Frontierby eninvs

Language: EN · RU

← Region

Surgutneftegas (pref) (SNGSP) RUB

Preferred shares of Surgutneftegas, a Western Siberian oil producer; their dividend is set by the charter as a share of net profit, which depends heavily on the revaluation of the company's foreign-currency cash.

At a glance: strengths & risks
✓Profit growing (+312%)✓Net cash balance sheet✗Revenue declining (-7%)✗Margins compressing (38%→35%)

Sector: Oil & Gas

RU_SNGSP

Price chart

41.38 RUBDay -0.85%

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
41.38 RUB · -0.85%
Market cap
873.2 bn RUB

Growth

Δ revenue y/y
—
Δ EBITDA y/y
—

Multiples

P/E (LTM)
—
P/B (FY)
0.1x
P/E (ann.)
<0
EV/EBITDA (LTM)
—
EV/EBITDA (ann.)
1.1x

Cash return

Dividend yield
2.0%
FCF yield (LTM)
3.7%

Liquidity

Daily turnover (MOEX)
1.4 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
2025-12-31FY 2025 (12M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y -127.2%
——9096.8
y/y -4.9%
7942.0
y/y -4.5%
-3.2%≈ -196.5Link
2025-06-30Q2 2025 (3M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——8981.3
y/y 7.8%
7769.8
y/y 3.7%
—≈ -196.5Link
2025-03-31Q1 2025 (3M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
-439.7
y/y -263.7%
——9053.5
y/y 6.7%
7877.8
y/y 1.7%
-21.7%≈ -196.5Link
2024-12-31FY 2024 (12M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
783.4
y/y 63.1%
——9562.0
y/y 18.9%
8314.1
y/y 17.3%
11.7%≈ -196.5Link
2024-06-30Q2 2024 (3M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
-128.7
y/y -83.4%
——8333.2
y/y 12.5%
7490.7
y/y 13.4%
3.7%≈ -196.5Link
2024-03-31Q1 2024 (3M)PARTIAL—
y/y —
—
y/y —
—
y/y —
—
y/y —
268.5
y/y —
——8487.8
y/y —
7742.8
y/y —
14.5%≈ -196.5Link
2023-12-31Q4 2023 (3M)OK1363.4
y/y —
297.9
y/y —
14.3
y/y —
312.2
y/y —
480.2
y/y —
444.8-426.08039.9
y/y —
7086.7
y/y —
19.3%-197.0Report (PDF)
2023-06-30Q2 2023 (3M)OK939.1
y/y —
236.2
y/y —
265.1
y/y —
501.3
y/y —
841.9
y/y —
150.4-126.77409.0
y/y —
6607.0
y/y —
—-68.9Report (PDF)

Net debt structure (leases included, IFRS 16) 2023-12-31

Short-term debt (incl. ST leases)64 273
Long-term debt (incl. LT leases)1 447
− Cash & equivalents262 675
Net debt-196 955

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0500 0001 000 0001 500 0002023 H12023 H22024 q12024 q22024 H22025 q12025 q22025 H2

Cash flow

FCF (₽ mln)

-200 000-100 0000100 0002023 H12023 H22024 q12024 q22024 H22025 q12025 q22025 H2

Net debt / cash (₽ mln)

-200 000-150 000-100 000-50 00002023 H12023 FY2024 q12024 q22024 q42025 q12025 q22025 q4

Profit and cash

Profit runs ahead of cash
In a typical year of 2018–2023 operating cash flow came to 0.45x of reported net profit.
year20182019202020222023
cash flow / profit0.41x3.95x0.17x2.16x0.45x
accruals, % of assets9.7%-5.9%10.4%-5.7%9.0%
net debt / EBITDA -0.2x
● In a typical year operating cash flow covered 45% of reported profit (5 profitable years).
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.

Regional industry profit

Rosstat publishes aggregate pre-tax profit monthly. ХМАО – Югра, добыча нефти и природного газа.

