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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 3.3 vs avg 4.9)

Sector: Telecommunications

RU_TTLK

Price chart

0.5855 RUBDay -0.43%

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
0.5855 RUB · -0.43%
Market cap
171 mln USD

Growth

Δ revenue y/y
17.6%
Δ EBITDA y/y
24.5%

Multiples

P/E (LTM)
4.9x
3y avg: 6.8x
P/B (FY)
0.8x
P/E (ann.)
4.5x
EV/EBITDA (LTM)
3.3x
3y avg: 4.9x
EV/EBITDA (ann.)
3.0x

Cash return

Dividend yield
9.8%
FCF yield (LTM)
—

Liquidity

Daily turnover (MOEX)
1.6 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)OK98.2
y/y 17.6%
17.3
y/y 45.0%
10.9
y/y 1.7%
28.2
y/y 24.5%
19.0
y/y 33.1%
20.7-762.8268.0
y/y 7.7%
217.3
y/y 9.1%
17.6%-2.6Report (PDF)
2025-12-31H2 2025 (6M)OK90.3
y/y 7.9%
11.3
y/y 6.2%
10.8
y/y 1.3%
22.1
y/y 3.8%
15.8
y/y -0.0%
24.7-1057.9273.0
y/y 11.3%
214.7
y/y 9.6%
14.5%-543.9Evidence
2025-06-30H1 2025 (6M)OK83.4
y/y 5.3%
12.0
y/y -18.4%
10.7
y/y 2.6%
22.7
y/y -9.7%
14.3
y/y -9.4%
18.5-586.1248.9
y/y 8.5%
199.2
y/y 10.8%
14.4%-5677.2Report (PDF)
2024-12-31H2 2024 (6M)OK83.6
y/y 5.7%
10.7
y/y -18.2%
10.7
y/y -1.2%
21.3
y/y -10.5%
15.8
y/y -26.5%
21.3-1442.5245.3
y/y 6.5%
195.8
y/y 10.0%
16.8%-13.2Report (PDF)
2024-06-30H1 2024 (6M)OK79.2
y/y 7.0%
14.7
y/y -2.5%
10.4
y/y -3.2%
25.1
y/y -2.8%
15.7
y/y 2.6%
17.0-472.6229.3
y/y 5.2%
179.9
y/y 13.8%
17.6%-17.3Report (PDF)
2023-12-31H2 2023 (6M)OK79.1
y/y —
13.0
y/y —
10.8
y/y —
23.9
y/y —
21.4
y/y —
33.3-1317.7230.2
y/y —
178.0
y/y —
21.9%-10.1Report (PDF)
2023-06-30H1 2023 (6M)OK74.0
y/y —
15.0
y/y —
10.8
y/y —
25.8
y/y —
15.4
y/y —
8.7-527.3217.9
y/y —
158.1
y/y —
—9.1Report (PDF)

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

Short-term debt (incl. ST leases)8
Long-term debt (incl. LT leases)1
− Cash & equivalents11
Net debt-3

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0204060801002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-20%-10%0%10%20%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (₽ mln)

-20-10010202023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

-6 000-4 000-2 00002023 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: ≤-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)
= (28 − 23) × 1.78
10
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (171 + -3) ÷ 50
3.3x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (3.3 + 6.5) ÷ 2
4.9x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -5 675 + 16 + 0 − 0
-5 658
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (10 × 4.9 + -5 658) ÷ 171
≤-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)

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).

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 · 9.9%

Pay yearDividend /sh
20260.06 ₽
20250.04 ₽
20240.05 ₽
20230.05 ₽
20220.04 ₽
20210.04 ₽
20200.02 ₽
20190.02 ₽
Payments by period
PeriodEx-date/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)
23.03.26AGM / Board★ ▲ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО 'Таттелеком' рекомендовал выплатить дивиденды по итогам 2025 года в размере 75,008% чистой прибыли, что составляет 1,193 млрд руб. (0,05725 руб. на акцию). Также установлена дата 5 мая 2026 года для определения лиц, имеющих право на получение дивидендов.

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 4.9x (price to trailing 12-month earnings).
What is Tattelecom (TTLK)'s EV/EBITDA?
Tattelecom (TTLK) trades at 3.3x 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 9.8%.
What is Tattelecom (TTLK)'s return on equity (ROE)?
Tattelecom (TTLK)'s ROE is 17.6%.
What is Tattelecom (TTLK)'s market capitalization?
Tattelecom (TTLK)'s market cap is 171 mln USD.

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