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SAFMAR Financial investment

MISX:SFIN
Snowflake Description

Adequate balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SFIN
MISX
RUB64B
Market Cap
  1. Home
  2. RU
  3. Diversified Financials
Last updated 2018/04/22 19:41
Company description

Public Joint Stock Company ‘SAFMAR Financial investment’, an investment holding company, focuses on financial industry. More info.


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  • SAFMAR Financial investment has significant price volatility in the past 3 months.
SHARE PRICE
3 Month History
SFIN
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for SAFMAR Financial investment's competitors could be found in our database.

Value

 Is SAFMAR Financial investment undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of SAFMAR Financial investment to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.

How is this discounted cash flow calculated?

  • The current share price of SAFMAR Financial investment is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for SAFMAR Financial investment's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are SAFMAR Financial investment's earnings available for a low price, and how does this compare to other companies in the same industry?
  • SAFMAR Financial investment is good value based on earnings compared to the Global Consumer Finance industry average.
  • SAFMAR Financial investment is overvalued based on earnings compared to the RU market.
Price based on expected Growth
Does SAFMAR Financial investment's expected growth come at a high price?
  • Unable to calculate PEG ratio for SAFMAR Financial investment, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on SAFMAR Financial investment's assets?
  • SAFMAR Financial investment is good value based on assets compared to the Global Consumer Finance industry average.
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Value checks
We assess SAFMAR Financial investment's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Consumer Finance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Consumer Finance industry average (and greater than 0)? (1 check)
  5. SAFMAR Financial investment has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
    Note 2: PEG ratio is based on analysts EPS growth expectations in 1 year (0%).

    Full details on the Value part of the Simply Wall St company analysis model.
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Discounted cash flow (Excess Returns Model)

The calculations below outline how an intrinsic value for SAFMAR Financial investment is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.



Value of Excess Returns

Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)

RUB-24.29 = (12.65% – 15.91%) * RUB744.95)

Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)

RUB-274.17 = RUB-24.29 / (15.91% - 7.05%)

Value of Equity = Book Value per share + Terminal Value of Excess Returns

RUB470.78 = RUB744.95 + RUB-274.17

Inputs used in model:

Stable EPS = Stable Book Value * Return on Equity
RUB94.23 = RUB744.95 * 12.65%
Source: Last reported Return on Equity.

Book Value of Equity per Share: RUB744.95
Source: Last reported Book Value.

Expected Growth Rate: 7.05%
Source: Risk Free Rate/ 10 year Government Bond Rate in RUB.

Discount to Share Price

Value per share:
RUB470.78

Current discount (share price of RUB572.5): -21.61%



Estimate of Discount Rate

The discount rate, or required rate of return, is estimated by calculating the Cost of Equity.

Discount rate = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)

Discount rate = 15.91% = 7.05% + (1.114 * 7.95%)



Estimate of Bottom Up Beta

The Levered Beta is the Unlevered Beta adjusted for financial leverage. It is limited to 0.8 to 2.0 (practical range for a stable firm). Note the market value of equity is used not the book value (RUB63,935,082,500).

Levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))

1.114 = 0.692 (1 + (1- 20%) (39.45%))

Levered Beta used in calculation = 1.114



Assumptions
  1. The risk free rate of 7.05% is from the 10 year government bond rate in RUB.
  2. The bottom-up beta is estimated by analysing other companies in the same industry.
  3. The Equity Risk Premium is calculated by subtracting the risk free rate from the market return premium (7.95%) (source: Buffet).
  4. The dividend discount model is automatically used for companies in the following industries: Banks, Insurance, Real Estate Investment Trusts (REITs), Diversified Financial Services and Capital Markets.

Future Performance

 How is SAFMAR Financial investment expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as SAFMAR Financial investment has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

  • SAFMAR Financial investment is not covered by any analysts.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
15.4%
Expected Consumer Finance industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is SAFMAR Financial investment expected to grow at an attractive rate?
  • Unable to compare SAFMAR Financial investment's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare SAFMAR Financial investment's earnings growth to the RU market average as no estimate data is available.
  • Unable to compare SAFMAR Financial investment's revenue growth to the RU market average as no estimate data is available.
Annual Growth Rates Comparison
Analysts growth expectations
Super high growth metrics
High Growth Checks
  • Unable to determine if SAFMAR Financial investment is high growth as no earnings estimate data is available.
  • Unable to determine if SAFMAR Financial investment is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if SAFMAR Financial investment will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine SAFMAR Financial investment's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.
  2. SAFMAR Financial investment's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Diversified Financials companies here
  3. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
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Future performance checks
We assess SAFMAR Financial investment's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the XX market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the XX market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
SAFMAR Financial investment has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has SAFMAR Financial investment performed over the past 5 years?

  • SAFMAR Financial investment's last earnings update was 204 days ago.
The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare SAFMAR Financial investment's growth in the last year to its industry (Consumer Finance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • SAFMAR Financial investment has delivered over 20% year on year earnings growth in the past 5 years.
  • SAFMAR Financial investment's 1-year earnings growth exceeds its 5-year average (117.6% vs 32.7%)
  • SAFMAR Financial investment's earnings growth has exceeded the Global Consumer Finance industry average in the past year (117.6% vs 11.8%).
Earnings and Revenue History
SAFMAR Financial investment's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • SAFMAR Financial investment has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • SAFMAR Financial investment used its assets less efficiently than the Global Consumer Finance industry average last year based on Return on Assets.
  • SAFMAR Financial investment's use of capital has not improved over the past 3 years (Return on Capital Employed).
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Past performance checks
We assess SAFMAR Financial investment's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Consumer Finance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
SAFMAR Financial investment has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is SAFMAR Financial investment's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up SAFMAR Financial investment's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • SAFMAR Financial investment is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • SAFMAR Financial investment's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of SAFMAR Financial investment's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 10.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
  • SAFMAR Financial investment's level of debt (30.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (395.6% vs 30.3% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Unable to confirm if the interest payments on SAFMAR Financial investment's debt are well covered by earnings due to lack of past financial data.
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Financial health checks
We assess SAFMAR Financial investment's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by short term assets? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. SAFMAR Financial investment has a total score of 4/6, see the detailed checks below.


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is SAFMAR Financial investment's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from SAFMAR Financial investment dividends.
If you bought RUB2,000 of SAFMAR Financial investment shares you are expected to receive RUB0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate SAFMAR Financial investment's dividend against the low risk savings benchmark as the company has not reported any payouts.
  • Unable to evaluate SAFMAR Financial investment's dividend against the market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
  • Unable to perform a dividend volatility check as SAFMAR Financial investment has not reported any payouts.
  • Unable to verify if SAFMAR Financial investment's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of SAFMAR Financial investment's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as SAFMAR Financial investment has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
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Income/ dividend checks
We assess SAFMAR Financial investment's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.5%) - if not then the rest of the checks are ignored.
  2. Current dividend yield, is there one at all, is it higher than the low risk savings rate, and is it above the top 25% of dividend payers? (2 checks)
  3. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  4. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  5. How sustainable is the dividend, can SAFMAR Financial investment afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  6. SAFMAR Financial investment has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of SAFMAR Financial investment's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Alexander Mikhaylov, image provided by Google.
Alexander Mikhaylov
AGE 40
TENURE AS CEO 2 years
CEO Bio

Mr. Alexander Sergeevich Mikhaylov has been the President at Public Joint Stock Company Europlan since February 16, 2016 and serves as its Chief Executive Officer. Mr. Mikhaylov has been the Chairman of Management Board at Public Joint Stock Company Europlan since April 2, 2016. He served as Head of Fund Raising, Treasury and Investors Relations at Public Joint Stock Company Europlan from 2011 to February 2016 and served as its Head of Finance and Purchasing from 2013 to February 2016 and Vice-President from 2009 to February 2016. He served as a Director of Closed Joint Stock Company Europlan.

CEO Compensation
  • SAFMAR Financial investment has a new CEO, we can't show their compensation history.
Management Team Tenure

Average tenure and age of the SAFMAR Financial investment management team in years:

1.3
Average Tenure
46.7
Average Age
  • The average tenure for the SAFMAR Financial investment management team is less than 2 years, this suggests a new team.
Management Team

Alexander Mikhaylov

TITLE
President
AGE
40
TENURE
2 yrs

Avet Mirakyan

TITLE
General Director & Director
TENURE
0.7 yrs

Ludmila Teterikova

TITLE
Chief Financial Officer
AGE
53
TENURE
2 yrs

Tatiana Yurina

TITLE
Vice-President
AGE
46

Sergei Mizura

TITLE
Vice-President
AGE
35

Sergei Pukhov

TITLE
Vice-President
AGE
45
TENURE
1.8 yrs

Jaroslav Meshalkin

TITLE
Head of Public Relations

Ludmila Kostikova

TITLE
Head of the Internal Audit Service
AGE
46

Denis Sivachyov

TITLE
CEO of JSC NPF SAFMAR
TENURE
0.1 yrs

Marina Konkova

TITLE
Deputy Financial Director and Member of the Audit Commission
AGE
62
Board of Directors Tenure

