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Samolet (SMLT) RUB

At a glance: strengths & risks
✓Revenue growing (+8%)✓Margins improving (25%→28%)✗Profit falling (-128%)✗Loss-making last FY✗High leverage (7.5x EBITDA)✗No dividends currently

Sector: Construction & Real Estate

RU_SMLT

Price chart

415.2 RUBDay -2.21%

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
415.2 RUB · -2.21%
Market cap
25.6 bn RUB

Growth

Δ revenue y/y
16.4%
Δ EBITDA y/y
25.8%

Multiples

P/E (LTM)
—
3y avg: 8.5x
P/B (FY)
0.5x
P/E (ann.)
<0
EV/EBITDA (LTM)
7.7x
3y avg: 9.1x
EV/EBITDA (ann.)
7.7x

Cash return

Dividend yield
—
FCF yield (LTM)
—

Liquidity

Daily turnover (MOEX)
16.3 bln 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
2025-12-31H2 2025 (6M)OK195.8
y/y 16.4%
49.3
y/y 27.0%
1.7
y/y 0.0%
51.0
y/y 25.8%
-4.1
y/y -220.2%
-84.2-3.81019.6
y/y 6.1%
50.2
y/y -4.7%
-4.3%761.7Report (PDF)
2025-06-30H1 2025 (6M)OK171.0
y/y 0.1%
50.3
y/y 18.4%
0.6
y/y 0.0%
50.9
y/y 18.1%
1.8
y/y -60.9%
-84.2-3.31009.1
y/y 8.1%
56.2
y/y 13.8%
6.8%678.2Report (PDF)
2024-12-31H2 2024 (6M)OK168.2
y/y 8.7%
38.8
y/y -13.9%
1.7
y/y 362.7%
40.5
y/y -10.9%
3.4
y/y -79.6%
-242.6-7.9961.1
y/y 28.9%
52.6
y/y 44.8%
16.0%617.0Report (PDF)
2024-06-30H1 2024 (6M)OK170.8
y/y 68.5%
42.5
y/y 62.0%
0.6
y/y 43.5%
43.1
y/y 61.7%
4.7
y/y -48.9%
4.7-2.6933.7
y/y 110.4%
49.4
y/y 52.0%
22.0%611.7Report (PDF)
2023-12-31H2 2023 (6M)OK154.8
y/y —
45.1
y/y —
0.4
y/y —
45.5
y/y —
16.9
y/y —
-145.2-51.4745.8
y/y —
36.3
y/y —
75.8%491.8Report (PDF)
2023-06-30H1 2023 (6M)OK101.4
y/y —
26.2
y/y —
0.4
y/y —
26.6
y/y —
9.2
y/y —
9.2-0.5443.7
y/y —
32.5
y/y —
—286.2Report (PDF)

Net debt structure (leases included, IFRS 16) 2025-06-30

Short-term debt (incl. ST leases)297 496
Long-term debt (incl. LT leases)407 300
− Cash & equivalents26 546
Net debt678 250

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

050 000100 000150 000200 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-20%0%20%40%60%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF (₽ mln)

-300 000-200 000-100 00002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (₽ mln)

0200 000400 000600 000800 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to -2.11x of reported net profit; after capex, -2.31x. Loss years (2025) are left out of the ratio.
year20212022202320242025
cash flow / profit1.89x1.00x-5.21x-29.16x—
accruals, % of assets-1.9%0.0%21.7%25.6%16.3%
net debt / EBITDA 7.5x · capex 4.6x of depreciation
● In a typical year operating cash flow covered -211% of reported profit (4 profitable years).
● Accruals average 12.3% of assets a year - profit runs ahead of cash.
● Net debt / EBITDA 7.5x at the last full year.
Real estate: profit carries investment-property revaluations and, for developers, buyer money that sits in escrow until handover - neither passes through operating cash flow, so profit above cash is structural here. Judge the leverage against escrow coverage and against the rent roll, not against this ratio.
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.

Earnings ex-capitalized interest

Developers fund construction with project financing and, under IAS 23, capitalize the interest into inventory (construction-in-progress) instead of expensing it. At a high key rate this understates the true interest burden in EBITDA and net profit. Below: earnings as if ALL interest were expensed.

YearEBITDACap. interestEBITDA ex-%Net profitNP ex-%
2025101 873−59 28842 585-2 291-61 579
202483 604−45 65737 9478 158-37 499
202372 102−10 06562 03726 09816 033

RUB mln. Adjustment is gross (pre-tax): shows the full interest burden as if the capitalized interest had been a period expense.

