Financials Tattelecom

Equities

TTLK

RU000A0HM5C1

Integrated Telecommunications Services

End-of-day quote Moscow Micex - RTS Other stock markets 06:00:00 2022-07-07 pm EDT			5-day change	1st Jan Change
0.4945 ^RUB	+0.61%		-.--%	-.--%

Apr. 26	Tattelecom Public Joint-Stock Company Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	Tattelecom Public Joint-Stock Company Reports Earnings Results for the Half Year Ended June 30, 2023	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	3,551	4,689	8,532	12,092	10,328	10,328
Enterprise Value (EV) ¹	5,751	6,577	8,145	9,514	6,560	5,689
P/E ratio	8.84 x	5.79 x	4.68 x	4.84 x	3.91 x	3.96 x
Yield	11.1%	8.79%	9.39%	7.4%	10.3%	-
Capitalization / Revenue	0.39 x	0.49 x	0.87 x	1.22 x	1 x	0.95 x
EV / Revenue	0.63 x	0.69 x	0.83 x	0.96 x	0.63 x	0.52 x
EV / EBITDA	2.39 x	2.45 x	2.25 x	2.4 x	1.67 x	1.62 x
EV / FCF	8.08 x	4.69 x	3.69 x	3.81 x	3.57 x	6.22 x
FCF Yield	12.4%	21.3%	27.1%	26.2%	28%	16.1%
Price to Book	0.6 x	0.74 x	1.13 x	1.28 x	0.92 x	0.81 x
Nbr of stocks (in thousands)	20,386,378	20,386,378	20,386,378	20,885,140	20,885,140	20,885,140
Reference price ²	0.1742	0.2300	0.4185	0.5790	0.4945	0.4945
Announcement Date	4/29/19	4/10/20	4/20/21	4/29/22	4/26/23	4/26/24

¹RUB in Million²RUB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	9,195	9,554	9,801	9,944	10,330	10,920
EBITDA ¹	2,410	2,683	3,620	3,962	3,916	3,504
EBIT ¹	860.4	1,279	2,424	2,970	2,811	2,001
Operating Margin	9.36%	13.38%	24.73%	29.86%	27.21%	18.32%
Earnings before Tax (EBT) ¹	707.1	1,060	2,347	3,025	3,142	2,497
Net income ¹	401.6	810.1	1,865	2,492	2,637	2,604
Net margin	4.37%	8.48%	19.02%	25.06%	25.52%	23.85%
EPS ²	0.0197	0.0397	0.0895	0.1196	0.1265	0.1249
Free Cash Flow ¹	712	1,403	2,206	2,497	1,838	914.2
FCF margin	7.74%	14.68%	22.5%	25.11%	17.79%	8.37%
FCF Conversion (EBITDA)	29.55%	52.27%	60.93%	63.02%	46.93%	26.09%
FCF Conversion (Net income)	177.31%	173.13%	118.3%	100.19%	69.71%	35.1%
Dividend per Share ²	0.0193	0.0202	0.0393	0.0428	0.0508	-
Announcement Date	4/29/19	4/10/20	4/20/21	4/29/22	4/26/23	4/26/24

¹RUB in Million²RUB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	2,199	1,889	-	-	-	-
Net Cash position ¹	-	-	387	2,578	3,768	4,639
Leverage (Debt/EBITDA)	0.9126 x	0.7038 x	-	-	-	-
Free Cash Flow ¹	712	1,403	2,206	2,497	1,838	914
ROE (net income / shareholders' equity)	6.79%	13.3%	26.5%	29%	25.5%	21.9%
ROA (Net income/ Total Assets)	4.48%	6.46%	12.2%	14%	11.6%	7.73%
Assets ¹	8,958	12,543	15,293	17,804	22,799	33,681
Book Value Per Share ²	0.2900	0.3100	0.3700	0.4500	0.5400	0.6100
Cash Flow per Share ²	0.0200	0.0500	0.0600	0.1100	0.1500	0.0700
Capex ¹	1,085	857	786	831	1,030	1,585
Capex / Sales	11.8%	8.97%	8.02%	8.36%	9.97%	14.51%
Announcement Date	4/29/19	4/10/20	4/20/21	4/29/22	4/26/23	4/26/24

¹RUB in Million²RUB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Wired Telecommunications Carriers

	1st Jan change	Capi.
TATTELECOM	-.--%	110M
NETLINK NBN TRUST	+2.38%	2.44B
JIANGSU BROADCASTING CABLE INFORMATION NETWORK CORPORATION LIMITED	-2.55%	2.11B
MOSCOW CITY TELEPHONE NETWORK	-.--%	1.25B
AUSSIE BROADBAND LIMITED	-4.74%	711M
HUBEI RADIO & TELEVISION INFORMATION NETWORK CO., LTD.	-21.25%	592M
MOBILE TELECOMMUNICATIONS LIMITED	+1.18%	310M
MAHANAGAR TELEPHONE NIGAM LIMITED	+13.79%	294M
TELE COLUMBUS AG	+22.64%	206M
IPS, INC.	+9.32%	191M

Wired Telecommunications Carriers

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