MISX:AKRN

Stock Analysis Report

Executive Summary

Public Joint Stock Company Acron, together with its subsidiaries, manufactures, distributes, and sells chemical fertilizers and related mineral by-products in Russia, European Union, the Commonwealth of Independent States, the United States, Canada, Latin America, the People’s Republic of China, rest of Asia, and other regions.

Snowflake

Fundamentals

Outstanding track record average dividend payer.


Similar Companies

Share Price & News

How has Acron's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: AKRN has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-1.3%

AKRN

-0.6%

RU Chemicals

-1.9%

RU Market


1 Year Return

5.3%

AKRN

11.8%

RU Chemicals

20.6%

RU Market

Return vs Industry: AKRN underperformed the Russian Chemicals industry which returned 11.8% over the past year.

Return vs Market: AKRN underperformed the Russian Market which returned 20.6% over the past year.


Shareholder returns

AKRNIndustryMarket
7 Day-1.3%-0.6%-1.9%
30 Day-3.0%-2.2%4.6%
90 Day2.7%4.8%8.9%
1 Year11.5%5.3%22.5%11.8%29.4%20.6%
3 Year82.6%44.7%34.0%14.6%63.2%37.7%
5 Year401.6%240.2%156.9%106.4%152.5%98.1%

Price Volatility Vs. Market

How volatile is Acron's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Acron undervalued compared to its fair value and its price relative to the market?

7.25x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: AKRN (RUB4878) is trading above our estimate of fair value (RUB3615.22)

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


Price To Earnings Ratio

PE vs Industry: AKRN is poor value based on its PE Ratio (7.2x) compared to the Chemicals industry average (5.2x).

PE vs Market: AKRN is good value based on its PE Ratio (7.2x) compared to the Russian market (7.4x).


Price to Earnings Growth Ratio

PEG Ratio: AKRN is poor value based on its PEG Ratio (2.6x)


Price to Book Ratio

PB vs Industry: AKRN is overvalued based on its PB Ratio (3x) compared to the RU Chemicals industry average (1.5x).


Next Steps

Future Growth

How is Acron forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

2.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AKRN's forecast earnings growth (2.8% per year) is below the savings rate (8.4%).

Earnings vs Market: AKRN's earnings (2.8% per year) are forecast to grow slower than the Russian market (4.6% per year).

High Growth Earnings: AKRN's earnings are forecast to grow, but not significantly.

Revenue vs Market: AKRN's revenue (8.4% per year) is forecast to grow faster than the Russian market (4.3% per year).

High Growth Revenue: AKRN's revenue (8.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AKRN's Return on Equity is forecast to be high in 3 years time (29.5%)


Next Steps

Past Performance

How has Acron performed over the past 5 years?

6.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AKRN has high quality earnings.

Growing Profit Margin: AKRN's current net profit margins (22.2%) are higher than last year (15.4%).


Past Earnings Growth Analysis

Earnings Trend: AKRN's earnings have grown by 6.9% per year over the past 5 years.

Accelerating Growth: AKRN's earnings growth over the past year (76.6%) exceeds its 5-year average (6.9% per year).

Earnings vs Industry: AKRN earnings growth over the past year (76.6%) exceeded the Chemicals industry 73.8%.


Return on Equity

High ROE: AKRN's Return on Equity (32.3%) is considered high.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Acron's financial position?


Financial Position Analysis

Short Term Liabilities: AKRN's short term assets (RUB42.4B) exceeds its short term liabilities (RUB33.9B)

Long Term Liabilities: AKRN's short term assets (RUB42.4B) do not cover its long term liabilities (78.7B)


Debt to Equity History and Analysis

Debt Level: AKRN's debt to equity ratio (95.6%) is considered high.

Reducing Debt: AKRN's debt to equity ratio has increased from 67.9% to 95.6% over the past 5 years.

Debt Coverage: AKRN's debt is well covered by operating cash flow (38.4%).

Interest Coverage: AKRN's interest payments on its debt are well covered by EBIT (20.1x coverage).


Balance Sheet

Inventory Level: AKRN has a high level of physical assets or inventory.

Debt Coverage by Assets: AKRN's debt is not covered by short term assets (assets are 0.5x debt).


Next Steps

Dividend

What is Acron's current dividend yield, its reliability and sustainability?

3.59%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Acron before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company3.6%marketbottom25%3.6%markettop25%8.9%industryaverage8.6%forecastin3Years7.4%

Current dividend yield vs market & industry

Notable Dividend: AKRN's dividend (3.59%) is higher than the bottom 25% of dividend payers in the Russian market (3.57%).

