Sector: Oil & Gas
RU_SNGSP
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.
Shares: connector/market_inputs
Monetary columns are in B 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.
| Date | Period | Status | RevenueB USD | Operating profitB USD | D&AB USD | EBITDAB USD | Net profitB USD | Operating CFB USD | Capex + M&AB USD | AssetsB USD | EquityB USD | ROE (annualized) | Net debtB USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | FY 2025 (12M) | PARTIAL | — y/y — | — y/y — | — y/y — | — y/y — | — y/y -127.2% | — | — | 127.6 y/y -4.9% | 111.4 y/y -4.5% | -3.2% | ≈ -2.8 | Link |
| 2025-06-30 | Q2 2025 (3M) | PARTIAL | — y/y — | — y/y — | — y/y — | — y/y — | — y/y — | — | — | 126.0 y/y 7.8% | 109.0 y/y 3.7% | — | ≈ -2.8 | Link |
| 2025-03-31 | Q1 2025 (3M) | PARTIAL | — y/y — | — y/y — | — y/y — | — y/y — | -6.2 y/y -263.7% | — | — | 127.0 y/y 6.7% | 110.5 y/y 1.7% | -21.7% | ≈ -2.8 | Link |
| 2024-12-31 | FY 2024 (12M) | PARTIAL | — y/y — | — y/y — | — y/y — | — y/y — | 11.0 y/y 63.1% | — | — | 134.1 y/y 18.9% | 116.6 y/y 17.3% | 11.7% | ≈ -2.8 | Link |
| 2024-06-30 | Q2 2024 (3M) | PARTIAL | — y/y — | — y/y — | — y/y — | — y/y — | -1.8 y/y -83.4% | — | — | 116.9 y/y 12.5% | 105.1 y/y 13.4% | 3.7% | ≈ -2.8 | Link |
| 2024-03-31 | Q1 2024 (3M) | PARTIAL | — y/y — | — y/y — | — y/y — | — y/y — | 3.8 y/y — | — | — | 119.0 y/y — | 108.6 y/y — | 14.5% | ≈ -2.8 | Link |
| 2023-12-31 | Q4 2023 (3M) | OK | 19.1 y/y — | 4.2 y/y — | 0.2 y/y — | 4.4 y/y — | 6.7 y/y — | 6.2 | 119.0 | 112.8 y/y — | 99.4 y/y — | 19.3% | -2.8 | Report (PDF) |
| 2023-06-30 | Q2 2023 (3M) | OK | 13.2 y/y — | 3.3 y/y — | 3.7 y/y — | 7.0 y/y — | 11.8 y/y — | 2.1 | -126.7 | 103.9 y/y — | 92.7 y/y — | — | -1.0 | Report (PDF) |
| Short-term debt (incl. ST leases) | 901 |
| Long-term debt (incl. LT leases) | 20 |
| − Cash & equivalents | 3 684 |
| Net debt | -2 762 |
|---|
Quarterly values (₽ mln)
FCF (₽ mln)
Net debt / cash (₽ mln)
SNGSP upside (via the FX hoard): +2%
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 dominated by FX revaluation of the deposit. Valued at a 12.4% fair dividend yield on the expected dividend (oil&gas + hoard). Deposit/rate constants are refreshed annually (2027 cycle (dividend 2027 by FY2026) — deposits anchored to the audited 31.12.2025 balance sheet, FX sensitivity and tax rate recalibrated on FY2024/FY2025 (2026-08-11)).
