Frontierby eninvs

Language: EN / RU

← Region

Zaymer USD

Zaymer is a Russian online microfinance company issuing short-term consumer loans through a fully automated digital platform.

At a glance: strengths & risks
✓Strong ROE (30%)✓Book value growing (+14%)✗Revenue declining (-9% y/y, Q2 2026)✗Profit falling (-49% y/y, Q2 2026)

Sector: Financial Services

RU_ZAYM

Price chart

125.4 RUBDay -0.28%

Key metrics

Market

Price
125.4 RUB · -0.28%
Market cap
153 mln USD

Growth

Δ NII y/y
-9.1%
Δ net profit y/y
-45.3%

Multiples

P/E (LTM)
3.6x
3y avg: 3.8x
P/B (FY)
0.8x
3y avg: 1.2x
P/E (ann.)
6.0x

Returns

Dividend yield
25.4%
ROE (annualized)
14.1%
ROI (ROE ÷ P/B)
17.1%

Value creation

annualized net income / market cap (return on equity value)
Banking potential
+14.6%
↓ details

Liquidity

Daily turnover (MOEX)
6 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 M 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.

DatePeriodStatusNet interest incomeM USDNet profitM USDAssetsM USDEquityM USDROE (annualized)Source
2026-06-30Q2 2026 (3M)OK59.5
y/y -9.1%
6.4
y/y -45.3%
254.0
y/y 15.2%
177.9
y/y 6.3%
14.1%Report (PDF)
2026-03-31Q1 2026 (3M)OK57.5
y/y 5.8%
5.5
y/y -44.4%
227.1
y/y 16.1%
183.2
y/y 13.1%
12.0%Report (PDF)
2025-12-31Q4 2025 (3M)OK60.3
y/y 25.2%
13.8
y/y 13.5%
227.9
y/y 40.8%
184.7
y/y 48.6%
28.8%Report (PDF)
2025-09-30Q3 2025 (3M)OK65.2
y/y 24.8%
17.0
y/y 45.0%
221.5
y/y 29.9%
175.0
y/y 30.1%
13.3%Report (PDF)
2025-06-30Q2 2025 (3M)OK65.5
y/y 30.1%
11.7
y/y -12.4%
220.5
y/y 29.7%
167.3
y/y 13.7%
28.3%Report (PDF)
2025-03-31Q1 2025 (3M)OK54.3
y/y 10.8%
9.9
y/y 96.1%
195.5
y/y 29.7%
162.0
y/y 26.0%
27.7%Report (PDF)
2024-12-31Q4 2024 (3M)OK49.7
y/y 5.4%
12.4
y/y 49.4%
161.9
y/y -7.0%
124.3
y/y -6.5%
32.7%Report (PDF)
2024-09-30Q3 2024 (3M)OK52.2
y/y 10.1%
11.8
y/y -13.3%
170.5
y/y —
134.5
y/y —
11.1%Report (PDF)
2024-06-30Q2 2024 (3M)OK50.3
y/y -17.4%
13.3
y/y -51.8%
170.0
y/y -5.2%
147.2
y/y 7.5%
38.6%Report (PDF)
2024-03-31Q1 2024 (3M)OK49.0
y/y -25.5%
5.1
y/y -78.5%
150.7
y/y -25.6%
128.6
y/y -16.8%
15.5%Report (PDF)
2023-12-31Q4 2023 (3M)OK45.7
y/y —
9.2
y/y —
174.1
y/y —
132.9
y/y —
—Report (PDF)
2023-09-30Q3 2023 (3M)OK47.5
y/y —
13.6
y/y —
—
y/y —
—
y/y —
—Report (PDF)
2023-06-30Q2 2023 (3M)OK61.0
y/y —
27.6
y/y —
179.4
y/y —
136.9
y/y —
75.7%Evidence
2023-03-31Q1 2023 (3M)OK65.8
y/y —
23.6
y/y —
202.5
y/y —
154.6
y/y —
—Evidence

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: 2026-04-01 — 2026-06-30. Source: Bank of Russia R01235. Rates

Income statement (bank, IFRS)

IFRS decomposition: interest, fee and trading result with provisions, costs and the recurring/non-recurring profit split (bn RUB). Source: eninvs.com.

Item, bn RUB202320242025YoY
Interest income18.718.620.5 +10%
Interest expense-0.2-0.1-0.1 -52%
Net interest income18.518.620.4 +10%
Credit-loss provisions-3.9-5.5-8.7 -57%
NII after provisions14.513.011.7 -10%
Fee & commission income0.20.52.4 +352%
Fee & commission expense-0.5-0.5-0.4 +30%
Net fee & commission income-0.20.02.1 +6509%
Financial instruments & investment result-0.0-0.00.0 +103%
Other operating income, net-0.6-0.1-0.8 -882%
Operating income18.719.122.8 +20%
Administrative & other expenses (SG&A)-5.9-7.6-7.2 +6%
Profit before tax7.85.45.8 +8%
Income tax-1.7-1.4-1.5 -2%
Net profit6.13.94.3 +11%
of which recurring6.13.94.3 +11%
of which non-recurring-0.0-0.00.0 +100%
Key ratios (annual)
ROE52.2%32.0%—
Cost of risk (CoR)31.02%42.79%—
Cost-to-income (CIR)31.6%39.8%31.3% -8.5 pp
Net interest margin (NIM)119.08%115.68%—

Quarterly dynamics & ratios

ROE = (net profit − perpetual bond coupons) ×4 / avg equity excl. perpetuals; CoR = provisions ×4 / avg credit portfolio; CIR = admin expense / operating income; NIM = NII ×4 / avg assets.

