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Samolet (SMLT) USD

Samolet is one of Russia's largest residential developers by volume, building mass-market housing districts mainly in Moscow region and expanding into other regions and property services.

At a glance: strengths & risks
✗Revenue declining (-31% y/y, H1 2026)✗Profit falling (-1309% y/y, H1 2026)✗Loss-making last FY✗Margins compressing (30%→27%, H1 2026)✗High leverage (7.4x EBITDA)✗No dividends currently

Sector: Construction & Real Estate

RU_SMLT

Price chart

240.8 RUBDay 1.69%

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
240.8 RUB · 1.69%
Market cap
183 mln USD

Growth

Δ revenue y/y
-22.1%
Δ EBITDA y/y
-31.9%

Multiples

P/E (LTM)
—
3y avg: 9.2x
P/B (FY)
0.4x
P/E (ann.)
<0
EV/EBITDA (LTM)
9.6x
3y avg: 8.7x
EV/EBITDA (ann.)
12.2x

Cash return

Dividend yield
—
FCF yield (LTM)
—

Liquidity

Daily turnover (MOEX)
941.2 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)PARTIAL1535.0
y/y -22.1%
384.4
y/y -33.7%
24.6
y/y 20.1%
409.0
y/y -31.9%
-291.3
y/y -1471.3%
-665.0-17.513260.1
y/y 3.1%
295.8
y/y -58.7%
-124.3%9828.7Report (PDF)
2025-12-31H2 2025 (6M)OK2449.1
y/y 39.7%
616.3
y/y 52.8%
21.2
y/y 17.5%
637.5
y/y 51.3%
-51.7
y/y -246.0%
-653.4-46.913034.5
y/y 37.9%
641.4
y/y 23.9%
-4.0%9737.5Report (PDF)
2025-06-30H1 2025 (6M)OK1970.6
y/y 3.8%
579.7
y/y 22.8%
20.5
y/y 209.3%
600.2
y/y 25.4%
21.2
y/y -59.5%
-1339.8-37.812860.0
y/y 18.1%
715.8
y/y 24.3%
6.9%8643.6Report (PDF)
2024-12-31H2 2024 (6M)OK1791.2
y/y 2.5%
413.2
y/y -19.4%
18.1
y/y 356.7%
431.3
y/y -16.5%
36.6
y/y -81.0%
-2582.7-84.79452.4
y/y 13.7%
517.6
y/y 27.8%
16.1%6067.9Report (PDF)
2024-06-30H1 2024 (6M)OK1897.9
y/y 43.4%
472.1
y/y 37.9%
6.6
y/y 22.2%
478.8
y/y 37.7%
52.4
y/y -56.5%
52.4-29.410889.1
y/y 113.6%
575.9
y/y 54.3%
21.4%7134.1Report (PDF)
2023-12-31H2 2023 (6M)OK1668.3
y/y —
486.1
y/y —
4.0
y/y —
490.1
y/y —
181.7
y/y —
-1565.8-616.28315.6
y/y —
405.2
y/y —
80.4%5483.4Report (PDF)
2023-06-30H1 2023 (6M)OK1323.1
y/y —
342.4
y/y —
5.4
y/y —
347.8
y/y —
120.6
y/y —
120.6-6.25098.2
y/y —
373.2
y/y —
—3288.3Report (PDF)

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

Short-term debt (incl. ST leases)4 189
Long-term debt (incl. LT leases)5 767
− Cash & equivalents127
Net debt9 829

Net debt / LTM EBITDA: 9.4x

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)

05001 0001 5002 0002 5002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-40%-20%0%20%40%60%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

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

-3 000-2 000-1 00001 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash ($ mln)

02 0004 0006 0008 00010 0002023 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 -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 7.4x · capex 3.9x 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 7.4x 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

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-%
2025103 056−59 28843 768-2 291-61 579
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)

110 projects building · 2.19m m² · 50 396 flats

escrow accounts: 100%overdue delivery: 4matched SPVs: 60

Commissioning, m m²: actual 2022: 0.52 · 2023: 0.68 · 2024: 0.43 · 2025: 0.56 · 2026: 0.20 · planned 2026: 0.65 · 2027: 0.54 · 2028: 0.67 · 2029: 0.19

→ Commissioning: last full year +29% YoY · 2026 exp. 0.85m (+51% — accelerating)

Pipeline MoM: 1.71→2.19 млн м² (+28.3%)

Geography (area): Московская обл. 654k m² · Москва 653k m² · Ленинградская обл. 601k m² · код 25 58k m² · Татарстан 49k m²

Source: DOM.RF ЕИСЖС, snapshot 2026-10-23, 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 (2026-06-30 vs 2025-06-30)
= (409 − 600) × 2.56
-23
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (183 + 9 829) ÷ 1 047
9.6x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (9.6 + 6.5) ÷ 2
8.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -1 185 + 0 + 0 − 0
-1 185
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-23 × 8.0 + -1 185) ÷ 183
≤-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
  • EBITDA-growth term damped to the multi-year FY trend SIZE but kept the latest period direction (down) - the trend pointed the other way
  • EBITDA-growth term clamped to ±market cap

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).

