Whoosh is Russia's largest electric kick-scooter sharing operator, running fleets in Russian cities and several Latin American markets through its app.
Sector: Information Technology
RU_WUSH
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.
Shares: connector/market_inputs
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.
| Date | Period | Status | RevenueB RUB | Operating profitB RUB | D&AB RUB | EBITDAB RUB | Net profitB RUB | Operating CFB RUB | Capex + M&AB RUB | AssetsB RUB | EquityB RUB | ROE (annualized) | Net debtB RUB | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | H1 2026 (6M) | OK | 5.6 y/y 3.6% | -0.4 y/y — | 1.4 y/y -14.9% | 1.0 y/y -4.2% | -1.8 y/y — | 0.3 | -0.6 | 21.3 y/y -2.9% | 2.3 y/y -50.2% | -111.7% | 13.8 | Report (PDF) |
| 2025-12-31 | H2 2025 (6M) | OK | 7.1 y/y -11.4% | 0.9 y/y -50.9% | 1.7 y/y 10.9% | 2.5 y/y -22.3% | -1.0 y/y -160.3% | -3.1 | -1.3 | 19.6 y/y -10.4% | 4.0 y/y -45.0% | -67.7% | 14.0 | Report (PDF) |
| 2025-06-30 | H1 2025 (6M) | OK | 5.4 y/y -14.8% | -0.6 y/y -142.0% | 1.6 y/y 22.7% | 1.0 y/y -63.5% | -1.9 y/y -830.6% | 0.2 | -2.4 | 21.9 y/y 18.1% | 4.7 y/y -16.3% | -63.3% | 12.2 | Report (PDF) |
| 2024-12-31 | H2 2024 (6M) | OK | 8.0 y/y 27.2% | 1.8 y/y 25.7% | 1.5 y/y 48.1% | 3.3 y/y 35.2% | 1.7 y/y 154.9% | 1.7 | -1.4 | 21.9 y/y 20.9% | 7.3 y/y — | 30.9% | 10.3 | Report (PDF) |
| 2024-06-30 | H1 2024 (6M) | OK | 6.3 y/y 42.0% | 1.4 y/y 12.9% | 1.3 y/y 74.5% | 2.8 y/y 35.7% | 0.3 y/y -79.5% | 0.3 | -3.5 | 18.6 y/y 36.9% | 5.6 y/y -10.8% | — | 12.6 | Report (PDF) |
| 2023-12-31 | H2 2023 (6M) | OK | 6.3 y/y — | 1.4 y/y — | 1.0 y/y — | 2.4 y/y — | 0.7 y/y — | -2.4 | -4.1 | 18.1 y/y — | — y/y — | — | 8.5 | Report (PDF) |
| 2023-06-30 | H1 2023 (6M) | OK | 4.4 y/y — | 1.3 y/y — | 0.8 y/y — | 2.0 y/y — | 1.3 y/y — | 4.3 | -2.2 | 13.6 y/y — | 6.2 y/y — | — | 8.7 | Report (PDF) |
| Short-term debt (incl. ST leases) | 5 753 |
| Long-term debt (incl. LT leases) | 11 908 |
| − Cash & equivalents | 3 867 |
| Net debt | 13 793 |
|---|
Net debt / LTM EBITDA: 3.9x
Quarterly values (₽ mln)
Year-over-year change
Operating and investing cash flow (OCF + ICF) (₽ mln)
Net debt / cash (₽ mln)
| year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| cash flow / profit | 0.96x | 2.59x | 1.00x | 1.00x | — |
| accruals, % of assets | 1.3% | -11.6% | 0.0% | 0.0% | 0.0% |
Software firms capitalise much of their development spend into intangibles, so EBITDA overstates cash earnings. EBITDAC = EBITDA − capitalised development (the metric Positive Technologies reports itself).