Quarter24/09
Q3		24/12
Q4		25/03
Q1		25/06
Q2		25/09
Q3		25/12
Q4		26/03
Q1		26/06
Q2
P&L, bn RUB
Net interest income4.74.95.05.35.34.84.54.5
Provisions-1.4-1.11.0-5.5-2.1-2.20.7-4.4
Net fee income-0.00.20.20.40.60.90.50.5
Financial instruments & investment-0.0-0.0—0.00.0-0.00.0-0.0
Operating income4.85.25.45.85.95.85.25.2
Admin (SG&A)-1.7-2.3-1.9-1.8-1.5-1.9-2.3-2.2
Net profit1.11.20.90.91.41.10.40.5
Balance (period-end), bn RUB
Credit portfolio13.113.214.514.613.9~13.112.411.3
Securities portfolio (bonds)————0.3——0.3
Customer deposits————0.8—0.70.7
Other assets2.73.21.92.74.1—6.18.2
Total assets15.816.516.417.318.4~18.418.519.7
Equity12.512.613.613.114.5~14.714.913.8
Key ratios (annualised)
ROE (annualised)33.5%38.8%28.0%28.3%39.8%30.4%*11.8%13.5%
Cost of risk (CoR)42.66%34.06%-30.15%151.38%58.10%63.61%*-21.17%148.85%
Cost-to-income (CIR)34.7%44.5%35.8%31.5%26.0%32.3%44.0%42.8%
Net interest margin (NIM)122.91%121.34%122.08%126.20%118.01%105.35%*98.61%94.47%

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

P/B — daily history

Current 0.91x · 3-year median 1.09x

P/B3-year median

P/E — daily history

Current 3.7x · 3-year median 3.7x

P/E3-year median

P/B is market cap ÷ equity of the latest reported quarter, P/E is ÷ profit of the last four quarters. EV/EBITDA is not computed for financials: EBITDA is not a meaningful line for them and their net debt is operating liquidity, not leverage.

Peer comparison

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

CompanyMarketCap, $bnP/E
MTS BankRussia0.41.9x
MosgorlombardRussia0.02.2x
Bank VTBRussia15.32.8x
SovcombankRussia2.82.8x
SberbankRussia80.33.5x
DOM.RFRussia4.63.5x
Bank Sankt-PeterburgRussia1.43.8x
TBankRussia8.83.9x
CarMoneyRussia0.04.6x
EuroplanRussia1.010.6x
Credit Bank of MoscowRussia4.114.9x
Group median3.5x
Group average5.0x
This companyRussia0.23.6x

Group median 3.5x; this company 3.6x — a 1% premium.

Group average 5.0x; against the average this company is at a 28% discount. The average sits 40% above the median: Credit Bank of Moscow (14.9x) skews the group.

At the adjusted group median the market cap would be -1% 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 28.3x, Russia 5.9x, South Africa 11.1x, Kazakhstan 9.2x, India 27.4x, Indonesia 7.3x); 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.

Dividend potential

Illiquid — forecast not shown

The line trades very thinly (low average daily turnover), so the model dividend forecast is unreliable and is not shown. Actual (sporadic) payments are in the dividend-history card below.

Three-year model and IRR withheld

The number is withheld — here is why

Historical check (10 observations): median profit miss 10.1 pp of revenue, within ±5 pp in 20% of cases, relative error 52% at bias 0.48x — 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 mlnLTM, actual
12m to 30.06.2026
2027
12m to 30.06
2028
12m to 30.06
2029
12m to 30.06
Assets19.7 bn18.8 bn19.9 bn21.1 bn
Asset growth—-5%+6%+6%
Return on assets17.25%10.00%10.00%10.00%
Opening equity13.8 bn13.8 bn13.0 bn13.8 bn
ROE24.6%13.6%15.3%15.3%
Net profit3.4 bn1.9 bn2.0 bn2.1 bn
Closing equity—13.0 bn13.8 bn14.6 bn
Equity to assets—69.3%69.3%69.3%
Dividend per share31.93 ₽27.07 ₽12.19 ₽12.91 ₽
Where the growth comes from
Revenue-growth sourceweightgrowth: yr 1 · 2 · 3
Realised pace (acceleration/deceleration)
LTM YoY +5%; acceleration -12.7pp
LTM г/г по отчётности		100%+1% · +3% · +5%
Model assumptions
Exit multipleP/B 1.00x (0.80x…1.46x)
Partial re-rating: the mean of today's P/B 0.91 and the three-year median 1.09. For banks this base is measurably better — on our daily series (14 names, 5,163 observations) the median three-year error is 0.42 against 0.45 for today's multiple and 0.50 for the median alone, and the odds of ending above today's are 48%. Full re-rating to 1.46 is the bull case
Key rate by year13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year)
Cost inflation6.2% · 5.6% · 5.3%
Dividend policy61% of net profit
Year-3 EBITDA margin target-64.1%
Current CPI (actual)6.3%, на 2026-09-30
Governanceno flags: the dividend has not faded against profit, payouts were not suspended, no audit qualification and no manual penalty — quality multiplier 1.00
Forecast accuracy measured on history
Historical forecast checkobsmedian errorbias±20%
Net profit1052%0.48x20%

