Company Valuation: Rostelecom

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 293,459 290,871 222,765 222,765 223,117 224,962
Change - -0.88% -23.41% 0% 0.16% 0.83%
Enterprise Value (EV) 1 761,006 797,813 727,861 789,051 886,354 918,567
Change - 4.84% -8.77% 8.41% 12.33% 3.63%
P/E 13.2x 10.4x 7.17x 6.53x 14.9x 20x
PBR 1.8x 1.56x 1.11x 1.01x 1.03x 1.03x
PEG - 0.7x 0.7x 0.66x -0.3x -0.8x
Capitalization / Revenue 0.54x 0.5x 0.36x 0.31x 0.29x 0.26x
EV / Revenue 1.39x 1.38x 1.16x 1.11x 1.14x 1.05x
EV / EBITDA 4.84x 4.94x 3.99x 3.85x 3.88x 3.52x
EV / EBIT 10.4x 12.2x 7.58x 6.84x 7.48x 6.29x
EV / FCF 30.2x 152x 12.5x 20.9x 17.5x 34x
FCF Yield 3.32% 0.66% 7.97% 4.78% 5.72% 2.94%
Dividend per Share 2 5 - 5.446 6.06 2.71 -
Rate of return 5.17% - 8.19% 9.11% 4.07% -
EPS 2 7.32 8.4 9.277 10.19 4.48 3.327
Distribution rate 68.3% - 58.7% 59.5% 60.5% -
Net sales 1 546,889 580,092 627,055 707,801 779,945 872,790
EBITDA 1 157,379 161,359 182,474 205,041 228,473 260,961
EBIT 1 72,830 65,413 96,005 115,307 118,520 146,141
Net income 1 23,311 28,549 31,029 34,418 15,232 11,346
Net Debt 1 467,547 506,942 505,096 566,286 663,237 693,605
Reference price 2 96.73 87.22 66.54 66.54 66.54 66.54
Nbr of stocks (in thousands) 3,050,484 3,353,318 3,351,623 3,351,623 3,356,920 3,384,643
Announcement Date 9/3/21 3/3/22 26/2/24 26/2/24 26/2/25 26/2/26
1RUB in Million2RUB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 2.77B
11.22x1.3x4.02x7.14% 220B
8.81x2.33x6.25x6.64% 177B
12.73x2.08x5.47x4.42% 140B
13.14x2.05x5.17x2.37% 79.1B
11.9x1.74x7.46x3.61% 74.86B
11.94x0.76x2.83x6.75% 71.57B
15.54x2.7x8.47x5.06% 57.88B
23.52x5.31x19.39x4.55% 55.15B
15.24x1.8x5.63x4.94% 48.36B
Average 13.78x 2.23x 7.19x 5.05% 92.71B
Weighted average by Cap. 12.48x 2.03x 6.23x 5.51%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Rostelecom