X5 Group is Russia's largest food retailer, operating the Pyaterochka convenience chain, Perekrestok supermarkets and the Chizhik hard discounter, plus online delivery.
Sector: Retail
RU_X5
Net debt (table and EV/EBITDA): as the issuer reports it, before IFRS 16 — lease obligations are a cost, not debt, and the EBITDA beside it is on the same basis. Amounts in millions of the reporting currency.
Shares: connector/market_inputs
Monetary columns are in B 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.
| Date | Period | Status | RevenueB USD | Operating profitB USD | D&AB USD | EBITDAB USD | Net profitB USD | Operating CFB USD | Capex + M&AB USD | AssetsB USD | EquityB USD | ROE (annualized) | Net debtB USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | Q2 2026 (3M) | OK | 17.0 y/y 25.3% | — y/y 25.8% | — y/y -79.3% | 1.0 y/y 23.2% | 0.3 y/y -18.8% | 1.0 | -0.5 | 24.7 y/y 6.4% | 0.8 y/y -55.6% | 84.5% | 4.0 | Report (PDF) |
| 2026-03-31 | Q1 2026 (3M) | OK | 15.1 y/y 29.8% | — y/y — | — y/y — | 0.8 y/y 46.7% | 0.2 y/y -15.6% | 0.4 | -0.5 | 22.4 y/y 2.6% | 1.3 y/y -60.8% | 52.8% | 4.1 | Report (PDF) |
| 2025-12-31 | Q4 2025 (3M) | OK | 15.4 y/y 42.6% | — y/y 25.6% | — y/y 18.5% | 1.0 y/y 93.0% | 0.2 y/y 64.4% | 1.2 | -0.7 | 24.6 y/y 35.8% | 1.2 y/y -53.6% | 68.7% | 2.9 | Report (PDF) |
| 2025-09-30 | Q3 2025 (3M) | OK | 14.4 y/y 27.4% | — y/y — | — y/y — | 0.9 y/y 7.0% | 0.4 y/y -14.5% | 0.8 | -0.6 | 20.7 y/y 14.3% | 2.0 y/y -38.3% | 60.9% | 3.1 | Report (PDF) |
| 2025-06-30 | Q2 2025 (3M) | OK | 14.5 y/y 25.7% | — y/y 4.7% | — y/y 430.9% | 1.0 y/y 4.4% | 0.4 y/y -15.9% | 0.9 | -0.6 | 23.2 y/y 21.5% | 1.9 y/y -40.9% | 42.7% | 3.3 | Report (PDF) |
| 2025-03-31 | Q1 2025 (3M) | OK | 11.6 y/y 18.6% | — y/y — | — y/y — | 0.6 y/y -9.6% | 0.2 y/y -25.3% | 0.0 | -0.4 | 21.8 y/y — | 3.3 y/y — | 26.5% | 3.3 | Report (PDF) |
| 2024-12-31 | Q4 2024 (3M) | OK | 10.9 y/y 9.3% | — y/y 9.5% | — y/y -1.9% | 0.5 y/y -11.6% | 0.2 y/y -26.9% | 0.7 | -0.5 | 18.1 y/y 2.2% | 2.7 y/y 9.9% | 39.6% | 2.2 | Report (PDF) |
| 2024-09-30 | Q3 2024 (3M) | OK | 11.0 y/y 12.8% | — y/y — | — y/y — | 0.8 y/y 11.6% | 0.4 y/y 20.4% | 0.5 | -0.3 | 18.1 y/y — | 3.3 y/y — | 43.1% | 2.1 | Report (PDF) |
| 2024-06-30 | Q2 2024 (3M) | OK | 10.7 y/y 7.3% | — y/y — | — y/y — | 0.8 y/y 8.9% | 0.4 y/y 22.0% | 0.7 | -0.4 | 19.1 y/y — | 3.2 y/y — | — | 2.0 | Report (PDF) |
| 2024-03-31 | Q1 2024 (3M) | PARTIAL | 9.8 y/y 2.0% | — y/y — | — y/y — | 0.6 y/y 10.4% | 0.3 y/y 59.2% | 0.3 | -0.3 | — y/y — | — y/y — | — | 2.1 | Report (PDF) |
| 2023-12-31 | Q4 2023 (3M) | OK | 9.5 y/y — | — y/y — | — y/y — | 0.6 y/y — | 0.2 y/y — | 0.6 | -0.6 | 17.7 y/y — | 2.4 y/y — | — | 2.1 | Report (PDF) |