Construction pipeline (DOM.RF registry)

213 projects building · 3.84m m² · 89 368 flats

escrow accounts: 100%overdue delivery: 2matched SPVs: 67

Commissioning, m m²: actual 2022: 0.88 · 2023: 1.35 · 2024: 1.05 · 2025: 0.95 · 2026: 0.39 · planned 2026: 1.55 · 2027: 0.70 · 2028: 0.96 · 2029: 0.33

→ Commissioning: last full year -10% YoY · 2026 exp. 1.94m (+105% — accelerating)

Pipeline MoM: 3.87→3.84 млн м² (-0.9%)

Geography (area): Московская обл. 1256k m² · Москва 1039k m² · Ленинградская обл. 917k m² · Санкт-Петербург 107k m² · Тюменская обл. 101k m²

Source: DOM.RF ЕИСЖС, snapshot 2026-08-11, updated monthly. Projects are matched by developer brand — groups whose SPVs use project names (notably PIK) are only PARTIALLY covered, so levels are a lower bound; read the month-over-month trend and ratios (escrow, timing, regions).

Quality / corporate governance

Potential discount −18% (factor 0.82)

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: ≤-300.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2025-12-31 vs 2024-12-31)
= (50 981 − 40 511) × 2.00
0
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (25 568 + 761 735) ÷ 101 873
7.7x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (7.7 + 6.5) ÷ 2
7.1x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -127 131 + 0 + 0 − 0
-127 131
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (0 × 7.1 + -127 131) ÷ 25 568
≤-300.0%

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)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • growth zeroed: debt-funded EBITDA growth but net profit is now a LOSS while net debt rose (FY net 8158->-2291)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +8% vs +32% the year before — a -24.2 pp move. 3-year CAGR +29%.
revenue growth by year: 2023 +49% · 2024 +32% · 2025 +8%
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).

Dividend potential

Dividends suspended (~3.8 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)-2 bn RUB
Payout ratio29%
Free cash flow (FY, OCF − capex) — not a cap (escrow)-176 bn RUB
Recent actual dividend (3-yr median)82.00 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-11.9 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price425 ₽
Forecast dividend yield—
Fair price (dividend-based)0.000 ₽

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

Dividend history

Pay yearDividend /sh
202282.00 ₽
202182.00 ₽
Payments by period
PeriodEx-date/sh
2022 q42022-10-1041.00 ₽
2022 q32022-07-0741.00 ₽
2021 q42021-10-0741.00 ₽
2021 q32021-07-0741.00 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 4 (2 positive), last 30 days: 5 (2 positive) across tracked channels, broker research and shows. 19 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

24.06.26AGM / Board★ ▼ Решения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «ГК «Самолет» 23 июня 2026 года было принято решение не распределять прибыль и не выплачивать дивиденды по итогам 2025 года. В Совет директоров избраны 9 членов, а аудиторская организация «Б1 – Аудит» назначена для проверки отчетности за 2026 год.
28.04.26Filing★ ▲ Сообщение об изменении или корректировке информации, ранее опубликованной в Ленте новостей
10.08.26BuybackПриобретение лицом права распоряжаться определенным количеством голосов, приходящихся на голосующие акции (доли), составляющие уставный капитал эмитента
Ксения Кибиткина приобрела косвенное право распоряжения 10 824 229 голосами (17,58%) голосующих акций ПАО «Группа компаний «Самолет» после приобретения доли участия в эмитенте. Дата наступления события - 07.08.2026.
07.08.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
07.08.2026 Эмитент приобрел 3,1 млн. биржевых облигаций серии БО-П15 по требованию владельцев, выплачивая накопленный купонный доход в размере 4,4 млн. руб. (1,4 руб. на облигацию). Данное событие может существенно повлиять на стоимость ценных бумаг компании.
31.07.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Группа компаний «Самолет» одобрил крупную сделку, связанную со строительством многоквартирных жилых домов в Красногорске. Сумма обязательств по Договору поручительства составляет более 25%, но менее 50% активов компании. Все 9 членов совета проголосовали за решение.
17.07.26BuybackПриобретение (наступление оснований для приобретения) размещённых эмитентом облигаций
ПАО «Группа компаний «Самолет» объявило о приобретении всех своих биржевых облигаций серии БО-П15 по цене 100% от их номинальной стоимости с выплатой накопленного купонного дохода. Период предъявления облигаций к приобретению пройдет с 29.07.2026 по 04.08.2026, а дата приобретения назначена на 07.08.2026.
28.04.26BuybackПринятие решения о приобретении размещенных эмитентом акций

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 Samolet (SMLT) — from primary filings.

Frequently asked questions

What is Samolet (SMLT)'s EV/EBITDA?
Samolet (SMLT) trades at 7.7x EV/EBITDA.
What is Samolet (SMLT)'s P/B ratio?
Samolet (SMLT) trades at a P/B of 0.5x.
What is Samolet (SMLT)'s return on equity (ROE)?
Samolet (SMLT)'s ROE is -16.5%.
What is Samolet (SMLT)'s market capitalization?
Samolet (SMLT)'s market cap is 25.6 bn RUB.

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