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Whoosh (WUSH) RUB

Whoosh is Russia's largest electric kick-scooter sharing operator, running fleets in Russian cities and several Latin American markets through its app.

At a glance: strengths & risks
✗Loss-making last FY✗High leverage (3.7x EBITDA)✗No dividends currently

Sector: Information Technology

RU_WUSH

Price chart

40.06 RUBDay -1.40%

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
40.06 RUB · -1.40%
Market cap
4.5 bn RUB

Growth

Δ revenue y/y
3.6%
Δ EBITDA y/y
-4.2%

Multiples

P/E (LTM)
—
3y avg: 11.1x
P/B (FY)
1.1x
P/E (ann.)
<0
EV/EBITDA (LTM)
5.2x
3y avg: 6.1x
EV/EBITDA (ann.)
9.4x

Cash return

Dividend yield
—
FCF yield (LTM)
-2.0%

Value creation

fundamental value/yr, % of market cap
Value created / year
-67.5%
↓ details

Liquidity

Daily turnover (MOEX)
198.9 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)OK5.6
y/y 3.6%
-0.4
y/y —
1.4
y/y -14.9%
1.0
y/y -4.2%
-1.8
y/y —
0.3-0.621.3
y/y -1.9%
2.3
y/y -59.7%
-111.7%13.8Report (PDF)
2025-12-31H2 2025 (6M)OK7.1
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 -13.3%
-3.1-1.319.6
y/y -10.4%
4.0
y/y -45.0%
-60.1%14.0Report (PDF)
2025-06-30H1 2025 (6M)OK5.4
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 -165.0%
0.2-2.421.7
y/y -7.8%
5.8
y/y -31.3%
-58.0%13.7Report (PDF)
2024-12-31H2 2024 (6M)OK8.0
y/y 539.7%
1.8
y/y 338.5%
1.5
y/y 415.0%
3.3
y/y 840.8%
-0.9
y/y 19.9%
-3.7-0.921.9
y/y 20.9%
7.3
y/y -59.9%
25.4%10.3Report (PDF)
2024-06-30H1 2024 (6M)OK6.3
y/y -33.5%
1.4
y/y -57.6%
1.3
y/y -11.3%
2.8
y/y -43.6%
2.9
y/y -5.9%
5.7-4.023.5
y/y 18.5%
8.4
y/y 3.6%
43.8%9.4Report (PDF)
2023-12-31H2 2023 (6M)OK1.3
y/y —
-0.7
y/y —
0.3
y/y —
-0.4
y/y —
-1.1
y/y —
-2.4-3.018.1
y/y —
18.1
y/y —
14.8%8.5Report (PDF)
2023-06-30H1 2023 (6M)OK9.5
y/y —
3.4
y/y —
1.5
y/y —
4.9
y/y —
3.1
y/y —
4.3-3.419.9
y/y —
8.1
y/y —
—7.5Report (PDF)

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

Short-term debt (incl. ST leases)5 753
Long-term debt (incl. LT leases)11 908
− Cash & equivalents3 867
Net debt13 793

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-2 00002 0004 0006 0008 00010 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-80%-60%-40%-20%0%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (₽ mln)

-6 000-4 000-2 00002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

05 00010 00015 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.00x of reported net profit; after capex, -1.70x. Loss years (2025) are left out of the ratio.
year20212022202320242025
cash flow / profit0.96x2.59x1.00x1.00x—
accruals, % of assets1.3%-11.6%0.0%0.0%0.0%
net debt / EBITDA 3.7x · capex 2.2x of depreciation
● Net debt / EBITDA 3.7x at the last full year.
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.