Regional industry, 6 months 2026
RUB 702 bn
Year ago
RUB −468 bn
Change
+250%

The regional result flipped sign year over year.

Company has not reported this period; last report 12 months 2025.

Share-based range
RUB 245 – 519 bn

Point estimate unavailable; showing the historical-share range.

PeriodCumulative, RUB bnYoY
6 months 2026702+250%
5 months 2026326+162%
4 months 2026397+180%
3 months 2026584+221%
2 months 2026197+170%
1 months 2026−39−126%
12 months 202565−96%
11 months 202530−99%
10 months 202548−97%
9 months 202578−94%
8 months 2025−94−109%
7 months 2025−158−122%
6 months 2025−468−197%
5 months 2025−521−171%
4 months 2025−496−178%
3 months 2025−484−202%
2 months 2025−281−170%
1 months 2025154+42%

Correlation 0.98 on YoY changes. Published about 60 days after month end.

Source: Росстат / ЕМИСС, показатель 57732

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Preferred-share (SNGSP) valuation via the FX cash hoard

SNGSP upside (via the FX hoard): +18%

Per the charter the pref dividend = 10% of RAS net profit divided by 25% of the charter capital (7.09% of profit over 7.702bn prefs), floored at the ordinary dividend. Profit is driven by FX revaluation, interest income and the oil & gas business. The FY2026 dividend is valued at the historical median forward yield traded from 16 December through month-end in high-dividend years; the OFZ adjustment is monitored but excluded. Macro inputs refresh daily; every new interim statement automatically updates the hoard and replaces the elapsed year with RAS actuals. Production comes from the official ecology report and the FX split from the annual balance sheet (anchor 2025-12-31, FY2025). 9-летняя Urals-модель + факт промежуточной РСБУ + рынок MOEX/автовходы ЦБ/EI1.

1 · The FX cash hoard
FX leg (implied by profit sensitivity to USD/RUB)3911 bn RUB
RUB deposit1813 bn RUB
Total (balance sheet at 2025-12-31)5724 bn RUB
USD/RUB in the model · current USDRUBF · 10-min VWAP85.58 · 2026-09-04T20:55
USD/RUB in valuation 85.58 vs 2025-12-31 anchor 78.23+9.4%
December future · reference, not in valuationSIZ6 86.89 · 10-min VWAP
Cross-check CNYRUBF × USD/CNY86.07 · gap to spot +0.57%
2 · Hoard profit (this year)
Market/CBR automatic inputs · snapshot 2026-09-04updated
Interim RASlatest 2025-06-30; awaiting FY2026 interim
FX revaluation of the deposit368 bn RUB
RUB deposit interest (RUONIA)259 bn RUB
FX-leg interest123 bn RUB
Average Urals for FY202664.0 $/барр.
Average USD/RUB · actual through 2026-09-04 + current USDRUBF for the remainder of the year80.4
Oil production54.7 mmt
Ruble oil basket2062 bn RUB
Oil & gas pre-tax profit408 bn RUB
= Total pre-tax profit1158 bn RUB
Tax (25%)289 bn RUB
= RAS net profit868 bn RUB
3 · Expected SNGSP dividend
FY2026 dividend (paid in 2027)8.00 ₽ · Yield 19.3% at current price
4 · Fair-yield valuation
Fair dividend yield16.3%
Fair price = DPS / fair yield48.9 ₽
Current SNGSP price41.38 ₽

Upside = target price ÷ current − 1 = +18%

Dividend sensitivity to USD/RUB

In the base valuation average FX is automatic: realised YTD plus the current USDRUBF for the remainder of the year. This table shows sensitivity: for each selected point, the remaining-year rate follows a linear path to that value. Analyst curves are separate from Frontier.

