SFI is an investment holding controlled by the Gutseriev family whose main assets are the leasing company Europlan and the insurer VSK, along with other financial investments.
Sector: Financial Services
RU_SFIN
Shares: connector/market_inputs
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.
| Date | Period | Status | RevenueB RUB | Net profitB RUB | AssetsB RUB | EquityB RUB | ROE (annualized) | Source |
|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | Q2 2026 (3M) | OK | 1.1 y/y — | -3.4 y/y — | 53.6 y/y — | 53.4 y/y — | -23.4% | Report (PDF) |
| 2025-12-31 | FY 2025 (12M) | OK | — y/y — | -2.9 y/y — | 67.6 y/y — | 64.8 y/y — | 5.8% | Report (PDF) |
| 2025-09-30 | Q3 2025 (3M) | OK | 0.6 y/y -95.1% | 0.8 y/y -81.1% | 284.8 y/y -23.4% | 93.9 y/y -8.8% | 1.1% | Report (PDF) |
| 2025-06-30 | Q2 2025 (3M) | OK | 0.6 y/y -91.6% | 2.0 y/y -64.0% | 310.4 y/y -14.3% | 92.5 y/y -7.1% | 8.5% | Report (PDF) |
| 2025-03-31 | Q1 2025 (3M) | OK | 7.4 y/y 23.5% | 4.7 y/y -42.0% | 339.9 y/y — | 97.1 y/y — | — | Report (PDF) |
| 2024-12-31 | Q4 2024 (3M) | OK | 4.6 y/y 77.2% | -11.4 y/y -438.2% | — y/y — | — y/y — | — | Report (PDF) |
| 2024-09-30 | Q3 2024 (3M) | OK | 12.7 y/y 53.0% | 4.1 y/y -28.0% | 371.7 y/y — | 103.0 y/y — | 5.4% | Report (PDF) |
| 2024-06-30 | Q2 2024 (3M) | OK | 7.4 y/y 0.0% | 5.6 y/y 12.5% | 362.4 y/y 36.3% | 99.6 y/y 34.9% | — | Report (PDF) |
| 2024-03-31 | Q1 2024 (3M) | OK | 6.0 y/y 53.7% | 8.1 y/y 48.4% | — y/y — | — y/y — | — | Report (PDF) |
| 2023-12-31 | Q4 2023 (3M) | OK | 2.6 y/y — | 3.4 y/y — | 312.0 y/y — | 81.3 y/y — | — | Report (PDF) |
| 2023-09-30 | Q3 2023 (3M) | OK | 8.3 y/y — | 5.7 y/y — | — y/y — | — y/y — | — | Report (PDF) |
| 2023-06-30 | Q2 2023 (3M) | OK | 7.4 y/y — | 5.0 y/y — | 265.9 y/y — | 73.8 y/y — | — | Report (PDF) |
| 2023-03-31 | Q1 2023 (3M) | OK | 3.9 y/y — | 5.5 y/y — | — y/y — | — y/y — | — | Report (PDF) |
Our earnings breakdowns and investment notes on this issuer.
SFI potential (reversion to historical discount): -51%
SFI is an investment holding that historically traded at a discount to NAV (median −31% over 624 trading days in 2024–25, when Europlan was the NAV core; a discount on 529 of those days). In 2025 Europlan was sold (discontinued operation: disposed net assets ₽42.4bn, gain ₽11.1bn). On liquidation/market marks of what remains — VSK 49% at an earnings multiple (not its ₽36bn book carrying with goodwill), the M.Video claim marked off M.Video's own quotes (its bonds trade near par, but the claim converts into shares at above the market price), the other loans on their own line, only free cash — current NAV ₽21bn. Reverting to the historical discount implies negative potential. Vintage: H1-2026 IFRS reviewed (B1, 28-Aug-2026); balances as of 30-Jun-2026; VSK earnings on an LTM basis off that report; loan book marked off M.Video's own traded bonds + the conversion price given by SFI IR on 19-Aug-2026.
| 1 · Current NAV (liquidation, market marks) | |
| VSK 49% — 5× share of LTM earnings (₽1.6bn) | 8.1 bn RUB |
| M.Video 9.87% — at market | 0.8 bn RUB |
| M.Video claim (face ₽10.3bn) — its own bonds at 100% of par, converts at ₽58 vs a ₽43 share (74%) | 7.6 bn RUB |
| Other loans (gross ₽7.4bn, borrowers not disclosed) — at the audited net-of-ECL ratio | 3.5 bn RUB |
| Free cash | 0.9 bn RUB |
| = Liquidation NAV | 20.9 bn RUB |
| SFI market cap | 29.2 bn RUB |
| Premium/discount to NAV (now) | +39% |
| 2 · Potential = reversion to the historical discount | |
| Historical discount to NAV (median, 2024–26) | -31% |
| Current premium/discount to NAV | +39% |
| → Potential (1+disc)/(1+prem)−1 | -51% |
| Sensitivity: VSK on FY2025 earnings (₽3.3bn), not LTM | -32% |
| Low case: other loans written to zero | -59% |
| 3 · Memo: book NAV and the Europlan disposal | |
| Book NAV (VSK at ₽36bn carrying) | 53.5 bn RUB |
| — incl. SFI's own IAS 36 write-down of VSK in Q2-2026 | -4.3 bn RUB |
| — discount to book NAV | -45% |
| Europlan 87.5% — sold in 2025 (at market ₽70bn) | discontinued |
Current 0.57x · 3-year median 0.64x
Current 7.3x · 3-year median 7.3x
P/B is market cap ÷ equity of the latest reported quarter, P/E is ÷ profit of the last four quarters. EV/EBITDA is not computed for financials: EBITDA is not a meaningful line for them and their net debt is operating liquidity, not leverage.
