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 3/9/21 3/3/22 2/26/24 2/26/24 2/26/25 2/26/26
1RUB in Million2RUB
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
10.87x1.25x3.88x7.37% 213B
8.7x2.32x6.21x6.73% 175B
12.11x2.03x5.32x4.65% 133B
12.73x2.01x5.06x2.44% 77.26B
11.34x1.71x7.3x3.78% 71.62B
11.24x0.73x2.72x7.17% 67.77B
15.56x2.71x8.5x5.06% 57.94B
23.9x5.39x19.67x4.48% 56.02B
16.06x1.79x5.61x4.99% 47.75B
Average 13.61x 2.22x 7.14x 5.19% 100.01B
Weighted average by Cap. 12.24x 2.02x 6.21x 5.66%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA