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B2B-RTS (BTBR): a 15% dividend yield with the key rate at 14%. Upside +28%

*Enhanced Investments · price RUB 125.36 as of 4 September 2026 · target RUB 155–165 · version 2 of 9 September*

In brief

1. What the business is, in a minute

Leader by number of procedures in key segments
Leader by number of procedures in key segments

Half of revenue from services is under a regulated tariff, half under the company's own. 44-FZ, 223-FZ and capital repairs (RUB 4.0 bn, 50%): the rate is set by the state or by competition within the regulatory framework, and no increase is in the forecast. Commercial procurement, SVP and services (RUB 3.6 bn, 45%): the tariff is the company's own, and the lever has already been tested: the SVP indexation from 1 February 2026 gave +44%. Property auctions (RUB 392 mn, 5%): fees for privatization, leasing of public property and land auctions have been prohibited since 1 July 2026; bankruptcy auctions and seized-property sales were not covered by the ban.

Half of revenue is under tariff restrictions
Half of revenue is under tariff restrictions

2. Why it is growing: three drivers

Driver 1. Commercial procurement is the only growing segment of the market. In 2019–2025 regulated procurement stood still (RUB 23.1 trn to 22.9 trn, minus 0.1% a year, almost halved in real terms), while commercial procurement grew 4.4 times (RUB 6.9 trn to 30.3 trn, +28% a year). The commercial share of the market went from 23% to 57%. The part available to the company (independent platforms, excluding captive ones) is growing at 19% a year and is not losing share.

All market growth came from commercial procurement
All market growth came from commercial procurement

Driver 2. The change of tariff model from 1 February 2026 removed the entry barrier for suppliers. Instead of an advance subscription fee, 1% from the winner (cap RUB 75 thousand), with lots up to RUB 100 thousand free. The result: commercial procurement procedures +24% for the half-year and +35% in the second quarter, segment revenue +22%. The gap between procedures and revenue is a lag: the fee arrives after the contract is signed, and part of the procedures already held is not yet reflected in revenue. The acceleration will continue in 2H2026 mechanically.

Driver 3. Small-volume procurement is a market where the company holds 66% and sets the price itself. E-shop data from the Ministry of Finance for 1H2026: number of purchases +49% (from 99.7 to 148.9 thousand), amount +47% (from RUB 38.3 bn to 56.2 bn), growth of about 50% for the second year in a row. The company's SVP revenue is +44% to RUB 645 mn for the half-year. The ratio of revenue to turnover here is about 0.7% against about 0.07% for the other procedures, which is ten times more monetizable. Resolution No. 590 from 1 July 2026 widens the digital footprint of SVP, but there is no mandatory move to the platforms, so this is not built into the forecast and is an option.

Commercial procurement is growing one and a half times faster than regulated
Commercial procurement is growing one and a half times faster than regulated

The lever on all of this is operating. Costs are almost entirely fixed: 62% is people. In 1H2026 revenue from services rose 15% and EBITDA 18%, even in a year when insurance contributions for IT companies rose from 7.6% to 15%.

3. Financials: there is growth, but its quality varies

Profit plus depreciation minus capex, before changes in working capital. RUB 5.19 for 1Q plus RUB 4.61 recommended for 2Q.
Profit plus depreciation minus capex, before changes in working capital. RUB 5.19 for 1Q plus RUB 4.61 recommended for 2Q.
Segment result before tax and unallocated expenses, so it does not equal group EBITDA.
Segment result before tax and unallocated expenses, so it does not equal group EBITDA.
Profit grew faster than revenue, but thanks to the key rate
Profit grew faster than revenue, but thanks to the key rate
Payroll is growing faster than revenue and limits the margin
Payroll is growing faster than revenue and limits the margin

4. Cash and dividends

Estimated cash flow has exceeded profit for three years running
Estimated cash flow has exceeded profit for three years running
About 85% of profit goes to dividends
About 85% of profit goes to dividends

5. Forecast: more conservative than the company

The market will grow from RUB 53 trn to 95 trn
The market will grow from RUB 53 trn to 95 trn
Total income will grow from RUB 9.4 bn to 16.9 bn
Total income will grow from RUB 9.4 bn to 16.9 bn
The margin holds at about half of total income
The margin holds at about half of total income
Net profit grows by 81% over five years
Net profit grows by 81% over five years
Dividend per share grows from RUB 13 to 32
Dividend per share grows from RUB 13 to 32

6. Valuation: three methods, one answer

The rate is the main external driver of the re-rating. The share trades at a 15% dividend yield with the key rate at 14%. A rate cut hits interest income (about 15% of total income), but the effect on the price through the required yield is an order of magnitude larger:

Estimate: 1 pp of rate is about RUB 60–80 mn of interest income a year with an average placement base of about RUB 7 bn; to be checked against the model.
Estimate: 1 pp of rate is about RUB 60–80 mn of interest income a year with an average placement base of about RUB 7 bn; to be checked against the model.

7. Risks, with a price in roubles per share

The valuation range under reasonable deviations in the discount rate and market growth is RUB 115–207. The lower bound is below the current price: a negative-return scenario exists and does not require extreme assumptions.

8. What to monitor and when

44-FZ notices in the EIS by platform: RTS-tender holds 38–40% in a stagnating market
44-FZ notices in the EIS by platform: RTS-tender holds 38–40% in a stagnating market
RTS-tender's fee base and total lot price under 44-FZ: fees are flat, money on the platform is shrinking
RTS-tender's fee base and total lot price under 44-FZ: fees are flat, money on the platform is shrinking

Conclusion

B2B-RTS is the leader by number of procedures in all segments of electronic procurement, with an EBITDA margin of about 52%, no debt or capex, and it returns about 85% of profit to shareholders four times a year. Growth in the coming years is provided by two segments where the company sets the tariff itself and where the number of procedures is growing by 35–49% a year. At a P/E of 5.7 and a 15% dividend yield the share trades like a bond, and a lower key rate works for the re-rating more strongly than against interest income. The target is RUB 155–165 (+28%), 12-month total return about 43%. The main things to watch are the payout on 30 September and the payroll share in the 9M report.

Appendix. How the procurement market works

Example: a 44-FZ lot of RUB 500 thousand gives a fee of RUB 5 thousand, while lots of RUB 2 mn and RUB 50 mn give the same RUB 7.5 thousand. The cap is reached already at a starting price of RUB 750 thousand. In RTS-tender's commercial tariff the cap of RUB 75 thousand is reached at RUB 7.5 mn.
Example: a 44-FZ lot of RUB 500 thousand gives a fee of RUB 5 thousand, while lots of RUB 2 mn and RUB 50 mn give the same RUB 7.5 thousand. The cap is reached already at a starting price of RUB 750 thousand. In RTS-tender's commercial tariff the cap of RUB 75 thousand is reached at RUB 7.5 mn.

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