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Yuzhuralzoloto Group (UGLD) RUB

Yuzhuralzoloto (UGC) is one of Russia's largest gold miners, operating mines and processing plants in Chelyabinsk region, Khakassia and Krasnoyarsk Krai.

At a glance: strengths & risks
✓Revenue growing (+91% y/y, H1 2026)✓Profit growing (+110% y/y, H1 2026)✓Margins improving (29%→45%, H1 2026)✓Cheaper than own history (EV/EBITDA 3.7 vs avg 7.5)

Sector: Mining

RU_UGLD

Price chart

0.7265 RUBDay -1.02%

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
0.7265 RUB · -1.02%
Market cap
161.8 bn RUB

Growth

Δ revenue y/y
90.5%
Δ EBITDA y/y
197.2%

Multiples

P/E (LTM)
6.7x
3y avg: 78.1x
P/B (FY)
2.6x
P/E (ann.)
5.3x
EV/EBITDA (LTM)
3.7x
3y avg: 7.5x
EV/EBITDA (ann.)
3.0x

Cash return

Dividend yield
—
FCF yield (LTM)
9.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-27.0%
↓ details

Liquidity

Daily turnover (MOEX)
130.3 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 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
2026-06-30H1 2026 (6M)OK84.1
y/y 90.5%
29.1
y/y 307.7%
8.9
y/y 57.9%
38.0
y/y 197.2%
15.4
y/y 110.4%
25.6-6.8176.0
y/y 4.1%
75.5
y/y 36.3%
44.4%69.3Report (PDF)
2025-12-31H2 2025 (6M)OK64.6
y/y 54.8%
15.1
y/y 23.0%
9.3
y/y 66.9%
24.4
y/y 36.7%
8.7
y/y 156.3%
17.9-18.0177.2
y/y 14.6%
63.1
y/y 31.3%
27.0%84.0Report (PDF)
2025-06-30H1 2025 (6M)OK44.2
y/y 29.4%
7.1
y/y 23.2%
5.7
y/y 1.2%
12.8
y/y 12.4%
7.3
y/y 34.4%
2.5-10.2169.0
y/y 22.9%
55.4
y/y 21.9%
28.3%73.9Report (PDF)
2024-12-31H2 2024 (6M)OK41.8
y/y 8.0%
12.3
y/y 53.2%
5.6
y/y 23.7%
17.8
y/y 42.6%
3.4
y/y -15.5%
16.4-17.5154.6
y/y 28.4%
48.1
y/y 47.6%
18.9%72.7Report (PDF)
2024-06-30H1 2024 (6M)OK34.1
y/y 17.2%
5.8
y/y -0.8%
5.6
y/y 11.2%
11.4
y/y 4.8%
5.4
y/y —
7.2-8.2137.5
y/y 24.1%
45.4
y/y 103.0%
27.9%54.2Report (PDF)
2023-12-31H2 2023 (6M)OK38.7
y/y —
8.0
y/y —
4.5
y/y —
12.5
y/y —
4.0
y/y —
9.9-11.8120.5
y/y —
32.6
y/y —
2.5%61.1Report (PDF)
2023-06-30H1 2023 (6M)OK29.1
y/y —
5.8
y/y —
5.0
y/y —
10.9
y/y —
-3.3
y/y —
8.3-7.8110.8
y/y —
22.4
y/y —
—60.8Report (PDF)

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

020 00040 00060 00080 000100 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

0%50%100%150%200%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

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

-30 000-20 000-10 000010 00020 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

020 00040 00060 00080 000100 0002023 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 2.02x of reported net profit; after capex, -0.37x. Loss years (2022) are left out of the ratio.
year20212022202320242025
cash flow / profit1.37x—26.39x2.67x1.27x
accruals, % of assets-3.8%-38.7%-14.5%-9.5%-2.5%
Last twelve months (to 2026-06-30): 1.80x of profit came back as operating cash flow.
net debt / EBITDA 2.3x · capex 2.1x of depreciation
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 →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodGold output, total
t		Ural hub
t		Siberian hub
t
FY 2025-1212
+13.2%		3
−11.8%		9
+25.0%
FY 2024-1210.60
−17.2%		3.40
−48.5%		7.20
+16.1%
FY 2023-1212.806.606.20

ЮГК, производственные результаты (раскрытие e-disclosure), тонны золота в доре. Релиз 07.02.2025 даёт 2023/2024: Уральский хаб 6,6 → 3,4 (-48%), Сибирский 6,2 → 7,2 (+15%), итого 12,8 → 10,6 (-17%). Релиз 13.02.2026 даёт 2024/2025: Уральский 3,4 → 3,0 (-12%), Сибирский 7,2 → 9,0 (+25%), итого 10,6 → 12,0 (+13%). Сибирский хаб = Соврудник + Коммунаровский рудник (2024: 5,8+1,4; 2025: 7,4+1,6), Урал + Сибирь = Итого во всех годах.

Quality / corporate governance

Potential discount −18% (factor 0.82)

This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.

Key-commodity price — Gold (RUB)

Current 10 629 ₽/гspot vs LTM +0%

Commodity price upside

The same staged build as the commodity players: revenue → costs → EBITDA → conservative EBITDA (min of the spot case and the spot/3-yr average) → target market cap at the company's 3-YEAR MEDIAN EV/EBITDA (clamped to 1-10x). Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 81 vs LTM-avg 79 → ×1.03 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): -27% · spot -9% · 3-yr -45%

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

1 · Reported baseline (LTM to 2026-06-30)
Revenue148.8 bln RUB
EBITDA62.4 bln RUB
Cash costs (revenue − EBITDA)86.4 bln RUB
2 · Revenue projection
Multiplier — spot×1.00 (+0%)
= Spot revenue149.1 bln RUB
Multiplier — 3-yr prices×0.90 (-10%)
= 3-yr-price revenue133.3 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs90.7 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA58.4 bln RUB
= 3-yr-price EBITDA42.7 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/250.5 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))50.5 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)3.7x
Target EV = EV/EBITDA × conservative EBITDA188.8 bln RUB
Net debt (as of 2026-06-30)69.3 bln RUB
Target market cap = EV − net debt119.5 bln RUB
Current market cap163.7 bln RUB

Upside = target market cap ÷ current − 1 = -27%

Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.