EV/EBITDA — daily history

Current 9.5x · 3-year 75th pct 9.5x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Construction & Real Estate. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
PIK GroupRussia4.45.3x
GLORAXRussia0.17.8x
APRIRussia0.28.6x
EtalonRussia0.210.9x
LSR GroupRussia0.741.2x
Group median8.6x
Group average14.8x
This companyRussia0.29.6x

Group median 8.6x; this company 9.6x — a 11% premium.

Group average 14.8x; against the average this company is at a 35% discount. The average sits 71% above the median: LSR Group (41.2x) skews the group.

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 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividend potential

Dividends suspended (~4.0 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)-26 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%
= Fair dividend yield12.0%
3 · Valuation → upside
Current price237 ₽
Forecast dividend yield—
Fair price (dividend-based)—

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

Dividend history

Pay yearDividend /sh
202282.00 ₽
202182.00 ₽
Payments by period
PeriodLast day to buy/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: 2 (1 positive), last 30 days: 18 (2 positive, 14 negative) across tracked channels, broker research and shows. 21 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

15.10.26Filing★ ▼ Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора
Кредитный рейтинг ПАО «Группа компаний «Самолет» изменен с А.Ru на ВВВ(Ru) с негативным прогнозом. Изменение рейтинга произошло 15 октября 2026 года.
08.10.26Filing★ ▼ Присвоение или изменение рейтинга эмиссионных ценных бумаг эмитента рейтинговым агентством или иной организацией на основании договора
Рейтинг облигаций группы компаний 'Самолет' изменен с А-(Ru) на ВВВ (Ru) 8 октября 2026 года. Рейтинговое агентство АКРА присвоило новый рейтинг. Облигации имеют разные серии и регистрационные номера, включая облигации серий БО-П11, БО-П13, БО-П14 и другие.
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
16.10.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
16 октября 2026 года ПАО «Группа компаний «Самолет» назначило ПАО «Совкомбанк» агентом по приобретению биржевых облигаций. Это событие может повлиять на стоимость их биржевых облигаций, идентификационный номер выпуска которых 4В02-05-16493-А-001Р.
16.10.26BuybackПриобретение (наступление оснований для приобретения) размещённых эмитентом облигаций
ПАО 'Группа компаний 'Самолет' объявило о приобретении своих биржевых облигаций серии БО-П05 по цене 100% от непогашенной части номинальной стоимости с выплатой накопленного купонного дохода. Период предъявления требований владельцами облигаций будет с 28.10.2026 по 03.11.2026, а дата приобретения назначена на 09.11.2026.
15.10.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Группа компаний «Самолет» одобрил крупные сделки, касающиеся поручительств на сумму более 25%, но менее 50% балансовой стоимости активов. Все 9 членов совета проголосовали за принятие решений. Дата заседания совета – 11.10.2026.
13.10.26Material eventИнформация об иных событиях (действиях), оказывающих, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
12 октября 2026 года поступили заявления о прекращении полномочий от членов Совета директоров ПАО «Группа компаний «Самолет», что может оказать влияние на стоимость его обыкновенных акций и облигаций. Обыкновенные акции имеют регистрационный номер 1-01-16493-А, а облигации имеют различные ISIN коды.

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 9.6x EV/EBITDA.
What is Samolet (SMLT)'s P/B ratio?
Samolet (SMLT) trades at a P/B of 0.4x.
What is Samolet (SMLT)'s return on equity (ROE)?
Samolet (SMLT)'s ROE is -124.3%.
What is Samolet (SMLT)'s market capitalization?
Samolet (SMLT)'s market cap is 183 mln USD.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
Самолет 01—26%99.38-0.02%3.2M17.4M10.2026
Самолет1P570.2%19%98.00+0.00%436K1.9Mput 11.2026
СамолетP13—21%76.49+2.81%50.1M77.3M01.2027
СамолетP11—26%60.12+1.03%27.4M54.9Mput 02.2027
Самолет1P423.8%17%————put 03.2027
СамолетP14floatfloat49.37+1.96%15.0M59.4M07.2027
СамолетP15179.9%17%53.60+2.08%4.0M11.6M07.2027
СамолетP19164.4%21%57.83+6.70%760K2.6Mput 08.2027
Самолет1P6183.1%18.75%52.40+0.83%326K1.3Mput 08.2027
СамолетP16101.2%25.5%58.80+5.72%6.7M17.3M04.2028
Самолет2P4——————put 05.2028
СамолетP2159.5%13%54.10+1.79%135K445K12.2028
СамолетP1882.1%24%51.78+2.55%24.2M63.2M06.2029
Самолет2P397.4%21.5%51.60+2.85%544K2.4Mput 09.2029
Самолет2P5floatfloat————06.2031

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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