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 — 183 ₽; eninvs DividendPrediction — 27.57 ₽; Frontier див-модель — 221 ₽. Ours on the same horizon — 130 ₽

Checks and caveats
  • ✗ Historical check (10 observations): median profit miss 10.1 pp of revenue, within ±5 pp in 20% of cases, relative error 52% at bias 0.48x — poor on both scales, the model's number is withheld
  • ✗ Across 10 historical measurements the profit forecast came to a median 0.48 of actual — the model consistently understates this name's profit. Dividends and IRR run off profit; the number is withheld
  • ⚠ Growth rests on a single source (momentum)
  • ⚠ Asset growth hit the capital limit in 3 of 3 years: the model does not let equity/assets fall below 69.3%, the bank's own historical minimum
  • ⚠ The miss is one-sided: across 10 measurements the median profit forecast came to 0.48 of actual — the model consistently FAILS TO KEEP UP with this business. So the IRR here is more a floor than a ceiling; erring this way is safer, but the precision cannot be relied on
  • ⚠ The forecast cash flow cannot be checked against the statement: the group holds a bank or fintech, so client money inflows land in operating cash flow — Ozon's 'actual' comes to +216bn where the formula gives minus 42. No conversion correction is applied here
  • ✓ Year-3 ROE 15%
  • ✓ Three-year dividends — 41% of the current price
  • ✓ IRR +19%
  • ✓ Base is fresh: report 4 months old
  • ✓ One-year value agrees with an independent estimate: eninvs Company_Forecast (0.71x). Compared with: eninvs Company_Forecast, eninvs DividendPrediction, Frontier див-модель
  • Profit runs off assets (RoA 17.25%), not retained earnings; asset growth from собственная история активов, медиана 3 темпов (+5%, +8%, +14%). Growth is capped by leverage: equity/assets stays above 69.3%, the bank's own historical minimum.

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

Paid, trailing 12-mo: 31.93 RUB/sh · 25.4%

Pay yearDividend /sh
202620.32 ₽
202535.83 ₽
202416.60 ₽
Payments by period
PeriodLast day to buy/sh
2026 q42026-10-084.86 ₽
2026 q22026-06-2915.46 ₽
2025 q42025-12-1111.61 ₽
2025 q22025-06-2613.71 ₽
2025 q12025-01-1310.51 ₽
2024 q42024-10-0312.02 ₽
2024 q22024-06-064.58 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 5 (3 positive) across tracked channels, broker research and shows. 17 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

15.10.26Material event★ ▼ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
В III квартале 2026 года объем выдач микрозаймов составил 10,0 млрд руб., что на 6,7% меньше, чем во II квартале. Выдачи новым клиентам остались на уровне 1,06 млрд руб. Объем выдач продуктов 'Лимит+' вырос на 10,9% по сравнению со II кварталом.
30.09.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На внеочередном собрании акционеров ПАО 'Займер' 29 сентября 2026 года было принято решение о выплате дивидендов в размере 9,22 руб. на акцию, что составляет 922 млн руб. Выплата дивидендов по итогам первого квартала составила 4,36 руб. на акцию, а общая сумма выплат по итогам полугодия составит 486 млн руб.
15.05.26Filing★ ▲ Созыв общего собрания участников (акционеров)
ПАО МКК 'Займер' созывает внеочередное общее собрание акционеров с заочным голосованием, которое пройдет 19 июня 2026 года. В повестке дня стоит вопрос о выплате дивидендов по обыкновенным акциям по результатам первого квартала 2026 года.
15.10.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО МКК 'Займер' принял решение предоставить согласие на сделку займа в размере 60 млн. руб. с ООО ПКО 'Профи' на срок 25 месяцев. Процентная ставка составит ключевую ставку Банка России плюс 4%. Сделка имеет заинтересованность, так как контролирующее лицо 'Займера' также контролирует 'Профи'.

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), profitability and dividend yield of Zaymer — from primary filings.

Frequently asked questions

What is Zaymer's P/E ratio?
Zaymer trades at a P/E of 3.6x (price to trailing 12-month earnings).
What is Zaymer's P/B ratio?
Zaymer trades at a P/B of 0.8x.
What is Zaymer's dividend yield?
Zaymer's trailing 12-month dividend yield is 25.4%.
What is Zaymer's return on equity (ROE)?
Zaymer's ROE is 14.1%.
What is Zaymer's market capitalization?
Zaymer's market cap is 153 mln USD.

See also: The Cheapest Bank Stocks in the World (2026): Where Global Banks Trade Below Book · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map