EBITDAC (EBITDA less capitalised development)

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): 5.2xEV/EBITDAC (LTM): 5.6x

PeriodEBITDACapitalised dev.EBITDACEBITDAC % rev.
2026-06-30 H1968−12584315%
2025-12-31 H22 550−1092 44134%
2025-12-31 FY3 560−2653 29526%
2025-06-30 H11 010−15685416%
2024-12-31 H23 280−1803 10039%
2024-12-31 FY6 050−2635 78740%

RUB mln

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodTrips
mln		Registered accounts
mln		Fleet (e-scooters)
th units
H1 2026-0656.50
+0.0%		——
FY 2025-12138.8033.70250
H1 2025-0656.5030.50240.10

ВУШ Холдинг, операционные результаты (раскрытие e-disclosure). H1-2025 (релиз 09.07.2025): аккаунты 30,5 млн (+26% г/г), флот 240,1 тыс. СИМ (+19% г/г). FY-2025 (релиз 19.01.2026): поездки 138,8 млн (-7% г/г), аккаунты 33,7 млн (+22% г/г), парк ~250 тыс. СИМ (+17% г/г). H1-2026 (релиз 16.07.2026): поездки 56,5 млн, «сохранилось на уровне прошлого года» — этим же подтверждается 56,5 млн за H1-2025. За H1-2026 аккаунты и флот в релизе не раскрыты и намеренно оставлены пустыми.

Fundamental value creation

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

Value created per year: -147.8%

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)
= (968 − 2 776) × 3.63
-763
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (4 462 + 13 793) ÷ 3 518
5.2x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (5.2 + 6.5) ÷ 2
5.8x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -2 149 + 0 + 16 − 0
-2 133
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-763 × 5.8 + -2 133) ÷ 4 462
-147.8%

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)
  • base 2025-06-30 normalized for growth: margin 18.8% << typical 51.7% -> base EBITDA 1010->2776 (vs normal-margin base, not the trough)
  • EBITDA growth from 3-yr FY trend, min of avg & latest YoY (anomalous latest-period delta)
  • EBITDA-growth term clamped to ±market cap

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -13% vs +33% the year before — a -46.2 pp move. 3-year CAGR +21%.
revenue growth by year: 2023 +54% · 2024 +33% · 2025 -13%
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 5.1x · 3-year average 8.3x

EV/EBITDA3-year 75th pct

Peer comparison

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.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
MICRON TECHNOLOGY INCUS1045.915.2x2.5x
ORACLE CORPUS417.216.3x2.7x
MICROSOFT CORPUS3731.120.4x3.4x
NVIDIA CORPUS5152.825.7x4.2x
TEXAS INSTRUMENTS INCUS241.126.4x4.4x
CISCO SYSTEMS, INC.US437.328.2x4.7x
Apple Inc.US4920.728.8x4.8x
Broadcom Inc.US1657.830.4x5.0x
APPLIED MATERIALS INC /DEUS332.534.1x5.6x
INTEL CORPUS490.442.9x7.1x
LAM RESEARCH CORPUS334.645.4x7.5x
Arista Networks, Inc.US246.252.6x8.7x
This companyRussia0.15.2x5.2x

Group median 28.5x as traded, 4.7x adjusted; this company 5.2x — a 10% premium.

At the adjusted group median the market cap would be -39% versus today.

The market adjustment uses our coverage medians (US 23.6x, Russia 3.9x, South Africa 5.3x, Kazakhstan 7.7x, India 18.1x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-15; the company's own is live.

Dividend potential

Dividends suspended (~1.8 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 ratio24%
Free cash flow (FY, OCF − capex) — caps payout-7 bn RUB
Recent actual dividend (3-yr median)2.11 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-14.4 pp
= Fair dividend yield7.0%
3 · Valuation → upside
Current price40.27 ₽
Forecast dividend yield—
Fair price (dividend-based)—