| 2023-09-30 | Q3 2023 (3M) | PARTIAL | 8.4 y/y — | — y/y — | — y/y — | 0.7 y/y — | 0.3 y/y — | 0.7 | -0.2 | — y/y — | — y/y — | — | 1.7 | Report (PDF) |
| 2023-06-30 | Q2 2023 (3M) | PARTIAL | 9.5 y/y — | — y/y — | — y/y — | 0.7 y/y — | 0.4 y/y — | 0.9 | -0.2 | — y/y — | — y/y — | — | 2.3 | Evidence |
| 2023-03-31 | Q1 2023 (3M) | PARTIAL | 9.6 y/y — | — y/y — | — y/y — | 0.6 y/y — | 0.2 y/y — | 0.0 | -0.2 | — y/y — | — y/y — | — | 2.7 | Evidence |
| Short-term debt | 1 637 |
| Long-term debt | 3 968 |
| − Cash & equivalents | 1 610 |
| Net debt | 3 995 |
|---|
Net debt / LTM EBITDA: 1.1x
Conversion to USD. Balance sheet: rate effective on 2026-06-30, fixing date 2026-06-30. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-01-01 — 2026-06-30. Source: Bank of Russia R01235. Rates
Quarterly values ($ mln)
Year-over-year change
Operating and investing cash flow (OCF + ICF) ($ mln)
Net debt / cash ($ mln)
| year | 2023 | 2024 | 2025 |
|---|---|---|---|
| cash flow / profit | 2.23x | 1.90x | 2.51x |
| accruals, % of assets | -7.0% | -5.4% | -7.4% |
Our earnings breakdowns and investment notes on this issuer.
SberIndex — weekly nominal Russian consumer-spending growth (% YoY) from aggregated Sber-card data. The “Продовольственные магазины” category tracks consumer demand in near-real-time and is a leading signal for X5. The level is closer to turnover than to revenue, so the spread to the company's own growth is shown below.
Продовольственные магазины latest week (2026-10-17): +4.5% YoY · flat3-wk smooth: +4.5% vs 8-wk avg +4.8% (-0.4 pp)Продовольственные товары: +6.4%All categories: +7.2%
Average growth by quarter, % YoY: * квартал ещё не закончен
3кв 2025 +6.1% | 4кв 2025 +3.5% | 1кв 2026 +3.7% | 2кв 2026 +2.1% | 3кв 2026 +4.9% | 4кв 2026 * +4.5% |
Revenue X5 (Q1 2026): +11.3% YoY · spread to category: +6.8 pp
A positive spread means the company out-grows the category (share/format/online). A narrowing spread while the category decelerates flags slowing sales.
Source: SberIndex, updated 2026-10-22.
Value the company creates per year, as a % of market cap
Value created per year: +60.1%
| 1. EBITDA growth (latest quarter YoY, annualised) [EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X = — | 348 |
| 2. Current EV/EBITDA (LTM) (Market cap + Net debt) ÷ EBITDA (LTM) = (6 646 + 3 995) ÷ 3 749 | 2.8x |
| 3. Target multiple (Current EV/EBITDA + 6.5) ÷ 2 = (2.8 + 6.5) ÷ 2 | 4.7x |
| 4. Cash flow (balance method, LTM) Net-debt reduction + dividends + buybacks − equity issuance = -703 + 3 070 + 0 − 0 | 2 368 |
| 5. Value created per year (EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap = (348 × 4.7 + 2 368) ÷ 6 646 | +60.1% |
Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.
