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Tattelecom (TTLK) USD

Tattelecom is the incumbent fixed-line and broadband operator of Tatarstan, also offering pay TV and mobile services under the Letai brand.

At a glance: strengths & risks
✓Revenue growing (+18% y/y, H1 2026)✓Profit growing (+33% y/y, H1 2026)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 3.4 vs avg 4.8)

Sector: Telecommunications

RU_TTLK

Price chart

0.6365 RUBDay 4.17%

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
0.6365 RUB · 4.17%
Market cap
164 mln USD

Growth

Δ revenue y/y
33.4%
Δ EBITDA y/y
41.2%

Multiples

P/E (LTM)
5.2x
3y avg: 7.3x
P/B (FY)
0.8x
P/E (ann.)
4.6x
EV/EBITDA (LTM)
3.4x
3y avg: 4.8x
EV/EBITDA (ann.)
3.1x

Cash return

Dividend yield
9.1%
FCF yield (LTM)
7.7%

Value creation

fundamental value/yr, % of market cap
Value created / year
+8.2%
↓ details

Liquidity

Daily turnover (MOEX)
2.1 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)OK91.5
y/y 33.4%
16.2
y/y 64.4%
10.2
y/y 15.3%
26.3
y/y 41.2%
17.7
y/y 50.9%
19.3-10.0245.8
y/y 8.7%
199.2
y/y 10.1%
17.9%-2.4Report (PDF)
2025-12-31H2 2025 (6M)OK80.5
y/y 29.3%
10.1
y/y 29.0%
10.5
y/y 31.5%
20.5
y/y 30.3%
14.1
y/y 20.0%
22.0-12.8248.9
y/y 44.7%
195.7
y/y 42.5%
13.5%-7.0Evidence
2025-06-30H1 2025 (6M)OK68.6
y/y 9.3%
9.8
y/y -15.4%
8.8
y/y 6.4%
18.6
y/y -6.3%
11.7
y/y -6.0%
15.2-6.8226.1
y/y 18.6%
181.0
y/y 21.1%
14.7%-72.4Report (PDF)
2024-12-31H2 2024 (6M)OK63.5
y/y 2.4%
8.1
y/y -19.1%
8.1
y/y -3.8%
16.2
y/y -12.1%
12.0
y/y -30.3%
16.2-15.4172.0
y/y -6.0%
137.3
y/y -3.0%
16.9%-9.2Report (PDF)
2024-06-30H1 2024 (6M)OK62.8
y/y -8.9%
11.6
y/y -17.0%
8.3
y/y -17.6%
19.9
y/y -17.2%
12.5
y/y -12.7%
13.5-5.3190.7
y/y 6.8%
149.6
y/y 15.5%
17.1%-14.4Report (PDF)
2023-12-31H2 2023 (6M)OK60.8
y/y —
10.0
y/y —
8.3
y/y —
18.3
y/y —
16.5
y/y —
25.6-15.2183.0
y/y —
141.5
y/y —
23.2%-8.1Report (PDF)
2023-06-30H1 2023 (6M)OK68.9
y/y —
14.0
y/y —
10.0
y/y —
24.0
y/y —
14.3
y/y —
8.1-6.9178.5
y/y —
129.5
y/y —
—7.5Report (PDF)

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

Short-term debt (incl. ST leases)7
Long-term debt (incl. LT leases)1
− Cash & equivalents10
Net debt-2

Net debt / LTM EBITDA: -0.1x

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)

0204060801002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

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

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-20-10010202023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash ($ mln)

-80-60-40-200202023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.32x of reported net profit; after capex, 0.67x.
year20212022202320242025
cash flow / profit1.68x1.32x1.14x1.22x1.44x
accruals, % of assets-11.7%-5.0%-2.3%-2.8%-4.8%
Last twelve months (to 2026-06-30): 1.30x of profit came back as operating cash flow.
net debt / EBITDA -0.2x · capex 1.0x of depreciation · dividends 42% of free cash flow
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 →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +8.2%

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)
= (26 − 19) × 1.78
14
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (164 + -2) ÷ 47
3.4x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (3.4 + 6.5) ÷ 2
5.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -70 + 15 + 0 − 0
-55
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (14 × 5.0 + -55) ÷ 164
+8.2%

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)

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +7% vs +6% the year before — a +0.3 pp move. 3-year CAGR +6%.
revenue growth by year: 2023 +6% · 2024 +6% · 2025 +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).

EV/EBITDA — daily history

Current 3.4x · 3-year 75th pct 4.8x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Telecommunications. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
KT CorporationKorea8.63.4x1.8x
Telkom IndonesiaIndonesia11.93.0x2.2x
e& (Etisalat Group)UAE49.26.4x2.4x
Telefonica Brasil (Vivo)Brazil21.04.7x2.5x
MTN GroupSouth Africa21.73.6x2.7x
MTSRussia4.03.2x3.2x
PLDTPhilippines4.15.4x3.5x
Globe TelecomPhilippines3.55.7x3.7x
du (EITC)UAE15.110.3x3.9x
Vodacom GroupSouth Africa18.95.5x4.0x
TIM S.A.Brazil46.017.3x9.3x
Kcell JSCKazakhstan2.913.7x10.8x
Group median5.5x3.4x
Group average6.9x4.2x
This companyRussia0.23.4x3.4x

Group median 5.5x as traded, 3.4x adjusted; this company 3.4x — a 2% premium.

Group average 6.9x as traded, 4.2x adjusted; against the average this company is at a 17% discount.

At the adjusted group median the market cap would be -2% versus today.

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 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividend potential

Illiquid — forecast not shown

The line trades very thinly (low average daily turnover), so the model dividend forecast is unreliable and is not shown. Actual (sporadic) payments are in the dividend-history card below.

Dividend history

Paid, trailing 12-mo: 0.06 RUB/sh · 9.1%

Pay yearDividend /sh
20260.06 ₽
20250.04 ₽
20240.05 ₽
20230.05 ₽
20220.04 ₽
20210.04 ₽
20200.02 ₽
20190.02 ₽
Payments by period
PeriodLast day to buy/sh
2026 q22026-05-040.06 ₽
2025 q22025-05-090.04 ₽
2024 q22024-05-240.05 ₽
2023 q22023-04-140.05 ₽
2022 q22022-05-160.04 ₽
2021 q22021-05-280.04 ₽
2020 q22020-05-110.02 ₽
2019 q22019-05-100.02 ₽
2018 q22018-05-110.02 ₽
2017 q22017-05-120.01 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

29.04.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
29.04.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)

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 Tattelecom (TTLK) — from primary filings.

Frequently asked questions

What is Tattelecom (TTLK)'s P/E ratio?
Tattelecom (TTLK) trades at a P/E of 5.2x (price to trailing 12-month earnings).
What is Tattelecom (TTLK)'s EV/EBITDA?
Tattelecom (TTLK) trades at 3.4x EV/EBITDA.
What is Tattelecom (TTLK)'s P/B ratio?
Tattelecom (TTLK) trades at a P/B of 0.8x.
What is Tattelecom (TTLK)'s dividend yield?
Tattelecom (TTLK)'s trailing 12-month dividend yield is 9.1%.
What is Tattelecom (TTLK)'s return on equity (ROE)?
Tattelecom (TTLK)'s ROE is 17.9%.
What is Tattelecom (TTLK)'s market capitalization?
Tattelecom (TTLK)'s market cap is 164 mln USD.

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