovo.

At a glance: strengths & risks
✓Revenue growing (+47% y/y, H1 2026)✓Margins improving (19%→32%, H1 2026)✗Loss-making last FY✗High leverage (4.9x EBITDA)✗No dividends currently

Sector: Mining

RU_SELG

Price chart

41.05 RUBDay 0.42%

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
41.05 RUB · 0.42%
Market cap
42.3 bn RUB

Growth

Δ revenue y/y
46.5%
Δ EBITDA y/y
145.6%

Multiples

P/E (LTM)
—
P/B (FY)
4.0x
P/E (ann.)
6.2x
EV/EBITDA (LTM)
5.3x
EV/EBITDA (ann.)
7.5x

Cash return

Dividend yield
—
FCF yield (LTM)
42.9%

Value creation

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

Liquidity

Daily turnover (MOEX)
183.3 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
2026-06-30Q2 2026 (3M)OK41.7
y/y 46.5%
7.3
y/y —
5.8
y/y 9.2%
13.1
y/y 145.6%
3.4
y/y —
-8.7-5.2231.2
y/y 18.6%
14.0
y/y -27.9%
55.1%155.2Report (PDF)
2025-12-31Q4 2025 (3M)PARTIAL26.0
y/y 59.5%
7.4
y/y 57.3%
2.4
y/y 42.4%
9.8
y/y 53.4%
-2.9
y/y 10.8%
21.5-4.1213.0
y/y 18.9%
10.6
y/y -50.8%
-82.6%145.2Report (PDF)
2025-09-30Q3 2025 (3M)OK33.4
y/y 51.0%
5.1
y/y 47.1%
2.5
y/y 1.0%
7.6
y/y 27.9%
-3.3
y/y —
-6.2-1.9204.1
y/y 32.2%
13.9
y/y 41.3%
-26.3%129.5Report (PDF)
2025-06-30Q2 2025 (3M)OK28.4
y/y 36.3%
0.0
y/y -54.6%
5.3
y/y 5.2%
5.3
y/y 4.8%
-2.2
y/y —
-14.0-4.0194.9
y/y 20.5%
19.4
y/y 3.0%
-21.0%105.1Report (PDF)
2024-12-31Q4 2024 (3M)PARTIAL16.3
y/y -13.3%
4.7
y/y 391.6%
1.7
y/y -48.4%
6.4
y/y 52.8%
-3.2
y/y -23.8%
6.4-2.7179.2
y/y 32.8%
21.6
y/y -15.7%
-81.5%82.4Report (PDF)
2024-09-30Q3 2024 (3M)OK22.1
y/y 36.9%
3.4
y/y 49.2%
2.5
y/y 22.4%
5.9
y/y 36.7%
-3.7
y/y —
3.5-3.1154.4
y/y 9.0%
9.9
y/y -67.2%
-34.8%68.1Report (PDF)
2024-06-30Q2 2024 (3M)OK20.9
y/y -0.7%
0.0
y/y -97.7%
5.1
y/y 53.4%
5.1
y/y 8.1%
-5.2
y/y —
8.0-4.5161.6
y/y 7.7%
18.9
y/y -40.5%
-47.1%55.3Report (PDF)
2023-12-31Q4 2023 (3M)OK18.8
y/y —
1.0
y/y —
3.2
y/y —
4.2
y/y —
-2.6
y/y —
2.9-2.1134.9
y/y —
25.6
y/y —
-41.4%50.7Report (PDF)
2023-09-30Q3 2023 (3M)OK16.2
y/y —
2.3
y/y —
2.0
y/y —
4.3
y/y —
-2.7
y/y —
3.7-2.6141.7
y/y —
30.0
y/y —
-11.5%49.6Report (PDF)
2023-06-30Q2 2023 (3M)OK21.0
y/y —
1.4
y/y —
3.3
y/y —
4.7
y/y —
-7.3
y/y —
12.9-4.2150.1
y/y —
31.7
y/y —
—43.2Report (PDF)

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

Short-term debt (incl. ST leases)58 054
Long-term debt (incl. LT leases)104 986
− Cash & equivalents7 853
Net debt155 188

Net debt / LTM EBITDA: 4.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

010 00020 00030 00040 00050 0002023 H12023 q32023 q42024 H12024 q32024 q42025 H12025 q32025 q42026 H1

Year-over-year change

-50%0%50%100%150%2023 H12023 q32023 q42024 H12024 q32024 q42025 H12025 q32025 q42026 H1

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) (₽ mln)

-40 000-20 000020 00040 00060 0002023 H12023 q32023 q42024 H12024 q32024 q42025 H12025 q32025 q42026 H1

Net debt / cash (₽ mln)

050 000100 000150 000200 0002023 q22023 q32023 q42024 q22024 q32024 q42025 q22025 q32025 q42026 H1

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 2.15x of reported net profit; after capex, -0.43x. Loss years (2023, 2024, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit1.74x2.55x———
accruals, % of assets-9.0%-4.7%-20.3%-18.4%-18.8%
net debt / EBITDA 4.9x · EBIT covers interest 1.9x · capex 1.4x of depreciation · dividends 18% of free cash flow
● Net debt / EBITDA 4.9x at the last full year.
● EBIT covers interest 1.9x.
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 — Gold (RUB)

Current 10 629 ₽/гspot vs LTM +0%

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 -37% · 3-yr -90%

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

1 · Reported baseline (LTM to 2026-06-30)
Revenue101.1 bln RUB
EBITDA37.6 bln RUB
Cash costs (revenue − EBITDA)63.5 bln RUB
2 · Revenue projection
Multiplier — spot×1.00 (+0%)
= Spot revenue101.3 bln RUB
Multiplier — 3-yr prices×0.90 (-10%)
= 3-yr-price revenue91.2 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs66.7 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA34.6 bln RUB
= 3-yr-price EBITDA24.5 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/229.6 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))29.6 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)5.2x
Target EV = EV/EBITDA × conservative EBITDA154.6 bln RUB
Net debt (as of 2026-06-30)155.0 bln RUB
Target market cap = EV − net debt0 mln RUB
Current market cap41.4 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)
Gold (RUB)85%10 629.0010 602.22+0%+0%-12%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +48% vs +6% the year before — a +42.3 pp move. 3-year CAGR +36%.
revenue growth by year: 2023 +61% · 2024 +6% · 2025 +48%
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 5.2x · 3-year 75th pct 7.4x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Mining. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
PolyusRussia12.63.6x
Yuzhuralzoloto GroupRussia2.03.7x
NornickelRussia21.15.0x
AlrosaRussia1.87.9x
RusolovoRussia0.117.6x
Group median5.0x
Group average7.6x
This companyRussia0.55.3x

Group median 5.0x; this company 5.3x — a 5% premium.

Group average 7.6x; against the average this company is at a 31% discount. The average sits 51% above the median: Rusolovo (17.6x) skews the group.

At the adjusted group median the market cap would be -20% 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 (~2.3 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)-5 bn RUB
Payout ratio79%
Free cash flow (FY, OCF − capex)18 bn RUB
Recent actual dividend (3-yr median)2.00 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-13.1 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price40.26 ₽
Forecast dividend yield—
Fair price (dividend-based)—

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

Dividend history

Pay yearDividend /sh
20242.00 ₽
20232.00 ₽
20224.50 ₽
20211.95 ₽
20203.97 ₽
20190.78 ₽
20120.15 ₽
Payments by period
PeriodLast day to buy/sh
2024 q22024-06-132.00 ₽
2023 q42023-11-302.00 ₽
2022 q22022-06-174.50 ₽
2021 q22021-06-231.95 ₽
2020 q42020-11-262.55 ₽
2020 q22020-06-241.42 ₽
2019 q42019-12-200.78 ₽
2012 q22012-04-180.15 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