| 1 · The FX cash hoard | |
| FX leg (implied by profit sensitivity to USD/RUB) | 3881 bn RUB |
| RUB deposit | 1843 bn RUB |
| Total (tied to the 31.12.2025 balance sheet) | 5724 bn RUB |
| USD/RUB: now 82.51 vs 31.12.2025 anchor 78.23 | +5.5% |
| 2 · Hoard profit (this year) | |
| FX revaluation of the deposit | 213 bn RUB |
| RUB deposit interest (RUONIA) | 292 bn RUB |
| FX-leg interest | 19 bn RUB |
| = Pre-tax profit effect | 524 bn RUB |
| 3 · Expected SNGSP dividend | |
| This-year dividend (oil&gas + hoard) | 5.91 ₽ |
| Normalised future dividend | 5.68 ₽ |
| Average expected dividend | 5.79 ₽ |
| 4 · Fair-yield valuation | |
| Fair dividend yield (historical) | 12.4% |
| Target price (discounted to record date) | 43.2 ₽ |
| Current SNGSP price | 42.53 ₽ |
| 5 · Charter-formula check: FY2026 dividend vs the 31 Dec USD/RUB | |
| RAS net profit = 500 + 33.1 x (rate - 78.23), bn RUB | calibrated on FY2024-FY2025 |
| rate 70.00 | 2.09 ₽ · 5% (1.17–3.02 ₽) |
| rate 75.00 | 3.62 ₽ · 9% (2.70–4.54 ₽) |
| rate 78.23 | 4.61 ₽ · 11% (3.69–5.53 ₽) |
| rate 82.51 (now) | 5.91 ₽ · 14% (4.99–6.83 ₽) |
| rate 85.00 | 6.67 ₽ · 16% (5.75–7.59 ₽) |
| rate 90.00 | 8.20 ₽ · 19% (7.28–9.12 ₽) |
| rate 100.00 | 11.25 ₽ · 26% (10.33–12.17 ₽) |
Upside = target price ÷ current − 1 = +2%
Live inputs: USD/RUB and the SNGSP price. Block 5 is an independent check: same charter formula, but profit comes from a regression on the two most recent audited RAS years (FY2024 +923bn at +11.99 RUB; FY2025 -251bn at -23.45 RUB) rather than from deposit sizes. Brackets show the 400-600bn core-profit band. A gap between blocks 3 and 5 is a disagreement about the non-FX core, not about the formula.
Paid, trailing 12-mo: 0.85 RUB/sh · 2.0%
| Pay year | Dividend /sh | |
|---|---|---|
| 2026 | 0.85 ₽ | |
| 2025 | 8.50 ₽ | |
| 2024 | 12.29 ₽ | |
| 2023 | 0.80 ₽ | |
| 2022 | 4.73 ₽ | |
| 2021 | 6.72 ₽ | |
| 2020 | 0.97 ₽ | |
| 2019 | 7.62 ₽ |
| Period | Ex-date | /sh |
|---|---|---|
| 2026 q3 | 2026-07-15 | 0.85 ₽ |
| 2025 q3 | 2025-07-16 | 8.50 ₽ |
| 2024 q3 | 2024-07-17 | 12.29 ₽ |
| 2023 q3 | 2023-07-18 | 0.80 ₽ |
| 2022 q3 | 2022-07-18 | 4.73 ₽ |
| 2021 q3 | 2021-07-16 | 6.72 ₽ |
| 2020 q3 | 2020-07-16 | 0.97 ₽ |
| 2019 q3 | 2019-07-16 | 7.62 ₽ |
| 2018 q3 | 2018-07-17 | 1.38 ₽ |
| 2017 q3 | 2017-07-17 | 0.60 ₽ |
No dividend rows found for this issuer.
Share of volume initiated by buyers (crossing the spread):
1d: 39% buy — sellers5d: 47% buy — balanced20d: 49% buy — balanced
Iceberg levels last session: 0 bid / 1 ask; largest — ask 43.62 (filled ×3.1 of displayed, 25 refills).
Robot clips (recurring characteristic order size): 7 bid / 8 ask; largest — bid 125 lots ×371 appearances across 154 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×839, ask ×887.
| Day | Buyer initiative | Icebergs bid/ask | Robots bid/ask | Trades |
|---|---|---|---|---|
| 10.08 | 39% | 0/1 | 7/8 | 27,334 |
| 07.08 | 49% | 1/0 | 13/12 | 21,691 |
| 06.08 | 47% | 0/0 | 8/6 | 17,065 |
| 05.08 | 50% | 0/1 | 12/6 | 24,117 |
| 04.08 | 50% | 0/1 | 9/11 | 45,966 |
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.
Substantive mentions last 7 days: 1 (1 positive), last 30 days: 4 (4 positive) 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.
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.
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