Caveats:
Current 2.9x · 3-year 75th pct 3.8x
Group: Retail. 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 |
|---|---|---|---|---|
| Fix Price | Russia | 0.5 | 1.2x | 1.2x |
| Henderson | Russia | 0.1 | 1.8x | 1.8x |
| Magnit | Russia | 1.5 | 2.0x | 2.0x |
| Magazine Luiza | Brazil | 2.0 | 4.5x | 2.4x |
| Lenta | Russia | 2.5 | 2.7x | 2.7x |
| VseInstrumenti | Russia | 0.5 | 2.7x | 2.7x |
| Woolworths Holdings | South Africa | 2.2 | 3.7x | 2.8x |
| Beluga | Russia | 0.3 | 3.0x | 3.0x |
| The Foschini Group | South Africa | 1.0 | 5.0x | 3.7x |
| Abrau Durso | Russia | 0.2 | 4.9x | 4.9x |
| Shoprite Holdings | South Africa | 11.2 | 7.0x | 5.2x |
| OKEY | Russia | 0.2 | 5.5x | 5.5x |
| Group median | 3.4x | 2.7x | ||
| Group average | 3.7x | 3.2x | ||
| This company | Russia | 6.6 | 2.8x | 2.8x |
Group median 3.4x as traded, 2.7x adjusted; this company 2.8x — a 3% premium.
Group average 3.7x as traded, 3.2x adjusted; against the average this company is at a 10% discount.
At the adjusted group median the market cap would be -5% 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.
High yield on falling profit
The forecast yield is high but full-year profit fell >20% — the payout rests on past earnings and is likely to be cut. Upside is suppressed to avoid flagging a yield trap as a buy.
| 1 · Forecast dividend (per policy) | |
| Smoothed net profit (median YTD-ann./LTM/FY) | 81 bn RUB |
| Payout ratio | 86% |
| Free cash flow (FY, OCF − capex) — not a cap (leverage 0.8x) | 50 bn RUB |
| Recent actual dividend (3-yr median) | 613.00 ₽ |
| = Forecast dividend per share | 613.00 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.0% |
| Historical yield spread to rate (3-yr median) | +9.6 pp |
| = Fair dividend yield | 23.6% |
| 3 · Valuation → upside | |
| Current price | 2242 ₽ |
| Forecast dividend yield | 27.4% |
| Fair price (dividend-based) | 2907 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
The number is withheld — here is why
Across 6 historical measurements the profit forecast came to a median 1.69 of actual — the model consistently overstates this name's profit. Dividends and IRR run off profit; 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 | 4.88 trn | 5.53 trn | 6.11 trn | 6.64 trn |
| Revenue growth | — | +13% | +10% | +9% |
| EBITDA | 296.7 bn | 332.0 bn | 366.5 bn | 398.1 bn |
| EBITDA margin | 6.1% | 6.0% | 6.0% | 6.0% |
| less D&A | 119.1 bn | 128.4 bn | 136.3 bn | 143.2 bn |
| EBIT | 177.6 bn | 203.6 bn | 230.2 bn | 254.9 bn |
| less net interest | — | 49.9 bn | 47.8 bn | 41.9 bn |
| less tax | — | 38.4 bn | 45.6 bn | 53.2 bn |
| Net profit | 81.1 bn | 115.2 bn | 136.8 bn | 159.7 bn |
| Capex | 174.1 bn | 197.5 bn | 218.0 bn | 236.9 bn |
| Capex to revenue | 3.6% | 3.6% | 3.6% | 3.6% |
| Free cash flow | 97.3 bn operating cash flow less capex | 53.3 bn | 63.6 bn | 76.4 bn |
| Net debt | 310.6 bn | 417.6 bn | 428.6 bn | 440.5 bn |
| Net debt / EBITDA | 1.0x | 1.3x | 1.2x | 1.1x |
| Dividend per share | 613 ₽ | 613 ₽ | 259 ₽ | 312 ₽ |
| Revenue-growth source | weight | growth: yr 1 · 2 · 3 |
|---|---|---|
| Company guidance (adjusted for its own track record) guided +14%, applied +14% X5: прогноз роста выручки на 2026 год сохранён в диапазоне 12–16% г/г, рентабельность по скорр. EBITDA выше 6%, капвложения 4,5–4,7% выручки, целевой чистый долг/EBITDA 1,2–1,4x. | 40% | +14% · +11% · +9% |
| Realised pace (acceleration/deceleration) LTM YoY +13%; acceleration -8.4pp LTM г/г по отчётности | 25% | +9% · +8% · +7% |
