Frontierby eninvs

Language: EN · RU

← Region

Tatneft RUB

At a glance: strengths & risks
✓Net cash balance sheet✗Revenue declining (-10%)✗Profit falling (-51%)✗Margins compressing (23%→18%)

Sector: Oil & Gas

RU_TATN

Price chart

495.3 RUBDay 2.25%

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
495.3 RUB · 2.25%
Market cap
1161.4 bn RUB

Growth

Δ revenue y/y
-14.5%
Δ EBITDA y/y
-23.2%

Multiples

P/E (LTM)
7.6x
3y avg: 6.6x
P/B (FY)
0.9x
P/E (ann.)
5.9x
EV/EBITDA (LTM)
3.5x
3y avg: 3.4x
EV/EBITDA (ann.)
3.1x

Cash return

Dividend yield
3.8%
FCF yield (LTM)
12.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+15.2%
↓ details

Liquidity

Daily turnover (MOEX)
2.5 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)OK940.0
y/y -14.5%
143.1
y/y -30.5%
40.0
y/y 23.3%
183.1
y/y -23.2%
97.8
y/y -37.9%
157.1-73.72133.9
y/y -3.2%
1324.7
y/y -0.4%
11.7%-22.7Report (PDF)
2025-06-30H1 2025 (6M)OK878.1
y/y -5.7%
111.2
y/y -43.6%
33.2
y/y 11.5%
144.4
y/y -36.3%
54.2
y/y -64.2%
104.7-67.82087.9
y/y -1.0%
1275.1
y/y -1.2%
8.3%27.1Report (PDF)
2024-12-31H2 2024 (6M)OK1099.3
y/y 13.9%
206.0
y/y 3.4%
32.4
y/y 8.1%
238.5
y/y 4.0%
157.5
y/y 2576.7%
225.9-94.22204.9
y/y 7.8%
1330.2
y/y 11.1%
23.6%-89.2Report (PDF)
2024-06-30H1 2024 (6M)OK931.1
y/y 49.3%
197.0
y/y 25.1%
29.8
y/y -2.7%
226.8
y/y 20.6%
151.4
y/y —
199.2-80.52108.2
y/y 13.8%
1290.2
y/y 8.4%
24.3%-97.3Report (PDF)
2023-12-31H2 2023 (6M)OK965.2
y/y —
199.2
y/y —
30.0
y/y —
229.3
y/y —
-6.4
y/y —
352.8-129.42045.2
y/y —
1197.2
y/y —
-0.9%-56.7Report (PDF)
2023-06-30H1 2023 (6M)OK623.9
y/y —
157.4
y/y —
30.6
y/y —
188.0
y/y —
-4.1
y/y —
-26.2-97.71853.1
y/y —
1190.2
y/y —
—-95.1Report (PDF)

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0250 000500 000750 0001 000 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-50%-25%0%25%50%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF (₽ mln)

-200 000-100 0000100 000200 0002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash (₽ mln)

-100 000-75 000-50 000-25 000025 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil & Gas (oil)

Annual production
27.83 Mt
2025

Production, Mt

27.30202427.832025

Production

YearProduction, Mt
202527.83
+1.9%
202427.30

Tatneft FY2025 oil production 27.83 Mt (+2% YoY). FY2024 27.3 Mt. Proved reserves not shown (disclosed figures conflate ABC1+C2 — unreliable as a single number).

Key-commodity price — Urals

Current 98spot vs LTM +28%

Commodity price upside

Oil model: per-barrel, net-of-tax EBITDA projection. Only part of a Urals move reaches EBITDA — the rest is taken by mineral-extraction tax (~75% at the margin). Production × net-of-tax × Δprice → EBITDA → conservative (min spot/avg) → target market cap at the current EV/EBITDA.

