PJSC Russian Aquaculture (MISX:AQUA) - Share price, News & Analysis

AQUA fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	0/6
Past Performance	5/6
Financial Health	4/6
Dividends	0/6

AQUA Stock Overview

PJSC Russian Aquaculture engages in farming and distribution of fish and caviar in the Republic of Karelia and Murmansk region, Russia.

Rewards

PE ratio (6.8x) is below the Russian market (6.9x)

Earnings grew by 196.2% over the past year

Risk Analysis

Debt is not well covered by operating cash flow

High level of non-cash earnings

Latest financial reports are more than 6 months old

PJSC Russian Aquaculture Competitors

Price History & Performance

Summary of all time highs, changes and price drops for PJSC Russian Aquaculture
Historical stock prices
Current Share Price	₽426.50
52 Week High	₽685.00
52 Week Low	₽281.00
Beta	0.15
1 Month Change	-14.62%
3 Month Change	-23.43%
1 Year Change	49.65%
3 Year Change	92.99%
5 Year Change	318.14%
Change since IPO	142.34%

Shareholder Returns

	AQUA	RU Food	RU Market
7D	0.4%	-2.0%	0.2%
1Y	49.6%	4.2%	-22.5%

Return vs Industry: AQUA exceeded the Russian Food industry which returned 4.2% over the past year.

Return vs Market: AQUA exceeded the Russian Market which returned -22.5% over the past year.

Price Volatility

Is AQUA's price volatile compared to industry and market?
AQUA volatility
AQUA Average Weekly Movement	15.6%
Food Industry Average Movement	5.5%
Market Average Movement	16.0%
10% most volatile stocks in RU Market	22.1%
10% least volatile stocks in RU Market	10.1%

Stable Share Price: AQUA is not significantly more volatile than the rest of Russian stocks over the past 3 months, typically moving +/- 16% a week.

Volatility Over Time: AQUA's weekly volatility has increased from 8% to 16% over the past year, but is still lower than 75% of Russian stocks.

About the Company

Founded	Employees	CEO	Website
1997	n/a	Ilya Sosnov	https://russaquaculture.ru

PJSC Russian Aquaculture engages in farming and distribution of fish and caviar in the Republic of Karelia and Murmansk region, Russia. It engages in the commercial farming of atlantic salmon and sea trout. The company was formerly known as OJSC Russian Sea Group and changed its name to PJSC Russian Aquaculture in February 2015.

PJSC Russian Aquaculture Fundamentals Summary

How do PJSC Russian Aquaculture's earnings and revenue compare to its market cap?
AQUA fundamental statistics
Market Cap	₽37.14b
Earnings (TTM)	₽5.48b
Revenue (TTM)	₽9.80b

6.8x

P/E Ratio

3.8x

P/S Ratio

Is AQUA overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
AQUA income statement (TTM)
Revenue	₽9.80b
Cost of Revenue	₽3.56b
Gross Profit	₽6.23b
Other Expenses	₽758.42m
Earnings	₽5.48b

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	63.11
Gross Margin	63.62%
Net Profit Margin	55.88%
Debt/Equity Ratio	70.8%

How did AQUA perform over the long term?

See historical performance and comparison

Dividends

1.9%

Current Dividend Yield

14%

Payout Ratio

Valuation

Is PJSC Russian Aquaculture undervalued compared to its fair value and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

6.76x

Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: AQUA (RUB427) is trading above our estimate of fair value (RUB155.76)

Significantly Below Fair Value: AQUA is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: AQUA is good value based on its PE Ratio (6.8x) compared to the European Food industry average (17.8x).

PE vs Market: AQUA is good value based on its PE Ratio (6.8x) compared to the Russian market (6.9x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate AQUA's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: AQUA is overvalued based on its PB Ratio (2.9x) compared to the XE Food industry average (1.2x).

Future Growth

How is PJSC Russian Aquaculture forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

0.6%

Forecasted Food, Beverage & Tobacco industry annual growth in earnings

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 PJSC Russian Aquaculture 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 SimplyWall St do have past financial data.

Past Performance

How has PJSC Russian Aquaculture performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

33.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: AQUA has a high level of non-cash earnings.

Growing Profit Margin: AQUA's current net profit margins (55.9%) are higher than last year (20.1%).

Past Earnings Growth Analysis

Earnings Trend: AQUA has become profitable over the past 5 years, growing earnings by 33.2% per year.

Accelerating Growth: AQUA's earnings growth over the past year (196.2%) exceeds its 5-year average (33.2% per year).

Earnings vs Industry: AQUA earnings growth over the past year (196.2%) exceeded the Food industry 14.3%.

Return on Equity

High ROE: AQUA's Return on Equity (42.1%) is considered outstanding.

Financial Health

How is PJSC Russian Aquaculture's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: AQUA's short term assets (RUB15.2B) exceed its short term liabilities (RUB5.8B).

Long Term Liabilities: AQUA's short term assets (RUB15.2B) exceed its long term liabilities (RUB5.3B).

Debt to Equity History and Analysis

Debt Level: AQUA's net debt to equity ratio (50.7%) is considered high.

Reducing Debt: AQUA had negative shareholder equity 5 years ago, but is now positive and has therefore improved.

Debt Coverage: AQUA's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: AQUA's interest payments on its debt are well covered by EBIT (15.8x coverage).

Balance Sheet

Dividend

What is PJSC Russian Aquaculture current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

1.88%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: AQUA's dividend (1.87%) isn’t notable compared to the bottom 25% of dividend payers in the Russian market (3.83%).

High Dividend: AQUA's dividend (1.87%) is low compared to the top 25% of dividend payers in the Russian market (11.25%).

Stability and Growth of Payments

Stable Dividend: AQUA is not paying a notable dividend for the Russian market, therefore no need to check if payments are stable.

Growing Dividend: AQUA is not paying a notable dividend for the Russian market, therefore no need to check if payments are increasing.

Earnings Payout to Shareholders

Earnings Coverage: AQUA is not paying a notable dividend for the Russian market.

Cash Payout to Shareholders

Cash Flow Coverage: Insufficient data to calculate cash payout ratio to determine if its dividend payments are covered by cash flows.

Next Steps

Explore strong dividend paying companies in the Food, Beverage & Tobacco industry.

Management

How experienced are the management team and are they aligned to shareholders interests?

7.3yrs

Average management tenure

CEO

Ilya Sosnov (43 yo)

7.33yrs

Tenure

Mr. Ilya G. Sosnov has been a General Director at PJSC Russian Aquaculture. He served as the Chief Financial Officer of OJSC Russian Sea Group. Mr. Sosnov has been the Chairman of Russian Real Estate Inves...

Leadership Team

Experienced Management: AQUA's management team is seasoned and experienced (7.3 years average tenure).

Board Members

Experienced Board: AQUA's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/13 00:00
End of Day Share Price	2022/05/13 00:00
Earnings	2021/06/30
Annual Earnings	2020/12/31