| Analyst forecast of financial results (Консенсус, houses: 8) Терминал «Андромеда» (АО «Эйлер Аналитические Технологии»), модуль FA, источник «Консенсус», выгрузка 15.09.2026. Дата обновления прогноза в терминале — плейсхолдер 01.01.2100, поэтому свежесть консенсуса не подтверждена | 36% | +16% · +12% · +10% |
| Exit multiple | EV/EBITDA 2.90x (2.32x…4.24x) |
| No re-rating: min(current 2.9x, three-year median 3.5x). Re-rating to 4.2x on a falling rate is the bull case | |
| Second valuation: discounted cash flow | 3 071 ₽ (discount 13.1%, terminal growth 4.0%) |
| 80% 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 | 86% of net profit, capped by cash flow |
| Year-3 EBITDA margin target | 6.0% |
| 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 |
| Line | model | analysts | gap |
|---|---|---|---|
| 2027 Консенсус, houses: 8.0 · blended from 50% 2026 + 50% 2027 | |||
| Revenue | 5.53 trn | 5.65 trn | 0.98x |
| EBITDA | 332.0 bn | 374.7 bn | 0.89x |
| Net profit | 115.2 bn | 118.1 bn | 0.98x |
| 2028 Консенсус, houses: 6.0 · blended from 50% 2027 + 50% 2028 | |||
| Revenue | 6.11 trn | 6.34 trn | 0.96x |
| EBITDA | 366.5 bn | 434.8 bn | 0.84x |
| Net profit | 136.8 bn | 138.2 bn | 0.99x |
The comparison runs on financial results, not target prices: a target depends on the multiple and horizon, while revenue and EBITDA forecasts compare directly.
| Historical forecast check | obs | median error | bias | ±20% |
|---|---|---|---|---|
| Revenue | 7 | 8% | 0.92x | 100% |
| EBITDA | 7 | 6% | 1.06x | 100% |
| Net profit | 6 | 80% | 1.69x | 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 — 2 720 ₽; Frontier див-модель — 2 907 ₽. Ours on the same horizon — 2 222 ₽. Dropped as broken: eninvs DividendPrediction (8.809e-07)
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.
Paid, trailing 12-mo: 613.00 RUB/sh · 27.3%
| Pay year | Dividend /sh | |
|---|---|---|
| 2026 | 613.00 ₽ | |
| 2025 | 648.00 ₽ | |
| 2021 | 184.14 ₽ | |
| 2020 | 184.12 ₽ | |
| 2019 | 92.06 ₽ | |
| 2018 | 79.50 ₽ |
| Period | Last day to buy | /sh |
|---|---|---|
| 2026 q3 | 2026-07-06 | 245.00 ₽ |
| 2026 q1 | 2026-01-05 | 368.00 ₽ |
| 2025 q3 | 2025-07-08 | 648.00 ₽ |
| 2021 q4 | 2021-12-16 | 73.65 ₽ |
| 2021 q2 | 2021-05-26 | 110.49 ₽ |
| 2020 q4 | 2020-12-16 | 73.64 ₽ |
| 2020 q2 | 2020-05-27 | 110.47 ₽ |
| 2019 q2 | 2019-05-21 | 92.06 ₽ |
| 2018 q2 | 2018-05-23 | 79.50 ₽ |
No dividend rows found for this issuer.
Share of volume initiated by buyers (crossing the spread):
1d: 47% buy — balanced5d: 49% buy — balanced20d: 50% buy — balanced
Iceberg levels last session: 1 bid / 6 ask; largest — ask 2253.5 (filled ×4.2 of displayed, 97 refills).
No characteristic robot clips detected last session.
| Day | Buyer initiative | Icebergs bid/ask | Robots bid/ask | Trades |
|---|---|---|---|---|
| 21.10 | 47% | 1/6 | 0/0 | 37,279 |
| 20.10 | 54% | 0/0 | 0/0 | 13,980 |
| 19.10 | 47% | 1/0 | 0/0 | 18,392 |
| 16.10 | 56% | 1/1 | 0/0 | 16,488 |
| 15.10 | 44% | 1/1 | 0/0 | 11,420 |
Source: L2 order book + trade tape (TQBR main session, ~23 liquid names). Trade side = the aggressor crossing the spread. Iceberg = level filled a multiple of its displayed size with regular refills. Robot clip = a non-round order size recurring hundreds of times across dozens of price levels (an algo's fingerprint migrating with price); ping = 1-2 lot probe orders. Updated nightly.
