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Cherkizovo Group

MISX:GCHE
Snowflake Description

Proven track record and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GCHE
MISX
RUB77B
Market Cap
  1. Home
  2. RU
  3. Food, Beverage & Tobacco
Company description

Public Joint Stock Company Cherkizovo Group, together with its subsidiaries, engages in poultry and pork production, and meat processing activities in Russia. The last earnings update was 59 days ago. More info.


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GCHE Share Price and Events
7 Day Returns
-0.9%
MISX:GCHE
-0.4%
Europe Food
-2.3%
RU Market
1 Year Returns
77.7%
MISX:GCHE
12.4%
Europe Food
13.7%
RU Market
GCHE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cherkizovo Group (GCHE) -0.9% 13.4% 16.6% 77.7% 124% 202%
Europe Food -0.4% 0.5% 5.3% 12.4% 12% 41.2%
RU Market -2.3% 1.6% 9.2% 13.7% 42.4% 103.2%
1 Year Return vs Industry and Market
  • GCHE outperformed the Food industry which returned 12.4% over the past year.
  • GCHE outperformed the Market in Russian Federation which returned 13.7% over the past year.
Price Volatility
GCHE
Industry
5yr Volatility vs Market

GCHE Value

 Is Cherkizovo Group 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 Cherkizovo Group 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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Cherkizovo Group.

MISX:GCHE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 17.7%
Perpetual Growth Rate 10-Year RU Government Bond Rate 8.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for MISX:GCHE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year RU Govt Bond Rate 8.4%
Equity Risk Premium S&P Global 9.4%
Food Unlevered Beta Simply Wall St/ S&P Global 0.56
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.565 (1 + (1- 20%) (91.11%))
0.984
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.98
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 8.44% + (0.984 * 9.43%)
17.72%

Discounted Cash Flow Calculation for MISX:GCHE using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cherkizovo Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

MISX:GCHE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (RUB, Millions) Source Present Value
Discounted (@ 17.72%)
2020 582.30 Est @ -37.58% 494.65
2021 443.87 Est @ -23.77% 320.30
2022 381.25 Est @ -14.11% 233.69
2023 353.25 Est @ -7.34% 183.94
2024 344.03 Est @ -2.61% 152.17
2025 346.46 Est @ 0.71% 130.18
2026 356.94 Est @ 3.03% 113.93
2027 373.54 Est @ 4.65% 101.28
2028 395.16 Est @ 5.79% 91.01
2029 421.17 Est @ 6.58% 82.40
Present value of next 10 years cash flows RUB1,903.53
MISX:GCHE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= RUB421.17 × (1 + 8.44%) ÷ (17.72% – 8.44%)
RUB4,921.06
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= RUB4,921.06 ÷ (1 + 17.72%)10
RUB962.77
MISX:GCHE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= RUB1,903.53 + RUB962.77
RUB2,866.30
Equity Value per Share
(RUB)
= Total value / Shares Outstanding
= RUB2,866.30 / 41.05
RUB69.83
MISX:GCHE Discount to Share Price
Calculation Result
Value per share (RUB) From above. RUB69.83
Current discount Discount to share price of RUB1,874.50
= -1 x (RUB1,874.50 - RUB69.83) / RUB69.83
-2584.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Cherkizovo Group 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 Cherkizovo Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cherkizovo Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
MISX:GCHE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in RUB RUB298.49
MISX:GCHE Share Price ** MISX (2019-07-15) in RUB RUB1874.5
Europe Food Industry PE Ratio Median Figure of 118 Publicly-Listed Food Companies 17.41x
Russian Federation Market PE Ratio Median Figure of 137 Publicly-Listed Companies 7.13x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Cherkizovo Group.

