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VseInstrumenti (VSEH) RUB

At a glance: strengths & risks
✓Revenue growing (+8%)✓Profit growing (+403%)✓Margins improving (6%→9%)✓Low leverage (0.8x EBITDA)✓Cheaper than own history (EV/EBITDA 2.5 vs avg 4.8)✓Dividend yield above fair (12% vs 7%)

Sector: Retail

RU_VSEH

Price chart

64.39 RUBDay 9.77%

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
64.39 RUB · 9.77%
Market cap
32.2 bn RUB

Growth

Δ revenue y/y
-4.1%
Δ EBITDA y/y
36.0%

Multiples

P/E (LTM)
7.0x
3y avg: 38.2x
P/B (FY)
5.5x
P/E (ann.)
14.6x
EV/EBITDA (LTM)
2.5x
3y avg: 4.8x
EV/EBITDA (ann.)
3.2x

Cash return

Dividend yield
4.3%
FCF yield (LTM)
59.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
+125.8%
↓ details

Liquidity

Daily turnover (MOEX)
47 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
2026-03-31Q1 2026 (3M)OK39.0
y/y -4.1%
1.9
y/y 100.8%
1.5
y/y -3.3%
3.4
y/y 36.0%
0.6
y/y —
2.0—66.7
y/y -10.3%
5.5
y/y 229.5%
39.1%11.5—
2025-12-31Q4 2025 (3M)OK48.5
y/y -2.5%
3.7
y/y 97.9%
1.5
y/y 2.7%
5.2
y/y 56.8%
2.0
y/y 258.7%
3.8-0.168.6
y/y -12.4%
5.8
y/y 184.0%
71.3%13.3Report (PDF)
2025-09-30Q3 2025 (3M)PARTIAL47.5
y/y 7.4%
3.0
y/y 139.6%
1.6
y/y 30.2%
4.6
y/y 86.0%
1.2
y/y —
6.5-0.470.6
y/y -1.0%
3.6
y/y -94.9%
50.8%16.7Report (PDF)
2025-06-30Q2 2025 (3M)OK46.2
y/y 10.3%
2.9
y/y 193.2%
1.6
y/y 35.5%
4.5
y/y 106.8%
0.9
y/y —
3.3-0.266.6
y/y 11.5%
2.7
y/y 348.1%
157.3%22.5Report (PDF)
2025-03-31Q1 2025 (3M)PARTIAL40.7
y/y 18.8%
0.9
y/y -44.6%
1.6
y/y 63.7%
2.5
y/y -5.8%
-0.7
y/y -200.9%
2.1-0.474.4
y/y —
1.7
y/y —
-144.2%29.6Report (PDF)
2024-12-31Q4 2024 (3M)OK49.8
y/y 30.1%
1.9
y/y -8.2%
1.4
y/y 76.5%
3.3
y/y 15.8%
0.5
y/y -44.6%
1.1-1.278.3
y/y 57.4%
2.1
y/y -34.4%
1.8%27.3Report (PDF)
2024-09-30Q3 2024 (3M)OK44.2
y/y 20.3%
1.3
y/y -28.0%
1.2
y/y 64.1%
2.5
y/y -0.6%
-0.2
y/y -116.5%
-5.5-0.271.3
y/y —
71.3
y/y —
-0.6%26.9Report (PDF)
2024-06-30Q2 2024 (3M)OK41.8
y/y 48.7%
1.0
y/y -12.2%
1.2
y/y 67.7%
2.2
y/y 18.9%
-0.4
y/y -151.4%
4.4-0.359.8
y/y —
0.6
y/y —
—49.0Report (PDF)
2024-03-31Q1 2024 (3M)PARTIAL34.3
y/y —
1.7
y/y —
1.0
y/y —
2.7
y/y —
0.7
y/y —
4.6-0.3—
y/y —
—
y/y —
—20.5Report (PDF)
2023-12-31Q4 2023 (3M)OK38.2
y/y —
2.1
y/y —
0.8
y/y —
2.9
y/y —
1.0
y/y —
0.7-0.549.7
y/y —
3.1
y/y —
—19.4Report (PDF)
2023-09-30Q3 2023 (3M)PARTIAL36.7
y/y —
1.7
y/y —
0.7
y/y —
2.5
y/y —
1.1
y/y —
-0.7-0.3—
y/y —
—
y/y —
—17.1Report (PDF)
2023-06-30Q2 2023 (3M)PARTIAL28.1
y/y —
1.1
y/y —
0.7
y/y —
1.8
y/y —
0.7
y/y —
0.8-0.2—
y/y —
—
y/y —
—14.8—