Substantive mentions last 7 days: 7 (6 positive), last 30 days: 10 (6 positive) across tracked channels, broker research and shows. 8 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.
| 16.10.26 | Filing | ★ ▲ Операционные результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические) X5 объявила о росте выручки на 13% в 3 кв. 2026 года, с чистой розничной выручкой 'Пятёрочки' в 1 трлн руб., 'Перекрёстка' в 132,5 млрд руб. и 'Чижика' в 139,6 млрд руб. Также сообщается о 377 новых магазинах и увеличении цифровых бизнесов на 34%. |
| 30.06.26 | Filing | ★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента ПАО «Корпоративный центр ИКС 5» определило дату фиксации лиц, имеющих право на получение дивидендов по обыкновенным акциям, на 7 июля 2026 года. Протокол о данном решении был составлен 30 июня 2026 года. |
| 30.06.26 | AGM / Board | ★ ▲ Решения общих собраний участников (акционеров) На годовом собрании акционеров ПАО «Корпоративный центр ИКС 5» было принято решение о распределении прибыли за 2025 год, включая выплату дивидендов в размере 245,00 руб. на акцию. Аудиторская организация ООО «Б1 – Аудит» была назначена для проверки. Собрание пройдет 26 июня 2026 года в Москве. |
| 29.05.26 | Filing | ★ Отчуждение эмитентом собственных голосующих акций (долей) или депозитарных расписок на акции эмитента Эмитент, ПАО «Корпоративный центр ИКС 5», осуществил отчуждение 861 тыс. голосующих акций по договору купли-продажи, что уменьшило их количество с 26,4 млн. до 25,6 млн. акций. Дата события - 29 мая 2026 года. |
| 29.04.26 | Filing | ★ ▲ Финансовые результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические) |
| 28.09.26 | AGM / Board | Решения совета директоров (наблюдательного совета) Совет директоров ПАО «Корпоративный центр ИКС 5» утвердил Положение об оценке деятельности Наблюдательного совета на заседании 24.09.2026. В голосовании приняло участие 9 из 9 членов совета, кворум имелся. |
Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.
Disclosed in the top-10 of 5 of 17 funds, ≈1,2 млрд ₽ combined. Last month: added — 3, entered top-10 — 3, left top-10 — 5.
| Fund | Manager | Weight | ≈Position | Δ weight m/m | Disclosure |
|---|---|---|---|---|---|
| GROD ДОХОДЪ Индекс акций роста | ДОХОДЪ | 6.79% | 13 млн ₽ | — | 31.08.2026 |
| SBPS Первая – Фонд Моя цель 2035 | Первая | 2.95% | 4 млн ₽ | — | 31.08.2026 |
| EQMX ВИМ - Индекс МосБиржи (new) | ВИМ Инвестиции | 2.52% | 335 млн ₽ | +2.52 pp | 31.08.2026 |
| SBMX Первая - Фонд Топ Российских акций (new) | Первая | 2.51% | 512 млн ₽ | +2.51 pp | 31.08.2026 |
| TMOS Т-Капитал Индекс МосБиржи (new) | Т-Капитал | 2.49% | 372 млн ₽ | +2.49 pp | 31.08.2026 |
| AKME Альфа-Капитал Управляемые акции | Альфа-Капитал | left top-10 (was 5.69%) | 31.08.2026 | ||
| AKIE Альфа-Капитал Управляемые акции с выплатой дохода | Альфа-Капитал | left top-10 (was 4.95%) | 31.08.2026 | ||
| SBRI Первая - Фонд Ответственные инвестиции | Первая | left top-10 (was 3.75%) | 31.08.2026 | ||
| SCFT Технологии будущего | Доверительная | left top-10 (was 3.69%) | 31.08.2026 | ||
| AKUP Альфа-Капитал Умный портфель | Альфа-Капитал | left top-10 (was 4.82%) | 31.08.2026 | ||
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.
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 X5 Retail Group — from primary filings.
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