MISX:GCHE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= MISX:GCHE Share Price ÷ EPS (both in RUB)

= 1874.5 ÷ 298.49

6.28x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cherkizovo Group is good value based on earnings compared to the Europe Food industry average.
  • Cherkizovo Group is good value based on earnings compared to the Russian Federation market.
Price based on expected Growth
Does Cherkizovo Group's expected growth come at a high price?
Raw Data
MISX:GCHE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.28x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
-11.1%per year
Europe Food Industry PEG Ratio Median Figure of 67 Publicly-Listed Food Companies 1.73x
Russian Federation Market PEG Ratio Median Figure of 33 Publicly-Listed Companies 0.61x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Cherkizovo Group, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Cherkizovo Group's assets?
Raw Data
MISX:GCHE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in RUB RUB1,433.65
MISX:GCHE Share Price * MISX (2019-07-15) in RUB RUB1874.5
Europe Food Industry PB Ratio Median Figure of 159 Publicly-Listed Food Companies 1.3x
Russian Federation Market PB Ratio Median Figure of 154 Publicly-Listed Companies 0.81x
MISX:GCHE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= MISX:GCHE Share Price ÷ Book Value per Share (both in RUB)

= 1874.5 ÷ 1,433.65

1.31x

* Primary Listing of Cherkizovo Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cherkizovo Group is overvalued based on assets compared to the Europe Food industry average.
X
Value checks
We assess Cherkizovo Group'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 Food 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 Food industry average (and greater than 0)? (1 check)
  5. Cherkizovo Group 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.

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

GCHE Future Performance

 How is Cherkizovo Group expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Cherkizovo Group, future earnings growth has been estimated based on fundamentals.
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
-11.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cherkizovo Group expected to grow at an attractive rate?
  • Cherkizovo Group's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 8.4%.
Growth vs Market Checks
  • Cherkizovo Group's earnings are expected to decrease over the next 1-3 years, this is below the Russian Federation market average.
  • Unable to compare Cherkizovo Group's revenue growth to the Russian Federation market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
MISX:GCHE Future Growth Rates Data Sources
Data Point Source Value (per year)
MISX:GCHE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts -11.1%
Europe Food Industry Earnings Growth Rate Market Cap Weighted Average 10%
Europe Food Industry Revenue Growth Rate Market Cap Weighted Average 4%
Russian Federation Market Earnings Growth Rate Market Cap Weighted Average 2.8%
Russian Federation Market Revenue Growth Rate Market Cap Weighted Average 4.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
MISX:GCHE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in RUB Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
MISX:GCHE Future Estimates Data
Date (Data in RUB Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
MISX:GCHE Past Financials Data
Date (Data in RUB Millions) Revenue Cash Flow Net Income *
2019-03-31 107,899 13,092 12,252
2018-12-31 102,639 14,177 12,004
2018-09-30 95,083 10,552 10,506
2018-06-30 92,655 11,342 9,403
2018-03-31 90,915 11,927 6,819
2017-12-31 90,465 13,016 5,800
2017-09-30 89,320 14,146 5,377
2017-06-30 86,931 14,761 6,077
2017-03-31 84,843 12,813 4,294
2016-12-31 82,417 9,369 1,919
2016-09-30 80,240 4,645 2,787
2016-06-30 79,656 2,589 1,280

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cherkizovo Group's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Unable to determine if Cherkizovo Group 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.
Raw Data
MISX:GCHE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Cherkizovo Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MISX:GCHE Future Estimates Data
Date (Data in RUB Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
MISX:GCHE Past Financials Data
Date (Data in RUB Millions) EPS *
2019-03-31 298.49
2018-12-31 292.45
2018-09-30 255.96
2018-06-30 227.36
2018-03-31 162.14
2017-12-31 135.65
2017-09-30 123.67
2017-06-30 138.56
2017-03-31 97.91
2016-12-31 43.76
2016-09-30 63.56
2016-06-30 29.18

*GAAP earnings excluding extraordinary items.

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 Cherkizovo Group will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Cherkizovo Group'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 Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe 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.
Cherkizovo Group 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.

GCHE Past Performance

  How has Cherkizovo Group performed over the past 5 years?