Year-end USD/RUBAutomatic average USD/RUBFrontier DPSFinamPROFITKolobok
6576.970.85 ₽0.85 ₽——
6677.130.99 ₽0.85 ₽——
6777.301.35 ₽0.85 ₽——
6877.461.70 ₽1.00 ₽——
6977.632.06 ₽1.40 ₽——
7077.792.42 ₽1.80 ₽——
7177.962.78 ₽2.20 ₽——
7278.123.14 ₽2.60 ₽——
7378.293.49 ₽3.00 ₽——
7478.453.85 ₽3.40 ₽——
7578.614.21 ₽3.80 ₽—3.81 ₽
7678.784.57 ₽4.20 ₽—4.20 ₽
7778.944.92 ₽4.60 ₽—4.60 ₽
7879.115.28 ₽5.00 ₽—4.99 ₽
7979.275.64 ₽5.40 ₽—5.39 ₽
8079.446.00 ₽5.80 ₽—5.78 ₽
8179.606.36 ₽6.20 ₽—6.17 ₽
8279.766.71 ₽6.60 ₽—6.57 ₽
8379.937.07 ₽7.00 ₽—6.96 ₽
8480.097.43 ₽7.40 ₽—7.36 ₽
8580.267.79 ₽7.80 ₽7.00 ₽7.75 ₽
8680.428.15 ₽8.20 ₽7.35 ₽8.14 ₽
8780.598.50 ₽8.60 ₽7.70 ₽8.54 ₽
8880.758.86 ₽9.00 ₽8.05 ₽8.93 ₽
8980.929.22 ₽9.40 ₽8.40 ₽9.33 ₽
9081.089.58 ₽9.80 ₽8.75 ₽9.72 ₽
9181.249.93 ₽10.20 ₽9.10 ₽10.11 ₽
9281.4110.29 ₽10.60 ₽9.45 ₽10.51 ₽
9381.5710.65 ₽11.00 ₽9.80 ₽10.90 ₽
9481.7411.01 ₽11.40 ₽10.15 ₽11.30 ₽
9581.9011.37 ₽11.80 ₽10.50 ₽11.69 ₽
9682.0711.72 ₽12.20 ₽10.85 ₽—
9782.2312.08 ₽12.60 ₽11.20 ₽—
9882.3912.44 ₽13.00 ₽11.55 ₽—
9982.5612.80 ₽13.40 ₽11.90 ₽—
10082.7213.16 ₽13.80 ₽12.25 ₽—
10182.8913.51 ₽14.20 ₽12.60 ₽—
10283.0513.87 ₽14.60 ₽12.95 ₽—
10383.2214.23 ₽15.00 ₽13.30 ₽—
10483.3814.59 ₽15.40 ₽13.65 ₽—
10583.5514.94 ₽15.80 ₽14.00 ₽—
What changed and backtest comparison
MethodBeforeAfter / rationaleJoint price MAPE
Original Frontierfixed 12.4%static constant removed47.3%
Previous Frontiermedian + 75% of OFZ moveOFZ retained as a challenger only26.2%
Current method—median daily 16–31 December forward yield23.4%
Honest audit: DPS forecast MAPE is 14.4% (4 high-dividend years); joint fair-price MAPE is 23.4% (3 years). The former full-OFZ-spread rule scores 22.6% on the same small sample, so the current required-yield formula has not yet proved superior.
Method, backtest and limitations
Live inputs are USD/RUB, the SNGSP price and the 10Y OFZ curve. A nightly snapshot takes average Urals and USD/RUB forecasts from the CBR survey; FY RUONIA 14.27% combines official actuals with the remaining-year estimate. Interim RAS statements come from EI1: masked financial investments are reconstructed as total assets less other disclosed assets, while reported profit replaces modelled YTD. When line 2320 is disclosed, its YTD run rate projects remaining interest; otherwise RUONIA and 3.0% FX-leg interest are used. The remainder tax rate 25% is an annual anchor. The operating history was checked automatically: FY2024 is not appended because RAS line 2200 remains masked, so the last fully observed year is retained. If an external source is temporarily unavailable, the last valid snapshot is retained. There is no extra time multiplier or blend with a synthetic future year. The operating formula wins a strict 2018–2023 walk-forward test using only the latest previously published production in every test year (MAE 50.8bn RUB; MAPE 15.1%). The 9.5% error obtained with the test year's final production is hindsight only and is not live-accuracy evidence. The 0% production pass-through has a retrospective fair-price MAPE of 21.73% versus 16.62% for the former spread rule; leave-one-year-out robustness is 17.59%. The retrospective beta remains 0% under 0 of 4 16–31 December-price aggregation rules, with production MAPE ranging from 21.60% to 23.57%. This is a required-yield audit only: test-year DPS is the realized payout that was not yet known in December; forward-DPS accuracy is tested separately by the operating model. Independent high-dividend years after FY2024: 0, so the apparent edge remains provisional rather than proven. The model has no multi-case scenarios. The joint point-in-time test after interim RAS publication has a 14.4% DPS MAPE on 4 high-dividend years and a 23.4% fair-price MAPE on 3 years where both actual and forecast DPS clear the cutoff. The former full-OFZ-spread rule scores 22.6% on the same small sample, so the current required-yield rule has not yet proved superior in the joint test. The archived CBR consensus covers USD/RUB in 4 of 6 observations and Russian oil in 3 of 6; the remaining rows explicitly use a conservative last-market-observation carry-forward. Reported line 2320 is available in 5 of 6 observations; the predeclared rate fallback is used otherwise.