EBITDAC (LTM): 3.3 blnEV/EBITDA (LTM): 5.1xEV/EBITDAC (LTM): 5.5x
| Period | EBITDA | Capitalised dev. | EBITDAC | EBITDAC % rev. |
|---|---|---|---|---|
| 2026-06-30 H1 | 968 | −125 | 843 | 15% |
| 2025-12-31 H2 | 2 550 | −109 | 2 441 | 34% |
| 2025-12-31 FY | 3 560 | −265 | 3 295 | 26% |
| 2025-06-30 H1 | 1 010 | −156 | 854 | 16% |
| 2024-12-31 H2 | 3 280 | −180 | 3 100 | 39% |
| 2024-12-31 FY | 6 050 | −263 | 5 787 | 40% |
RUB mln
Our earnings breakdowns and investment notes on this issuer.
Value the company creates per year, as a % of market cap
Value created per year: -121.3%
| 1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30) = (968 − 2 620) × 3.63 | -715 |
| 2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (4 146 + 13 793) ÷ 3 518 | 5.1x |
| 3. Target multiple (Current EV/EBITDA + 6.5) ÷ 2 = (5.1 + 6.5) ÷ 2 | 5.8x |
| 4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = -898 + 0 + 16 − 0 | -882 |
| 5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (-715 × 5.8 + -882) ÷ 4 146 | -121.3% |
Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.
Caveats:
Current 5.1x · 3-year 75th pct 7.5x
Group: Information Technology. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.
| Company | Market | Cap, $bn | EV/EBITDA | EV/EBITDA, adjusted |
|---|---|---|---|---|
| MICRON TECHNOLOGY INC | US | 963.6 | 8.5x | 1.5x |
| ORACLE CORP | US | 379.6 | 15.1x | 2.7x |
| INTERNATIONAL BUSINESS MACHINES CORP | US | 239.2 | 18.8x | 3.4x |
| MICROSOFT CORP | US | 3883.6 | 20.4x | 3.7x |
| NVIDIA CORP | US | 5157.6 | 25.7x | 4.6x |
| CISCO SYSTEMS, INC. | US | 413.9 | 26.7x | 4.8x |
| TEXAS INSTRUMENTS INC | US | 255.2 | 27.9x | 5.0x |
| LAM RESEARCH CORP | US | 288.0 | 28.1x | 5.1x |
| Broadcom Inc. | US | 1568.7 | 28.8x | 5.2x |
| Apple Inc. | US | 5144.3 | 30.1x | 5.4x |
| APPLIED MATERIALS INC /DE | US | 297.8 | 30.5x | 5.5x |
| Arista Networks, Inc. | US | 218.2 | 46.5x | 8.4x |
| Group median | 27.3x | 4.9x | ||
| Group average | 25.6x | 4.6x | ||
| This company | Russia | 0.1 | 5.1x | 5.1x |
Group median 27.3x as traded, 4.9x adjusted; this company 5.1x — a 3% premium.
Group average 25.6x as traded, 4.6x adjusted; against the average this company is at a 10% premium.
At the adjusted group median the market cap would be -15% 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 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.
Dividends suspended (~1.9 yr without a payout)
The company has not paid a dividend for over 18 months — profit is going to capex or deleveraging (e.g. Nornickel, NLMK, RusHydro, FSK). The forecast payout is zeroed until distributions resume; profit and cash flow may still be healthy.
| 1 · Forecast dividend (per policy) | |
| Smoothed net profit (median YTD-ann./LTM/FY) | -3 bn RUB |
| Payout ratio | 24% |
| Free cash flow (FY, OCF − capex) — caps payout | -7 bn RUB |
| Recent actual dividend (3-yr median) | 2.11 ₽ |
| = Forecast dividend per share | 0.00 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.0% |
| Historical yield spread to rate (3-yr median) | -14.0 pp |
| = Fair dividend yield | 7.0% |
| 3 · Valuation → upside | |
| Current price | 36.94 ₽ |
| Forecast dividend yield | — |
| Fair price (dividend-based) | — |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
The number is withheld — here is why
The model for this name is unvalidated (3 measurements against the four required) and the name carries 5 structural flaws: thin equity, perimeter change, growth bought with debt, no free cash flow ever, leverage at entry. Either alone would be tolerable; together they are not — the number is withheld
The path below is computed and shown in full, so you can see what the model rests on and where it breaks. Only the headline price and upside are hidden — those are what we do not trust.
