Company Valuation: Severstal

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,066,263 1,344,706 688,102 688,102 688,102 688,102
Change - 26.11% -48.83% 0% 0% 0%
Enterprise Value (EV) 1 1,068,410 1,346,290 634,722 511,792 693,731 731,204
Change - 26.01% -52.85% -19.37% 35.55% 5.4%
P/E 1,069x 329x 6.36x 3.55x 4.6x 21.5x
PBR 398x 321x 1.61x 1.12x 1.39x 1.31x
PEG - 1x 0x 0x -0.2x -0.3x
Capitalization / Revenue 155x 116x 1.01x 0.94x 0.83x 0.97x
EV / Revenue 156x 116x 0.93x 0.7x 0.84x 1.03x
EV / EBITDA 454x 229x 3.06x 2x 3x 5.56x
EV / EBIT 552x 251x 3.63x 2.28x 3.59x 8.08x
EV / FCF 2,161x 591x 6.82x 5.81x 23.9x -13.3x
FCF Yield 0.05% 0.17% 14.7% 17.2% 4.19% -7.52%
Dividend per Share 3 1.574 - - 191.5 - -
Rate of return 0.12% - - 23.3% - -
EPS 3 1.23 4.88 129.2 231.3 178.5 38.17
Distribution rate 128% - - 82.8% - -
Net sales 1 6,870 11,638 682,226 728,314 829,779 712,896
EBITDA 1 2,354 5,880 207,381 255,653 231,511 131,550
EBIT 1 1,934 5,371 174,806 224,809 193,276 90,527
Net income 1 1,016 4,074 108,282 193,861 149,556 31,988
Net Debt 1 2,147 1,584 -53,380 -176,310 5,629 43,102
Reference price 3 1,315.40 1,605.20 821.40 821.40 821.40 821.40
Nbr of stocks (in thousands) 810,600 837,719 837,719 837,719 837,719 837,719
Announcement Date 2/4/21 2/18/22 2/1/24 2/1/24 1/31/25 2/2/26
1RUB in Million2USD in Million3RUB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.75x1.54x8.79x0.92% 55.53B
13.59x0.83x6.6x0.99% 47.99B
15.87x1.72x10.21x0.85% 36.04B
56.3x9.38x34.63x0.14% 29.14B
13.32x1.24x7.29x2.1% 26.31B
-68.24x0.76x7.65x4.29% 18.14B
14.18x0.58x5.44x2.78% 17.52B
14.11x4.19x10.88x0.06% 10.54B
13x0.85x6.4x2.98% 9.81B
Average 9.65x 2.34x 10.88x 1.68% 27.89B
Weighted average by Cap. 13.23x 2.27x 11.10x 1.37%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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