Group: Financial Services. Every peer trades on the same market, so no adjustment is needed.
| Company | Market | Cap, $bn | P/E |
|---|---|---|---|
| MTS Bank | Russia | 0.4 | 1.9x |
| Mosgorlombard | Russia | 0.0 | 2.2x |
| Bank VTB | Russia | 15.3 | 2.8x |
| Sovcombank | Russia | 2.8 | 2.8x |
| Sberbank | Russia | 80.3 | 3.5x |
| DOM.RF | Russia | 4.6 | 3.5x |
| Zaymer | Russia | 0.2 | 3.7x |
| Bank Sankt-Peterburg | Russia | 1.4 | 3.8x |
| TBank | Russia | 8.8 | 3.9x |
| CarMoney | Russia | 0.0 | 4.6x |
| Europlan | Russia | 1.0 | 10.6x |
| Credit Bank of Moscow | Russia | 4.1 | 14.9x |
| Group median | 3.6x | ||
| Group average | 4.8x | ||
| This company | Russia | 0.4 | 6.3x |
Group median 3.6x; this company 6.3x — a 75% premium.
Group average 4.8x; against the average this company is at a 30% premium. The average sits 34% above the median: Credit Bank of Moscow (14.9x) skews the group.
At the adjusted group median the market cap would be -43% 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 28.3x, Russia 5.9x, South Africa 11.1x, Kazakhstan 9.2x, India 27.4x, Indonesia 7.3x); 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 planned
SFI sold Europlan, its core asset: FY2025 profit is largely a one-off gain on that disposal (discontinued operations), not recurring earnings. It received no VSK dividend this year and guides no dividend. There is no dividend potential.
Paid, trailing 12-mo: 1074.00 RUB/sh · 176.0%
| Pay year | Dividend /sh | |
|---|---|---|
| 2026 | 172.00 ₽ | |
| 2025 | 985.50 ₽ | |
| 2024 | 248.20 ₽ | |
| 2023 | 39.42 ₽ | |
| 2019 | 14.50 ₽ | |
| 2018 | 17.25 ₽ | |
| 2017 | 13.00 ₽ |
| Period | Last day to buy | /sh |
|---|---|---|
| 2026 q2 | 2026-05-14 | 172.00 ₽ |
| 2025 q4 | 2025-12-24 | 902.00 ₽ |
| 2025 q2 | 2025-06-06 | 83.50 ₽ |
| 2024 q4 | 2024-12-20 | 227.60 ₽ |
| 2024 q2 | 2024-06-14 | 20.60 ₽ |
| 2023 q4 | 2023-12-13 | 39.42 ₽ |
| 2019 q2 | 2019-06-05 | 14.50 ₽ |
| 2018 q2 | 2018-06-06 | 17.25 ₽ |
| 2017 q4 | 2017-12-22 | 13.00 ₽ |
No dividend rows found for this issuer.
Substantive mentions last 7 days: 0, last 30 days: 0 across tracked channels, broker research and shows. 3 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.
| 08.09.26 | AGM / Board | Решения совета директоров (наблюдательного совета) Совет директоров ПАО 'ЭсЭфАй' единогласно утвердил условия совершения операций с финансовыми инструментами и признал утратившими силу предыдущие правила внутреннего контроля. Решение было принято на заседании 07.09.2026. |
| 16.06.26 | Buyback | Приобретение лицом права распоряжаться определенным количеством голосов, приходящихся на голосующие акции (доли), составляющие уставный капитал эмитента Алексей Жаворонков приобрел косвенное право распоряжаться 6 378 161 акцией (13,12% уставного капитала) ПАО 'ЭсЭфАй' через компанию 'Инвесткапитал'. Дата события - 16.06.2026. |
| 04.05.26 | AGM / Board | Решения общих собраний участников (акционеров) На годовом общем собрании акционеров ПАО 'ЭсЭфАй', состоявшемся 4 мая 2026 года, было принято решение о выплате дивидендов в размере 8,02 млрд. руб. по итогам 2025 года. Общая сумма дивидендов, включая промежуточные выплаты, составит 51,88 млрд. руб. Дата определения лиц, имеющих право на получение дивидендов, установлена на 15 мая 2026 года. |
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), profitability and dividend yield of SFI Holding (SFIN) — from primary filings.
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