CommodityRevenue shareSpotLTM avg$ vs LTMRUB vs LTM (FX)RUB 3-yr (FX)
Gold (RUB)90%10 629.0010 602.22+0%+0%-12%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +43% vs +12% the year before — a +31.4 pp move. 3-year CAGR +24%.
revenue growth by year: 2023 +19% · 2024 +12% · 2025 +43%
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 3.7x · 3-year 75th pct 9.3x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Mining. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
PolyusRussia12.63.6x
NornickelRussia21.15.0x
SeligdarRussia0.55.2x
AlrosaRussia1.87.9x
RusolovoRussia0.117.6x
Group median5.2x
Group average7.9x
This companyRussia2.03.7x

Group median 5.2x; this company 3.7x — a 29% discount.

Group average 7.9x; against the average this company is at a 53% discount. The average sits 51% above the median: Rusolovo (17.6x) skews the group.

At the adjusted group median the market cap would be +63% 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.

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 1 across tracked channels, broker research and shows. 4 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.

Corporate events

13.10.26Material event★ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
Рейтинговое Агентство «Эксперт РА» подтвердило кредитный рейтинг ПАО «ЮГК» на уровне ruAA с развивающимся прогнозом. Это событие может повлиять на стоимость акций и облигаций компании.
13.10.26Filing★ ▼ Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора
Кредитный рейтинг ПАО 'Южуралзолото Группа Компаний' был изменен с AA(RU) на AA-(RU) 12 октября 2026 года, прогноз по рейтингу 'Стабильный'. Рейтинг присвоен Аналитическим кредитным рейтинговым агентством.
28.08.26Filing★ ▲ Финансовые результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические)
ЮГК объявила финансовые результаты за 1П 2026 года, выручка выросла на 90% до 84,1 млрд руб., EBITDA увеличилась на 147% до 38,1 млрд руб., а чистая прибыль составила 15,4 млрд руб. Чистый долг снизился на 17% до 69,2 млрд руб., долговая нагрузка уменьшилась до 1,06х.
18.08.26Buyback★ ▼ Поступление эмитенту обязательного предложения о приобретении его эмиссионных ценных бумаг
ПАО 'Южуралзолото Группа Компаний' получило обязательное предложение от АО 'БТС-МОСТ ХОЛДИНГ' на приобретение акций по цене 0,7425 руб. за акцию. Срок принятия предложения составляет 70 дней с момента получения.
23.07.26Buyback★ ▲ Приобретение лицом права распоряжаться определенным количеством голосов, приходящихся на голосующие акции (доли), составляющие уставный капитал эмитента
Лицо приобрело косвенное право распоряжения 149,8 млн голосов, что составляет 67,25% уставного капитала ПАО 'Южуралзолото Группа Компаний'. Дата наступления права - 16.07.2026.
17.07.26Filing★ Прекращение у лица права распоряжаться определенным количеством голосов, приходящихся на голосующие акции (доли), составляющие уставный капитал эмитента
Федеральное агентство по управлению государственным имуществом прекратило прямое распоряжение 149,8 млн голосов акций ПАО 'Южуралзолото', что составляет 67,25% уставного капитала. Право распоряжения было прекращено 16.07.2026.
29.05.26Filing★ ▼ Сообщение об изменении или корректировке информации, ранее опубликованной в Ленте новостей
Совет директоров ПАО 'Южуралзолото Группа Компаний' не распределит чистую прибыль за 2025 год и не объявит дивиденды. В заседании 25.05.2026 приняли участие 5 из 9 членов совета директоров, решение принято единогласно. Дата протокола заседания - 28.05.2026.
05.10.26AGM / BoardРешения общих собраний участников (акционеров)
На внеочередном собрании акционеров ПАО 'Южуралзолото Группа Компаний', состоявшемся 02.10.2026, были приняты решения о досрочном прекращении полномочий членов Совета директоров и Ревизионной комиссии, а также о их новом составе. Кворум для голосования составил 89,26%.

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 Yuzhuralzoloto Group (UGLD) — from primary filings.

Frequently asked questions

What is Yuzhuralzoloto Group (UGLD)'s P/E ratio?
Yuzhuralzoloto Group (UGLD) trades at a P/E of 6.7x (price to trailing 12-month earnings).
What is Yuzhuralzoloto Group (UGLD)'s EV/EBITDA?
Yuzhuralzoloto Group (UGLD) trades at 3.7x EV/EBITDA.
What is Yuzhuralzoloto Group (UGLD)'s P/B ratio?
Yuzhuralzoloto Group (UGLD) trades at a P/B of 2.6x.
What is Yuzhuralzoloto Group (UGLD)'s return on equity (ROE)?
Yuzhuralzoloto Group (UGLD)'s ROE is 44.4%.
What is Yuzhuralzoloto Group (UGLD)'s market capitalization?
Yuzhuralzoloto Group (UGLD)'s market cap is 161.8 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
ЮГК 1P414.3%10.6%99.10+0.53%2.5M25.6M02.2027
ЮГК 1P59.7%9%99.74+0.58%73K2.1M10.2027

Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.

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