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 Cherkizovo Group's growth in the last year to its industry (Food).
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.
  • Cherkizovo Group's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Cherkizovo Group's 1-year earnings growth exceeds its 5-year average (79.7% vs -6.2%)
  • Cherkizovo Group's earnings growth has exceeded the Europe Food industry average in the past year (79.7% vs 3.3%).
Earnings and Revenue History
Cherkizovo Group'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.
Raw Data

All data from Cherkizovo Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MISX:GCHE Past Revenue, Cash Flow and Net Income Data
Date (Data in RUB Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 107,899.15 12,252.03 15,416.64
2018-12-31 102,639.15 12,004.03 14,749.64
2018-09-30 95,083.43 10,505.76 13,702.13
2018-06-30 92,655.32 9,402.81 13,176.57
2018-03-31 90,915.16 6,819.36 12,188.28
2017-12-31 90,465.07 5,800.37 12,325.03
2017-09-30 89,320.42 5,377.17 11,665.14
2017-06-30 86,931.22 6,076.67 11,341.71
2017-03-31 84,843.37 4,294.08 11,649.87
2016-12-31 82,417.19 1,919.23 11,711.58
2016-09-30 80,239.85 2,787.35 11,906.49
2016-06-30 79,656.35 1,279.84 11,716.54
2016-03-31 78,446.70 2,618.42 11,111.47
2015-12-31 77,032.62 6,007.48 10,750.91
2015-09-30 125,244.35 19,347.03 16,969.52
2015-06-30 74,366.04 16,800.97 9,802.31
2015-03-31 108,392.48 19,932.77 14,112.05
2014-12-31 68,668.41 16,490.17 8,955.72
2014-09-30 72,455.82 10,648.30 10,170.08
2014-06-30 60,246.04 7,248.74 8,487.50
2014-03-31 57,984.22 3,166.26 8,938.95
2013-12-31 54,374.85 2,118.09 7,899.95
2013-09-30 52,723.86 2,901.65 7,613.63
2013-06-30 52,644.62 4,555.17 7,227.72
2013-03-31 49,970.16 5,739.06 6,521.73
2012-12-31 47,959.11 6,878.29 6,260.87
2012-09-30 47,799.79 5,812.67 6,134.71

*GAAP earnings excluding extraordinary items.

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.
  • Whilst Cherkizovo Group has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Cherkizovo Group used its assets more efficiently than the Europe Food industry average last year based on Return on Assets.
  • Cherkizovo Group has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Cherkizovo Group'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 Food 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.
Cherkizovo Group has a total score of 4/6, 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.

GCHE Health

 How is Cherkizovo Group'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 Cherkizovo Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cherkizovo Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Cherkizovo Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Cherkizovo Group'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.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.7x 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.
Raw Data

All data from Cherkizovo Group Company Filings, last reported 3 months ago.

MISX:GCHE Past Debt and Equity Data
Date (Data in RUB Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 59,509.00 68,348.00 7,396.00
2018-12-31 60,809.11 68,557.81 9,612.58
2018-09-30 59,190.30 53,793.61 2,074.32
2018-06-30 58,313.48 52,420.60 1,361.58
2018-03-31 52,562.05 52,455.93 2,087.11
2017-12-31 52,779.86 49,656.58 704.68
2017-09-30 55,476.34 50,365.35 2,509.60
2017-06-30 58,617.62 44,991.48 1,575.27
2017-03-31 55,887.98 40,416.92 1,145.81
2016-12-31 54,040.42 38,118.00 1,002.20
2016-09-30 54,264.14 40,041.94 1,033.70
2016-06-30 52,964.93 40,698.43 1,287.87
2016-03-31 52,639.38 43,054.02 3,837.04
2015-12-31 53,149.07 40,853.30 5,560.82
2015-09-30 46,648.45 32,189.60 1,085.65
2015-06-30 45,721.26 29,983.24 666.67
2015-03-31 46,073.92 27,124.49 788.66
2014-12-31 50,538.92 27,515.21 1,007.55
2014-09-30 40,379.93 28,422.19 3,438.54
2014-06-30 36,493.11 29,151.68 1,955.56
2014-03-31 32,428.49 29,664.94 552.08
2013-12-31 32,145.45 27,374.59 2,115.47
2013-09-30 30,788.65 30,578.27 3,567.87
2013-06-30 30,370.88 30,074.85 2,647.97
2013-03-31 29,939.91 27,451.73 1,160.03
2012-12-31 30,185.69 27,264.78 1,257.68
2012-09-30 27,779.13 26,926.97 1,286.51
  • Cherkizovo Group's level of debt (114.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (91.3% vs 114.9% today).
  • Debt is not well covered by operating cash flow (19.2%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.4x coverage).
X
Financial health checks
We assess Cherkizovo Group'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 operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Cherkizovo Group has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