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

Three-year model and IRR withheld

The number is withheld — here is why

Historical check (7 observations): median EBITDA miss 21.6 pp of margin, within ±5 pp in 29% of cases, relative error 54% at bias 1.09x, revenue 43% — poor on both scales, the model's 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 mln2027
12m to 30.06
2028
12m to 30.06
2029
12m to 30.06
Revenue13.1 bn13.7 bn14.4 bn
Revenue growth+3%+5%+5%
EBITDA3.9 bn4.9 bn6.0 bn
EBITDA margin30.0%35.8%41.6%
Net profit-1.1 bn116973
Free cash flow-5017581.6 bn
Net debt14.1 bn12.8 bn11.9 bn
Net debt / EBITDA3.6x2.6x2.0x
Dividend per share0.000 ₽0.000 ₽0.000 ₽
Where the growth comes from
Revenue-growth sourceweightgrowth: 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 -82.5pp
LTM г/г по отчётности		38%-8% · -2% · +2%
Model assumptions
Exit multipleEV/EBITDA 5.14x (4.11x…7.51x)
No re-rating: min(current 5.1x, three-year median 6.3x). Re-rating to 7.5x on a falling rate is the bull case
Second valuation: discounted cash flow129 ₽ (discount 13.0%, terminal growth 4.0%)
91% of that value sits beyond the three-year horizon
Key rate by year11.8% · 9.0% · 8.0%
Cost inflation6.2% · 5.6% · 5.3%
Dividend policy24% of net profit, capped by cash flow
Dividendssuspended — zero in the model
Year-3 EBITDA margin target41.6%
Current CPI (actual)6.3%, на 2026-08-31
Working capitalneutral: FCF = EBITDA − capex − interest − tax
Forecast accuracy measured on history
Historical forecast checkobsmedian errorbias±20%
Revenue743%1.01x29%
EBITDA754%1.09x29%
Net profit427%0.73x50%

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 — 106 ₽. Ours on the same horizon — 54.59 ₽

Checks and caveats
  • ✗ Historical check (7 observations): median EBITDA miss 21.6 pp of margin, within ±5 pp in 29% of cases, relative error 54% at bias 1.09x, revenue 43% — poor on both scales, the model's number is withheld
  • ⚠ One-year value 55: nearest independent is eninvs Company_Forecast (0.52x), median 106. Compared with: eninvs Company_Forecast
  • ✓ Growth sources: guidance, momentum
  • ✓ Revenue CAGR +4%
  • ✓ Year-3 margin 42% inside history 29%–63%
  • ✓ Year-3 net debt/EBITDA 2.0x
  • ✓ IRR +61%
  • ✓ Base is fresh: report 2 months old
  • ✓ Exit multiple and discounted cash flow agree (170 vs 129, 1.32x); in the DCF 91% of value sits in the terminal value
  • ✓ Year 1 within -7% of guidance
  • Year-1 margin from the company's EBITDA margin guidance: guided 30% vs 28% actual, applied 30% (delivery-record shrink 1.00)

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.

Dividend history

Pay yearDividend /sh
20242.11 ₽
202310.25 ₽
Payments by period
PeriodEx-date/sh
2024 q42024-12-052.11 ₽
2023 q42023-12-0110.25 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 4 (3 negative) across tracked channels, broker research and shows. 13 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

27.08.26Filing★ ▲ 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.
28.07.26Buyback★ ▲ 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.
16.07.26Filing★ ▲ Операционные результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические)
ПАО «ВУШ Холдинг» опубликовало операционные результаты за первое полугодие 2026 года, сообщив о 5% росте управленческой выручки и ожидаемом росте EBITDA не менее чем на 15%. Количество поездок составило 56,5 млн, в то время как управленческая выручка на поездку выросла на 3%. Также сообщается о значительном росте в Латинской Америке, где количество поездок увеличилось на 23%.
14.09.26AGM / BoardРешения 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.
07.08.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
Компания 'ВУШ Холдинг' планирует разместить новый выпуск биржевых облигаций серии 001Р-08 на сумму 1 млрд руб. с ориентиром купонной ставки до 22% годовых. Сбор заявок начнется 18 августа 2026 года. Привлеченные средства будут направлены на общекорпоративные цели и поддержание ликвидности.
25.06.26AGM / BoardРешения 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.

Frequently asked questions

What is Whoosh (WUSH)'s EV/EBITDA?
Whoosh (WUSH) trades at 5.2x EV/EBITDA.
What is Whoosh (WUSH)'s P/B ratio?
Whoosh (WUSH) trades at a P/B of 1.1x.
What is Whoosh (WUSH)'s return on equity (ROE)?
Whoosh (WUSH)'s ROE is -111.7%.
What is Whoosh (WUSH)'s market capitalization?
Whoosh (WUSH)'s market cap is 4.5 bn RUB.

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