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-20 000020 00040 00060 00080 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-50%-25%0%25%50%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF (₽ mln)

-4 000-2 00002 0004 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash (₽ mln)

010 00020 00030 00040 00050 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Fundamental value creation

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

Value created per year: +125.1%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (3 417 − 2 513) × 5.17
4 675
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (32 195 + 11 476) ÷ 17 677
2.5x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (2.5 + 6.5) ÷ 2
4.5x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 18 118 + 1 185 + 0 − 0
19 303
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (4 675 × 4.5 + 19 303) ÷ 32 195
+125.1%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • FCF (LTM) approximated by latest FY

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +8% vs +28% the year before — a -20.6 pp move. 3-year CAGR +28%.
revenue growth by year: 2023 +54% · 2024 +28% · 2025 +8%
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: +76%

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)3 bn RUB
Payout ratio94%
Free cash flow (FY, OCF − capex) — not a cap (leverage 0.8x)15 bn RUB
Recent actual dividend (3-yr median)7.00 ₽
= Forecast dividend per share7.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.2%
Historical yield spread to rate (3-yr median)-14.2 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price57.15 ₽
Forecast dividend yield12.2%
Fair price (dividend-based)100 ₽

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

Dividend history

Paid, trailing 12-mo: 7.00 RUB/sh · 12.2%

Pay yearDividend /sh
20266.00 ₽
20251.00 ₽
Payments by period
PeriodEx-date/sh
2026 q22026-06-194.00 ₽
2026 q12026-03-242.00 ₽
2025 q32025-09-111.00 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

31.03.26Filing★ ▲ Решения единственного акционера (участника)
30 марта 2026 года единственный акционер утвердил годовой отчет и распределил чистую прибыль за 2025 год, выплатив 2,025 млрд. руб. в виде дивидендов. Выплата будет произведена в течение 60 дней с момента принятия решения. Также была назначена аудиторская организация на 2026 год.
10.02.26Buyback★ ▲ Приобретение (наступление оснований для приобретения) размещённых эмитентом облигаций
Компания 'ВсеИнструменты.ру' планирует приобрести до 2 млн. биржевых облигаций серии 001Р-05 по цене не более 103,20% от номинальной стоимости (1 тыс. руб. за облигацию). Приобретение будет осуществлено 2 марта 2026 года. Общая сумма не должна превышать 2 млрд. руб.
02.03.26Material eventИнформация об иных событиях (действиях), оказывающих, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
Эмитент, ООО «ВсеИнструменты.ру», 2 марта 2026 года исполнил обязательства по приобретению 1,17 млн. биржевых облигаций серии 001Р-02 по цене 102,98% от номинальной стоимости. Это событие может оказать влияние на стоимость ценных бумаг компании.

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 1 of 17 funds, ≈7 млн ₽ combined.

FundManagerWeight≈PositionΔ weight m/mDisclosure
SIPO Первая – Фонд АйПиОПервая8.58%7 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: 0, last 30 days: 0 across tracked channels, broker research and shows. 1 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.

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 VseInstrumenti (VSEH) — from primary filings.

Frequently asked questions

What is VseInstrumenti (VSEH)'s P/E ratio?
VseInstrumenti (VSEH) trades at a P/E of 7.0x (price to trailing 12-month earnings).
What is VseInstrumenti (VSEH)'s EV/EBITDA?
VseInstrumenti (VSEH) trades at 2.5x EV/EBITDA.
What is VseInstrumenti (VSEH)'s P/B ratio?
VseInstrumenti (VSEH) trades at a P/B of 5.5x.
What is VseInstrumenti (VSEH)'s dividend yield?
VseInstrumenti (VSEH)'s trailing 12-month dividend yield is 4.3%.
What is VseInstrumenti (VSEH)'s return on equity (ROE)?
VseInstrumenti (VSEH)'s ROE is 39.1%.
What is VseInstrumenti (VSEH)'s market capitalization?
VseInstrumenti (VSEH)'s market cap is 32.2 bn RUB.