base — LTM на 2026-06-30 (H1)
| Metric, RUB mln | LTM, actual 12m to 30.06.2026 | 2027 12m to 30.06 | 2028 12m to 30.06 | 2029 12m to 30.06 |
|---|---|---|---|---|
| Revenue | 12.7 bn | 13.6 bn | 14.5 bn | 15.5 bn |
| Revenue growth | — | +7% | +7% | +7% |
| EBITDA | 3.5 bn | 4.1 bn | 4.4 bn | 4.6 bn |
| EBITDA margin | 27.8% | 30.0% | 30.0% | 30.0% |
| less D&A | 3.1 bn | 3.2 bn | 3.3 bn | 3.5 bn |
| EBIT | 454 | 878 | 1.0 bn | 1.2 bn |
| less net interest | — | 2.1 bn | 1.8 bn | 1.6 bn |
| less tax | — | 0 | 0 | 0 |
| Net profit | -2.8 bn | -1.2 bn | -752 | -426 |
| Capex | 1.9 bn | 3.6 bn | 3.9 bn | 4.1 bn |
| Capex to revenue | 14.9% | 26.6% | 26.6% | 26.6% |
| Free cash flow | -4.7 bn operating cash flow less capex | -1.7 bn | -1.3 bn | -1.1 bn |
| Net debt | 13.6 bn | 15.2 bn | 16.5 bn | 17.6 bn |
| Net debt / EBITDA | 3.9x | 3.7x | 3.8x | 3.8x |
| Dividend per share | 2.11 ₽ | 0.000 ₽ | 0.000 ₽ | 0.000 ₽ |
| Revenue-growth source | weight | growth: yr 1 · 2 · 3 |
|---|---|---|
| Company guidance (adjusted for its own track record) guided +11%, applied +11% «ВУШ Холдинг» подтвердил финансовые ориентиры на 2026 год: выручка свыше 14 млрд руб., EBITDA более 4,5 млрд, рентабельность по EBITDA выше 30%. | 62% | +11% · +9% · +8% |
| Realised pace (acceleration/deceleration) LTM YoY -5%; acceleration -11.6pp LTM г/г по отчётности | 38% | +2% · +4% · +5% |
| Exit multiple | EV/EBITDA 5.02x (4.02x…7.34x) |
| No re-rating: min(current 5.0x, three-year median 6.4x). Re-rating to 7.3x on a falling rate is the bull case | |
| Second valuation: discounted cash flow | 0.000 ₽ (discount 13.1%, terminal growth 4.0%) |
| 73% of that value sits beyond the three-year horizon | |
| Key rate by year | 13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year) |
| Cost inflation | 6.2% · 5.6% · 5.3% |
| Dividend policy | 24% of net profit, capped by cash flow |
| Dividends | suspended — zero in the model |
| Year-3 EBITDA margin target | 30.0% |
| Current CPI (actual) | 6.3%, на 2026-09-30 |
| Capex | capex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does |
| D&A | grows slower than revenue — elasticity 0.6: assets outlive the sales they carry |
| Interest | gross debt × (that year's key rate + 1.5pp) less cash yield at 0.85 of the rate. Debt is refinanced at par; free cash after dividends accumulates and cuts net debt |
| Tax | 25% of pre-tax profit when positive; losses earn no tax credit |
| Working capital | neutral: FCF = EBITDA − capex − interest − tax |
| Governance | no flags: the dividend has not faded against profit, payouts were not suspended, no audit qualification and no manual penalty — quality multiplier 1.00 |
| Historical forecast check | obs | median error | bias | ±20% |
|---|---|---|---|---|
| Revenue | 3 | 13% | 1.13x | 67% |
| EBITDA | 3 | 43% | 1.43x | 0% |
The model is anchored at each past reporting date with only the data available then, and its one-year-ahead forecast is compared with the actual. Rates and inflation are actuals, so this checks the operating forecast, not macro guessing.