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

GCHE Dividends

 What is Cherkizovo Group'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
6.51%
Current annual income from Cherkizovo Group dividends.
If you bought RUB2,000 of Cherkizovo Group shares you are expected to receive RUB130 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?
  • Cherkizovo Group's pays a higher dividend yield than the bottom 25% of dividend payers in Russian Federation (3.22%).
  • Cherkizovo Group's dividend is below the markets top 25% of dividend payers in Russian Federation (8.26%).
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.
Raw Data
MISX:GCHE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Europe Food Industry Average Dividend Yield Market Cap Weighted Average of 94 Stocks 2.4%
Russian Federation Market Average Dividend Yield Market Cap Weighted Average of 72 Stocks 7.1%
Russian Federation Minimum Threshold Dividend Yield 10th Percentile 1.8%
Russian Federation Bottom 25% Dividend Yield 25th Percentile 3.2%
Russian Federation Top 25% Dividend Yield 75th Percentile 8.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

MISX:GCHE Future Dividends Estimate Data
Date (Data in RUB) Dividend per Share (annual) Avg. No. Analysts
MISX:GCHE Past Annualized Dividends Data
Date (Data in RUB) Dividend per share (annual) Avg. Yield (%)
2019-02-14 122.110 7.256
2018-04-09 75.070 6.822
2018-02-16 150.140 11.905
2018-02-15 150.140 12.486
2017-04-11 13.650 1.137
2016-08-24 45.540 5.690
2016-03-17 45.540 5.155
2016-03-16 45.540 4.846
2015-11-12 45.500 4.491
2015-08-20 45.500 5.146
2015-02-26 54.600 7.125
2014-09-15 34.440 4.830
2014-03-06 24.265 4.219

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cherkizovo Group has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Cherkizovo Group only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Cherkizovo Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.4x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Cherkizovo Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Cherkizovo Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cherkizovo Group has a total score of 2/6, see the detailed checks below.


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

GCHE Management

 What is the CEO of Cherkizovo Group'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
Sergey Mikhailov
AGE 40
TENURE AS CEO 13.5 years
CEO Bio

Mr. Sergey I. Mikhailov has been the Chief Executive Officer and General Director of Public Joint Stock Company Cherkizovo Group since February 8, 2006 and also serves as its Member of Management Board. Mr. Mikhailov served as Deputy President and Chief Operating Officer of Cherkizovsky MPP from 2000 and joined AIC Cherkizovsky as Deputy President of the Marketing and Sales Department in 2004. In the same year, Mr. Mikhailov was appointed General Director of Cherkizovsky Trade House. He served as the Head of Cherkizovskiy Production Plant at Public Joint Stock Company Cherkizovo Group. From 1998 to 2001, he served as a Director and Founder of the telecommunications company aTelo, Inc. in the United States. In 1997, he worked as an Intern at Goldman Sachs and in 1999 was a Financial Analyst at Morgan Stanley. He serves as a Director at Public Joint Stock Company Cherkizovo Group and Cherkizovski Myasopererabatyvayuschi Zavod Public Joint Stock Company. Mr. Mikhailov received a B.Sc. in Finance from Georgetown University (Washington DC) in 2000.

CEO Compensation
  • Insufficient data for Sergey to compare compensation growth.
  • Insufficient data for Sergey to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure and age of the Cherkizovo Group management team in years:

8.2
Average Tenure
41.5
Average Age
  • The average tenure for the Cherkizovo Group management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Ludmila Mikhaylova

TITLE
CFO & Member of Management Board
COMPENSATION
RUB656K
AGE
43
TENURE
13.5 yrs

Evgeny Mikhailov

TITLE
Chairman of the Board & Head of Business Development
AGE
37
TENURE
13.5 yrs

Sergey Mikhailov

TITLE
CEO, Member of Management Board & Director
AGE
40
TENURE
13.5 yrs

Yury Dyachuk

TITLE
Head of the Legal Support & Real Estate Operations Department and Member of Management Board
AGE
51