High Dividend: AKRN's dividend (3.59%) is low compared to the top 25% of dividend payers in the Russian market (8.88%).


Stability and Growth of Payments

Stable Dividend: AKRN's dividend payments have been volatile in the past 10 years.

Growing Dividend: AKRN's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (20.1%), AKRN's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: AKRN's dividends in 3 years are forecast to be covered by earnings (53.3% payout ratio).


Next Steps

Management

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

8.1yrs

Average management tenure


CEO

Vladimir Kunitsky (71yo)

8.8yrs

Tenure

0

Mr. Vladimir Ya. Kunitsky has been the Chairman of the Managing Board and Chief Executive Officer of Public Joint Stock Company Acron since 2011 and has been its Member of the Managing Board since 2005. Mr ...


Management Age and Tenure

8.1yrs

Average Tenure

54.5yo

Average Age

Experienced Management: AKRN's management team is seasoned and experienced (8.1 years average tenure).


Board Age and Tenure

4.3yrs

Average Tenure

59yo

Average Age

Experienced Board: AKRN's board of directors are considered experienced (4.3 years average tenure).


Insider Trading

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.


Management Team

  • Alexander Popov (50yo)

    Chairman & Senior VP

    • Tenure: 4.3yrs
  • Vladimir Kunitsky (71yo)

    Chairman of the Management Board & CEO

    • Tenure: 8.8yrs
  • Vladimir Gavrikov (59yo)

    Deputy Chairman of the Board

    • Tenure: 4.3yrs
  • Alexander Dynkin (71yo)

    CEO Advisor & Director

    • Tenure: 11.8yrs
  • Alexei Milenkov (46yo)

    Finance Director & Member of the Managing Board

    • Tenure: 9.6yrs
  • Ilya K. Popov

    Head of Investor Relations

    • Tenure: 0yrs
  • Dmitry Khabrat (49yo)

    VP of Overseas & Member of the Managing Board

    • Tenure: 7.3yrs
  • Irina Raber (70yo)

    VP of Human Resources & Special Projects and Member of the Managing Board

    • Tenure: 5.8yrs
  • Dmitry Balandin (39yo)

    VP of Finance & Economics and Member of the Managing Board

    • Tenure: 0.9yrs
  • Alexander Lebedev

    VP of Domestic Business & Agricultural Projects and Member of the Managing Board

    • Tenure: 0.9yrs

Board Members

  • Alexander Popov (50yo)

    Chairman & Senior VP

    • Tenure: 4.3yrs
  • Nikolai Arutyunov (55yo)

    Senior Independent Director

    • Tenure: 3.5yrs
  • Vladimir Gavrikov (59yo)

    Deputy Chairman of the Board

    • Tenure: 4.3yrs
  • Alexander Dynkin (71yo)

    CEO Advisor & Director

    • Tenure: 11.8yrs
  • Yury Malyshev (80yo)

    Independent Director

    • Tenure: 4.5yrs
  • Vladimir Sister (74yo)

    Independent Director

    • Tenure: 4.5yrs
  • Georgy Golukhov (59yo)

    CEO Advisor & Director

    • Tenure: 3.5yrs

Company Information

Public Joint Stock Company Acron's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Public Joint Stock Company Acron
  • Ticker: AKRN
  • Exchange: MISX
  • Founded: 1992
  • Industry: Fertilizers and Agricultural Chemicals
  • Sector: Materials
  • Market Cap: ₽190.723b
  • Shares outstanding: 39.10m
  • Website: https://www.acron.ru

Location

  • Public Joint Stock Company Acron
  • World Trade Centre
  • 12 Krasnopresnenskaya Naberezhnaya
  • Moscow
  • 123610
  • Russia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AKRNMISX (Micex - Rts)YesOrdinary SharesRURUBJan 1996
AKRNLSE (London Stock Exchange)GDR EACH REPR 0.1 SH 'REGS'GBUSDAug 2008
AKRNLBATS-CHIXE (BATS 'Chi-X Europe')GDR EACH REPR 0.1 SH 'REGS'GBUSDAug 2008

Biography

Public Joint Stock Company Acron, together with its subsidiaries, manufactures, distributes, and sells chemical fertilizers and related mineral by-products in Russia, European Union, the Commonwealth of In ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/18 21:21
End of Day Share Price2019/11/18 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.