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

07.10.26AGM / Board★ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО «Селигдар» утвердил новую организационную структуру и решил прекратить участие в ООО «Бета Минерал», продав свою долю в 75% компании. Все решения были приняты единогласно на заседании 6 октября 2026 года.
01.09.26Filing★ ▼ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора
ПАО «Селигдар» получило кредитный рейтинг A+|ru| для своих биржевых облигаций серии 001P-05, ранее имевших рейтинг АА-|ru|. Рейтинг был присвоен 01.09.2026.
01.09.26Filing★ ▼ Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора
ПАО «Селигдар» изменило кредитный рейтинг с «AA-|ru|» на «A+|ru|» с прогнозом «стабильный» на дату 01.09.2026. Рейтинг присвоен ООО «Национальное Рейтинговое Агентство».
15.07.26Filing★ ▼ Совершение подконтрольной эмитенту организацией существенной сделки
ПАО «Селигдар» заключило крупную сделку с ООО «Самолазовское», в рамках которой подписан Договор поручительства для обеспечения обязательств по синдицированному кредиту на сумму до 50 млрд. руб. Сумма сделки составляет 90 млрд. руб., что соответствует 42,25% от стоимости активов компании на 31.12.2025.
15.07.26Filing★ ▼ Совершение эмитентом существенной сделки
ПАО «Селигдар» заключило крупную сделку по предоставлению синдицированного кредита на сумму до 50 млрд. руб. и соглашений о комиссиях на сумму до 2 млрд. руб. Сроки погашения кредитов варьируются от 36 до 60 месяцев, а сделка составляет 42,25% от стоимости активов компании на 31.12.2025.
27.08.26Material eventИнформация об иных событиях (действиях), оказывающих, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
Рейтинговое агентство НКР подтвердило кредитный рейтинг ПАО «Селигдар» на уровне A+ с стабильным прогнозом. Это событие может положительно сказаться на стоимости акций и облигаций компании, так как подтверждает сильные рыночные позиции и финансовую устойчивость. Дата события - 2026-08-26.
09.07.26BuybackПриобретение лицом права распоряжаться определенным количеством голосов, приходящихся на голосующие акции (доли), составляющие уставный капитал эмитента
Лицо приобрело право прямого распоряжения 85 561 550 голосами (8,31%) акций ПАО «Селигдар», увеличив свою долю с 35 561 550 голосов (3,45%). Дата наступления события 09.07.2026.
15.06.26AGM / BoardРешения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Селигдар» 10 июня 2026 года было принято решение не выплачивать дивиденды по результатам 2025 года, оставив чистую прибыль в размере 2,17 млрд. руб. нераспределенной. Также избран новый Совет директоров и назначена аудиторская организация ООО «ФБК» 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 Seligdar (SELG) — from primary filings.

Frequently asked questions

What is Seligdar (SELG)'s EV/EBITDA?
Seligdar (SELG) trades at 5.3x EV/EBITDA.
What is Seligdar (SELG)'s P/B ratio?
Seligdar (SELG) trades at a P/B of 4.0x.
What is Seligdar (SELG)'s return on equity (ROE)?
Seligdar (SELG)'s ROE is 55.1%.
What is Seligdar (SELG)'s market capitalization?
Seligdar (SELG)'s market cap is 42.3 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
Селигдар2Р16.8%24%102.79+0.06%643K9.3M03.2027
Селигдар5Рfloatfloat100.90+0.07%90K1.3M07.2027
Селигдар3Р18.0%23.25%105.58+0.09%2.1M20.9M09.2027
Селигдар7Рfloatfloat101.01-0.02%532K9.4M10.2027
Селигдар9Рfloatfloat100.93+0.07%492K3.9M12.2027
Селигдар4Р18.1%19%102.45-0.38%3.6M20.6M01.2028
SELGOLD00113.8%5.5%90.13+1.27%6.5M15.4M03.2028
Селигдар6Р17.8%18.5%102.60+0.04%1.4M4.7M04.2028
Селигдар8Р18.1%18%101.73-0.07%1.2M13.5M06.2028
Селигдар1017.9%16.65%100.14+0.03%936K13.5M02.2029
Селигдар1117.5%15.75%99.22+0.30%754K7.8M04.2029
SELGOLD0039.1%5.5%91.74+1.79%1.8M2.5M09.2029
SELSILV011.5%4%107.63+0.03%2K531K12.2029
SELGOLD0028.4%5.5%92.69+1.23%88K5.0M01.2030

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

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