Average tenure and age of the SAFMAR Financial investment board of directors in years:

2.1
Average Tenure
62.8
Average Age
  • The average tenure for the SAFMAR Financial investment board of directors is less than 3 years, this suggests a new board.
Board of Directors

Oleg Vyugin

TITLE
Chairman of the Board
AGE
65
TENURE
0.8 yrs

Avet Mirakyan

TITLE
General Director & Director
TENURE
1.8 yrs

Mikhail Gutseriev

TITLE
Chairman of JSC NPF SAFMAR & Director
AGE
59

Marina Konkova

TITLE
Deputy Financial Director and Member of the Audit Commission
AGE
62

Nikita Bykov

TITLE
Chairman of the Management Board
AGE
41
TENURE
1.8 yrs

Alexander Myakenky

TITLE
Independent Director
AGE
70
TENURE
3.3 yrs

Alla Gryaznova

TITLE
Independent Director
AGE
80
TENURE
3.3 yrs

Sergey Nazarov

TITLE
Independent Director
TENURE
1.8 yrs

Oleg Andriyankin

TITLE
Director
TENURE
1.8 yrs

Anton Zhuchenko

TITLE
Director
Recent Insider Trading
  • No 3 month insider trading information.
Who owns this company?
X
Management checks
We assess SAFMAR Financial investment's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap and profit (greater than 0.5% of the company's profit + 0.03% of market cap)? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. SAFMAR Financial investment has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

Company News

External News
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Simply Wall St News

Public Joint Stock Company "SAFMAR Financial investment" (MCX:SFIN): What Does It Mean For Your Portfolio?

Generally, an investor should consider two types of risk that impact the market value of SFIN. … SFIN's beta implies it may be a stock that investors with high-beta portfolios might find relevant if they wanted to reduce their exposure to market risk, especially during times of downturns. … SFIN, with its market capitalisation of RUРУБ64.49B, is a small-cap stock, which generally have higher beta than similar companies of larger size.

Simply Wall St -

Does Public Joint Stock Company "SAFMAR Financial investment"'s (MCX:SFIN) PE Ratio Signal A Selling Opportunity?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for SFIN Price per share = RUB693.5 Earnings per share = RUB34.055 ∴ Price-Earnings Ratio = RUB693.5 ÷ RUB34.055 = 20.4x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … Ideally, we want to compare the stock’s P/E ratio to the average of companies that have similar characteristics as SFIN, such as size and country of operation. … For example, if you are inadvertently comparing riskier firms with SFIN, then SFIN’s P/E would naturally be higher than its peers since investors would reward its lower risk with a higher price.

Simply Wall St -

Public Joint Stock Company "SAFMAR Financial investment" (MCX:SFIN): Has Recent Earnings Growth Beaten Long-Term Trend?

Check out our latest analysis for SAFMAR Financial investment Did SFIN's recent earnings growth beat the long-term trend and the industry? … For SAFMAR Financial investment, its most recent earnings (trailing twelve month) is RUРУБ6.07B, which compared to last year’s figure, has escalated by over 100%. … Given that these figures are somewhat nearsighted, I’ve created an annualized five-year figure for SAFMAR Financial investment's net income, which stands at RUРУБ2.59B This means that, on average, SAFMAR Financial investment has been able to gradually grow its earnings over the last couple of years as well.

Simply Wall St -

Company Info

Map
Description

Public Joint Stock Company ‘SAFMAR Financial investment’, an investment holding company, focuses on financial industry. The company leases vehicles, including passenger cars, commercial vehicles, self-propelled machines, buses, and others, as well as provides related aftermarket services. It also offers non-governmental pension funds. The company is based in Moscow, Russia.

Details
Name: Public Joint Stock Company "SAFMAR Financial investment"
SFIN
Exchange: MISX
Founded:
RUB63,935,082,500
111,677,000
Website: http://www.safmarinvest.ru
Address: Public Joint Stock Company "SAFMAR Financial investment"
33/1 Kotelnicheskaya nab,
Moscow,
115172,
Russia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
MISX SFIN Common Shares Micex - Rts RU RUB 16. Dec 2015
Number of employees
Current staff
Staff numbers
1,499
SAFMAR Financial investment employees.
Industry
Consumer Finance
Diversified Financials
Company Analysis and Financial Data Status
Area Date
Company Analysis updated: 2018/04/22 19:41
Last earnings update: 2017/09/30
Last annual earnings update: 2016/12/31


All dates in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.