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 09/03/21 03/03/22 26/02/24 26/02/24 26/02/25 26/02/26
1RUB in Million2RUB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.49x1.34x4.16x6.98% 227B
9.55x2.43x6.51x6.16% 191B
13.44x2.14x5.62x4.19% 150B
12.93x2.03x5.12x2.4% 80.14B
12.03x0.79x2.96x6.6% 74.85B
11.58x1.68x6.91x3.63% 74.65B
15.99x2.79x8.73x4.93% 59.56B
16.56x5.33x19.34x4.34% 55.62B
16.94x1.9x5.91x4.65% 52.2B
Average 13.39x 2.27x 7.25x 4.88% 107.29B
Weighted average by Cap. 12.44x 2.07x 6.30x 5.31%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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