Upside (conservative): +15% · spot +26% · 3-yr +5%

How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap

1 · Reported baseline (latest FY)
Revenue1.82 trn RUB
EBITDA327.5 bln RUB
Cash costs (revenue − EBITDA)1.49 trn RUB
2 · Urals oil price ($/bbl)
Spot$97.7
LTM average$76.6
3-yr average$80.4
3 · EBITDA projection (per-barrel, net of tax)
Production, mln bbl/yr · Frontier 2025 (Mt)204
Net-of-tax pass-through of Δprice (НДПИ)25%
Price effect on EBITDA — spot85.6 bln RUB
Price effect on EBITDA — 3-yr16.0 bln RUB
= Spot EBITDA (LTM + effect)413.1 bln RUB
= 3-yr-price EBITDA343.5 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/2378.3 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))378.3 bln RUB
5 · Valuation → target market cap
EV/EBITDA (current)4.2x
Target EV = EV/EBITDA × conservative EBITDA1.57 trn RUB
Net debt-22.7 bln RUB
Target market cap = EV − net debt1.59 trn RUB
Current market cap1.38 trn RUB

Upside = target market cap ÷ current − 1 = +15%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -10% vs +28% the year before — a -38.2 pp move. 3-year CAGR +8%.
revenue growth by year: 2023 +11% · 2024 +28% · 2025 -10%
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

Dividend-model upside: -31%

The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)152 bn RUB
Payout ratio48%
Free cash flow (FY, OCF − capex) — not a cap (leverage -0.1x)120 bn RUB
Recent actual dividend (3-yr median)34.09 ₽
= Forecast dividend per share34.09 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.2%
Historical yield spread to rate (3-yr median)-4.0 pp
= Fair dividend yield10.8%
3 · Valuation → upside
Current price478 ₽
Forecast dividend yield7.1%
Fair price (dividend-based)328 ₽

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

Dividend history

Paid, trailing 12-mo: 34.09 RUB/sh · 7.1%

Pay yearDividend /sh
202619.74 ₽
202574.85 ₽
202498.54 ₽
202362.11 ₽
202258.83 ₽
202128.82 ₽
20209.94 ₽
2019119.11 ₽
Payments by period
PeriodEx-date/sh
2026 q32026-07-1411.61 ₽
2026 q12026-01-088.13 ₽
2025 q42025-10-1314.35 ₽
2025 q22025-05-3043.11 ₽
2025 q12025-01-0717.39 ₽
2024 q42024-10-0738.20 ₽
2024 q32024-07-0825.17 ₽
2024 q12024-01-0835.17 ₽
2023 q42023-10-1027.54 ₽
2023 q32023-07-0727.71 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 50% buy — balanced5d: 50% buy — balanced20d: 50% buy — balanced

Iceberg levels last session: 1 bid / 0 ask; largest — bid 499 (filled ×3.0 of displayed, 55 refills).
Robot clips (recurring characteristic order size): 4 bid / 6 ask; largest — ask 352 lots ×288 appearances across 123 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×612, ask ×619.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
23.0750%1/04/650,262
22.0750%5/45/534,066
21.0753%0/09/734,379
20.0749%5/16/546,915
17.0749%1/05/636,325

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.

Corporate events

26.06.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Татнефть» 25.06.2026 было утверждено распределение прибыли с выплатой дивидендов: 34,09 руб. на акцию (включая 22,48 руб. за 6 и 9 месяцев). Дивиденды будут выплачены по 11,61 руб. на акцию, с датой определения прав на дивиденды 15.07.2026.
27.03.26Filing★ ▲ Присвоение или изменение рейтинга эмитента рейтинговым агентством на основании договора
ПАО 'Татнефть' присвоен кредитный рейтинг ААА со стабильным прогнозом, что может положительно сказаться на инвестиционной привлекательности компании. Рейтинг был присвоен 26.03.2026.
11.03.26Material event★ ▲ Сведения, оказывающие, по мнению эмитента, существенное влияние на стоимость его эмиссионных ценных бумаг
Рейтинг кредитоспособности ПАО «Татнефть» подтвержден на уровне ruAAA с прогнозом стабильным. Это событие произошло 11.03.2026 и может оказать влияние на стоимость ценных бумаг компании.
26.02.26Filing★ ▲ Совершение эмитентом существенной сделки
ПАО 'Татнефть' заключило существенную сделку на поставку с ориентировочной стоимостью 313,7 млрд. руб., что составляет 15,03% от балансовой стоимости активов компании. Контракт вступает в силу с момента подписания 25 декабря 2025 года и будет действовать до 28 февраля 2028 года.
26.02.26Filing★ Сообщение об изменении или корректировке информации, ранее опубликованной в Ленте новостей
Совет директоров ПАО «Татнефть» принял ряд решений, включая одобрение существенных сделок на сумму до 307,9 млрд. руб. и утверждение бюджета на первый квартал 2026 года. Также были определены денежные оценки для недвижимости и движимого имущества, составляющие 18,6 млрд. руб. и 2,3 млрд. руб. соответственно.
26.06.26Material eventИнформация об иных событиях (действиях), оказывающих, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
25 июня 2026 года общее собрание акционеров ПАО «Татнефть» утвердило годовой отчет за 2025 год. Годовой отчет будет опубликован на сайте эмитента.
26.06.26AGM / BoardРешения совета директоров (наблюдательного совета)
25 июня 2026 года Совет директоров ПАО «Татнефть» принял решения о выборе председателя, оценке состава совета, образовании комитетов и плане работы на второе полугодие 2026 года. Все ключевые решения были приняты с высоким уровнем поддержки среди членов совета.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

RU equity fund ownership

Disclosed in the top-10 of 9 of 17 funds, ≈3,3 млрд ₽ combined. Last month: added — 2.

FundManagerWeight≈PositionΔ weight m/mDisclosure
AKME Альфа-Капитал Управляемые акцииАльфа-Капитал9.04%1,1 млрд ₽+2.00 pp29.05.2026
AKIE Альфа-Капитал Управляемые акции с выплатой доходаАльфа-Капитал6.70%21 млн ₽+1.27 pp29.05.2026
SBPS Первая – Фонд Моя цель 2035Первая5.94%9 млн ₽—29.05.2026
TRND Т-Капитал Трендовые акцииТ-Капитал5.66%28 млн ₽—29.05.2026
BCSR БКС Индекс Российского рынкаБрокеркредитсервис5.18%15 млн ₽—29.05.2026
TMOS Т-Капитал Индекс МосБиржиТ-Капитал5.01%603 млн ₽—29.05.2026
SBMX Первая - Фонд Топ Российских акцийПервая4.98%845 млн ₽—29.05.2026
EQMX Индекс МосБиржиВИМ Инвестиции4.98%586 млн ₽—29.05.2026
AKUP Альфа-Капитал Умный портфельАльфа-Капитал4.83%14 млн ₽—29.05.2026

Source: monthly fund portfolio disclosures (investfunds); NAV is daily. Disclosures list each fund's top-10 only, so absence does not mean no position. Weight changes mix revaluation with trading. Fund flows and betas live in the fund monitor on the RU region page.

Investment-community mentions

Substantive mentions last 7 days: 1 (1 positive), last 30 days: 7 (4 positive, 2 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.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=118

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 Tatneft — from primary filings.

TATN (Tatneft) is a Russian vertically integrated oil and gas company engaged in the exploration, production, refining, and sale of crude oil and petroleum products, primarily operating in the Republic of Tatarstan.

Frequently asked questions

What is Tatneft's P/E ratio?
Tatneft trades at a P/E of 7.6x (price to trailing 12-month earnings).
What is Tatneft's EV/EBITDA?
Tatneft trades at 3.5x EV/EBITDA.
What is Tatneft's P/B ratio?
Tatneft trades at a P/B of 0.9x.
What is Tatneft's dividend yield?
Tatneft's trailing 12-month dividend yield is 3.8%.
What is Tatneft's return on equity (ROE)?
Tatneft's ROE is 14.8%.
What is Tatneft's market capitalization?
Tatneft's market cap is 1161.4 bn RUB.