Vladislav Belyaev

TITLE
Head of IT & Member of Management Board

Alexey Skorobogatov

TITLE
Head of Procurement & Logistics and Member of Management Board

Andrey Khizhnyak

TITLE
Head of Sales & Marketing Strategy and Member of Management Board

Alexander Gusakov

TITLE
Security Director & Member of Management Board
TENURE
2.8 yrs

Maksim Zudin

TITLE
Head of Poultry Division & Member of Management Board
TENURE
2.8 yrs

Leonid Izmailov

TITLE
Head of Investment Projects Department & Member of Management Board
TENURE
2.8 yrs
Board of Directors Tenure

Average tenure and age of the Cherkizovo Group board of directors in years:

3.2
Average Tenure
40
Average Age
  • The tenure for the Cherkizovo Group board of directors is about average.
Board of Directors

Evgeny Mikhailov

TITLE
Chairman of the Board & Head of Business Development
AGE
37
TENURE
3.2 yrs

Sergey Mikhailov

TITLE
CEO, Member of Management Board & Director
AGE
40

Richard Sobel

TITLE
Deputy Chairman
TENURE
3.2 yrs

Elliot Jones

TITLE
Independent Non-Executive Director
TENURE
3.3 yrs

Emin Tofik Mammadov

TITLE
Independent Non-Executive Director

Rafael Fuertes

TITLE
Non-Executive Director
TENURE
3.3 yrs

Filip Kegels

TITLE
Independent Non-Executive Director
AGE
54

Yekaterina Kolesnikova

TITLE
Member of Audit Commission

Yevgeniy Fillipov

TITLE
Member of Audit Commission
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (RUB) Value (RUB)
X
Management checks
We assess Cherkizovo Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to 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. Cherkizovo Group 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.

GCHE News

Simply Wall St News

Why Public Joint Stock Company "Cherkizovo Group"’s (MCX:GCHE) Return On Capital Employed Looks Uninspiring

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Return On Capital Employed (ROCE): What is it? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

Is Public Joint Stock Company "Cherkizovo Group"'s (MCX:GCHE) 12.68% ROE Strong Compared To Its Industry?

and want to learn about Return on Equity using a real-life example. … Public Joint Stock Company "Cherkizovo Group" (MCX:GCHE) performed in-line with its packaged foods and meats industry on the basis of its ROE – producing a return of12.68% relative to the peer average of 11.07% over the past 12 months. … But ROE does not capture any debt, so we only see high profits and low equity, which is great on the surface.

Simply Wall St -

What You Must Know About Public Joint Stock Company "Cherkizovo Group"'s (MCX:GCHE) Financial Strength

Investors are always looking for growth in small-cap stocks like Public Joint Stock Company "Cherkizovo Group" (MCX:GCHE), with a market cap of RUруб43.92b. … However, an important fact which most ignore is: how financially healthy is the business? … Evaluating financial health as part of your investment thesis is

Simply Wall St -

Has Public Joint Stock Company "Cherkizovo Group" (MISX:GCHE) Improved Earnings Growth In Recent Times?

When Public Joint Stock Company "Cherkizovo Group"'s (MISX:GCHE) announced its latest earnings (31 March 2018), I wanted to understand how these figures stacked up against its past performance. … The two benchmarks I used were Cherkizovo Group's average earnings over the past couple of years, and its industry performance. … Furthermore, this one-year growth rate has exceeded its 5-year annual growth average of 3.12%, indicating the rate at which GCHE is growing has accelerated

Simply Wall St -

Public Joint Stock Company "Cherkizovo Group" (MCX:GCHE): The Return Story

To understand Cherkizovo Group’s capital returns we will look at a useful metric called return on capital employed. … We'll look at Cherkizovo Group’s returns by computing return on capital employed, which will tell us what the company can generate from the money spent in operations. … I have calculated Cherkizovo Group’s ROCE for you below: ROCE Calculation for GCHE Return on Capital Employed (ROCE) = Earnings Before Tax (EBT) ÷ (Capital Employed) Capital Employed = (Total Assets - Current Liabilities) ∴ ROCE = RUРУБ6.21B ÷ (RUРУБ118.64B - RUРУБ34.14B) = 7.35% GCHE’s 7.35% ROCE means that for every RUB100 you invest, the company creates RUB7.3.

Simply Wall St -

Who Really Owns Public Joint Stock Company "Cherkizovo Group" (MCX:GCHE)?