Independent one-year estimates: eninvs Company_Forecast — 123 ₽. Ours on the same horizon — 46.98 ₽
A forecast, not investment advice. Related-market prices are held at today's level, so the model answers what the business earns and is worth if markets stay here — it does not predict prices.
| Pay year | Dividend /sh | |
|---|---|---|
| 2024 | 2.11 ₽ | |
| 2023 | 10.25 ₽ |
| Period | Last day to buy | /sh |
|---|---|---|
| 2024 q4 | 2024-12-05 | 2.11 ₽ |
| 2023 q4 | 2023-12-01 | 10.25 ₽ |
No dividend rows found for this issuer.
Substantive mentions last 7 days: 1 (1 negative), last 30 days: 6 (1 positive, 4 negative) 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.
| 15.10.26 | Filing | ★ ▼ Операционные результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические) ПАО «ВУШ Холдинг» опубликовало операционные результаты за 9 месяцев 2026 года: количество поездок составило 113 млн, что на 5% меньше, чем годом ранее, однако управленческая выручка выросла на 2%. Ожидаемая выручка кикшеринга на 2026 год составляет 13 млрд руб., а EBITDA — 4,3 млрд руб., что соответствует рентабельности EBITDA около 33%. |
| 27.08.26 | Filing | ★ ▲ Финансовые результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические) ПАО «ВУШ Холдинг» опубликовало финансовые результаты за 6 месяцев 2026 года: выручка составила 5,6 млрд руб., EBITDA кикшеринга — 1,4 млрд руб., однако чистая прибыль отрицательная. Ожидается EBITDA на уровне 4,5 млрд руб. по итогам года и снижение чистого долга до уровня ниже 3,0x. |
| 28.07.26 | Buyback | ★ ▲ Приобретение эмитентом собственных голосующих акций (долей) или депозитарных расписок на акции эмитента ПАО «ВУШ Холдинг» приобрело 137,6 тыс. собственных голосующих акций, что увеличило их общую долю до 1,12 млн. акций. Приобретение произошло на основании решения Совета директоров от 25.08.2025. Дата приобретения - 27.07.2026. |
| 25.09.26 | Material event | События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг ПАО «ВУШ Холдинг» объявляет о назначении Алексея Скоробогатова на пост генерального директора ООО «ВУШ» с 19 октября 2026 года. Это назначение направлено на усиление управления российским бизнесом Whoosh и рост прибыльности. Компания также продолжает свою стратегию развития и международной экспансии. |
| 14.09.26 | AGM / Board | Решения совета директоров (наблюдательного совета) Совет директоров ПАО «ВУШ Холдинг» утвердил новые Правила внутреннего контроля и Условия совершения операций с финансовыми инструментами для инсайдеров. Оба решения были приняты единогласно на заседании, состоявшемся 11 сентября 2026 года. |
| 25.06.26 | AGM / Board | Решения общих собраний участников (акционеров) На годовом собрании акционеров ПАО «ВУШ Холдинг», состоявшемся 24 июня 2026 года, было принято решение не распределять прибыль и не начислять дивиденды по итогам 2025 года из-за чистого убытка. Установлены вознаграждения для независимых директоров: Розанову В.В. - 8 млн. руб. в год, Ефремову Н.С. - 4,7 млн. руб. в год. Кворум для принятия решений был обеспечен. |
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 Whoosh (WUSH) — from primary filings.
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