Revenue growth & acceleration

Growth steady →
Last-year revenue growth -7%. 3-year CAGR +29%.
revenue growth by year: 2020 -32% · 2022 +131% · 2023 -7%
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 history

Paid, trailing 12-mo: 0.85 RUB/sh · 2.0%

Pay yearDividend /sh
20260.85 ₽
20258.50 ₽
202412.29 ₽
20230.80 ₽
20224.73 ₽
20216.72 ₽
20200.97 ₽
20197.62 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-150.85 ₽
2025 q32025-07-168.50 ₽
2024 q32024-07-1712.29 ₽
2023 q32023-07-180.80 ₽
2022 q32022-07-184.73 ₽
2021 q32021-07-166.72 ₽
2020 q32020-07-160.97 ₽
2019 q32019-07-167.62 ₽
2018 q32018-07-171.38 ₽
2017 q32017-07-170.60 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 42% buy — sellers5d: 50% buy — balanced20d: 49% buy — balanced

No iceberg levels detected last session.
Robot clips (recurring characteristic order size): 3 bid / 3 ask; largest — bid 125 lots ×346 appearances across 73 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×585, ask ×506.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
03.0942%0/03/320,384
02.0949%0/06/415,821
01.0957%0/010/1221,743
31.0845%0/13/819,492
28.0858%0/010/1221,549

Source: L2 order book + trade tape (TQBR main session, ~23 liquid names). Trade side = the aggressor crossing the spread. Iceberg = level filled a multiple of its displayed size with regular refills. Robot clip = a non-round order size recurring hundreds of times across dozens of price levels (an algo's fingerprint migrating with price); ping = 1-2 lot probe orders. Updated nightly.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 2 (2 positive) across tracked channels, broker research and shows.

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.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=312

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 Surgutneftegas (pref) (SNGSP) — from primary filings.

Frequently asked questions

What is Surgutneftegas (pref) (SNGSP)'s P/B ratio?
Surgutneftegas (pref) (SNGSP) trades at a P/B of 0.1x.
What is Surgutneftegas (pref) (SNGSP)'s dividend yield?
Surgutneftegas (pref) (SNGSP)'s trailing 12-month dividend yield is 2.0%.
What is Surgutneftegas (pref) (SNGSP)'s return on equity (ROE)?
Surgutneftegas (pref) (SNGSP)'s ROE is -3.2%.
What is Surgutneftegas (pref) (SNGSP)'s market capitalization?
Surgutneftegas (pref) (SNGSP)'s market cap is 873.2 bn RUB.

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