Insider Ownership Another important group of shareholders are company insiders. … Private Company Ownership Potential investors in GCHE should also look at another important group of investors: private companies, with a stake of 90.75%, who are primarily invested because of strategic and capital gain interests. … As a result, potential investors should further explore the company's business relations with these companies and find out if they can affect shareholder returns in the long-term.Next Steps: Institutional ownership level and composition in GCHE is not high nor active enough to significantly impact its investment thesis.

Simply Wall St -

What Investors Should Know About Public Joint Stock Company "Cherkizovo Group"'s (MCX:GCHE) Financial Strength

With this rise in debt, GCHE's cash and short-term investments stands at RUРУБ704.68M for investing into the business. … Additionally, GCHE has generated RUРУБ13.02B in operating cash flow during the same period of time, resulting in an operating cash to total debt ratio of 26.02%, meaning that GCHE’s operating cash is sufficient to cover its debt. … In GCHE's case, the ratio of 3.02x suggests that interest is appropriately covered, which means that debtors may be willing to loan the company more money, giving GCHE ample headroom to grow its debt facilities.Next Steps: Although GCHE’s debt level is towards the higher end of the spectrum, its cash flow coverage seems adequate to meet debt obligations which means its debt is being efficiently utilised.

Simply Wall St -

Is Public Joint Stock Company "Cherkizovo Group" (MCX:GCHE) A Buy At Its Current PE Ratio?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for GCHE Price per share = RUB1295 Earnings per share = RUB135.648 ∴ Price-Earnings Ratio = RUB1295 ÷ RUB135.648 = 9.5x 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. … For example, if you accidentally compared higher growth firms with GCHE, then GCHE’s P/E would naturally be lower since investors would reward its peers’ higher growth with a higher price. … Alternatively, if you inadvertently compared less risky firms with GCHE, GCHE’s P/E would again be lower since investors would reward its peers’ lower risk with a higher price as well.

Simply Wall St -

Public Joint Stock Company "Cherkizovo Group" (MCX:GCHE): Can It Deliver A Superior ROE To The Industry?

Check out our latest analysis for Cherkizovo Group Peeling the layers of ROE – trisecting a company’s profitability Firstly, Return on Equity, or ROE, is simply the percentage of last years’ earning against the book value of shareholders’ equity. … Some of Cherkizovo Group’s peers may have a higher ROE but its cost of equity could exceed this return, leading to an unsustainable negative discrepancy i.e. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity MISX:GCHE Last Perf Mar 14th 18 Essentially, profit margin shows how much money the company makes after paying for all its expenses.

Simply Wall St -

GCHE Company Info

Description

Public Joint Stock Company Cherkizovo Group, together with its subsidiaries, engages in poultry and pork production, and meat processing activities in Russia. It operates through Meat Processing, Pork, Poultry, Grain, and Feed segments. The company produces a range of meat products, including sausages, ham, deli meats, cutlets, vacuum-packed chilled products, and ready-to-cook products. It also provides raw pork meat; and semi-finished poultry, raw meat, and other poultry meat products. In addition, the company is involved in the farming of wheat and other crops; production of dairy; sale of non-hatchery eggs; and other services. Public Joint Stock Company Cherkizovo Group offers its products under the Cherkizovo, Pyat Zvezd, Petelinka, Kurinoe Tsarstvo, and Imperia Vkusa brands. The company is based in Moscow, Russia. Public Joint Stock Company Cherkizovo Group is a subsidiary of MB Capital Europe Ltd.

Details
Name: Public Joint Stock Company "Cherkizovo Group"
GCHE
Exchange: MISX
Founded:
RUB76,963,151,250
41,047,014
Website: http://www.cherkizovo.com
Address: Public Joint Stock Company "Cherkizovo Group"
Building B,
White Square Office Center,
Moscow,
125047,
Russia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
MISX GCHE Ordinary Shares Micex - Rts RU RUB 18. Dec 2006
Number of employees
Current staff
Staff numbers
23,496
Cherkizovo Group employees.
Industry
Packaged Foods and Meats
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/15 21:45
End of day share price update: 2019/07/15 00:00
Last estimates confirmation: 2018/02/16
Last earnings filing: 2019/05/17
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times 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.