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Mining and Metallurgical Company Norilsk Nickel

MISX:GMKN
Snowflake Description

Solid track record with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GMKN
MISX
$36B
Market Cap
  1. Home
  2. RU
  3. Materials
Company description

Public Joint Stock Company Mining and Metallurgical Company Norilsk Nickel, together with its subsidiaries, operates as a metals and mining company in Europe, Asia, North and South America, Russia, and the CIS countries. The last earnings update was 51 days ago. More info.


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GMKN Share Price and Events
7 Day Returns
2%
MISX:GMKN
1.1%
RU Metals and Mining
-0.8%
RU Market
1 Year Returns
35.8%
MISX:GMKN
-1.6%
RU Metals and Mining
7.6%
RU Market
GMKN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Mining and Metallurgical Company Norilsk Nickel (GMKN) 2% 1.1% 8.6% 35.8% 54.9% 126%
RU Metals and Mining 1.1% -1.5% -2.5% -1.6% 38.4% 205.7%
RU Market -0.8% 2.6% 4.3% 7.6% 30.5% 93.5%
1 Year Return vs Industry and Market
  • GMKN outperformed the Metals and Mining industry which returned -1.6% over the past year.
  • GMKN outperformed the Market in Russian Federation which returned 7.6% over the past year.
Price Volatility
GMKN
Industry
5yr Volatility vs Market

Value

 Is Mining and Metallurgical Company Norilsk Nickel 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 Mining and Metallurgical Company Norilsk Nickel 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 Mining and Metallurgical Company Norilsk Nickel.

MISX:GMKN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 17 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 20.1%
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:GMKN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year RU Govt Bond Rate 8.4%
Equity Risk Premium S&P Global 9.4%
Metals and Mining Unlevered Beta Simply Wall St/ S&P Global 1.13
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.135 (1 + (1- 20%) (23.64%))
1.234
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.23
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 8.44% + (1.234 * 9.43%)
20.08%

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

The calculations below outline how an intrinsic value for Mining and Metallurgical Company Norilsk Nickel 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:GMKN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 20.08%)
2019 2,836.24 Analyst x10 2,361.98
2020 2,905.70 Analyst x10 2,015.21
2021 3,415.06 Analyst x5 1,972.43
2022 2,999.65 Analyst x2 1,442.81
2023 3,641.10 Analyst x1 1,458.49
2024 3,874.24 Est @ 6.4% 1,292.39
2025 4,145.99 Est @ 7.01% 1,151.78
2026 4,454.53 Est @ 7.44% 1,030.57
2027 4,799.37 Est @ 7.74% 924.69
2028 5,180.96 Est @ 7.95% 831.29
Present value of next 10 years cash flows $14,481.65
MISX:GMKN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $5,180.96 × (1 + 8.44%) ÷ (20.08% – 8.44%)
$48,272.53
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $48,272.53 ÷ (1 + 20.08%)10
$7,745.41
MISX:GMKN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $14,481.65 + $7,745.41
$22,227.06
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $22,227.06 / 1,582.45
$14.05
MISX:GMKN Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in MISX:GMKN represents 645.16129x of LSE:MNOD
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
645.16129x
Value per Share
(Listing Adjusted, RUB)
= Value per Share (USD) x Listing Adjustment Factor
= $ 14.05 x 645.16129
RUB9,061.89
Value per share (RUB) From above. RUB9,061.89
Current discount Discount to share price of RUB14,510.00
= -1 x (RUB14,510.00 - RUB9,061.89) / RUB9,061.89
-60.1%

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

  • The current share price of Mining and Metallurgical Company Norilsk Nickel 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 Mining and Metallurgical Company Norilsk Nickel's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Mining and Metallurgical Company Norilsk Nickel's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
MISX:GMKN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $1.95
LSE:MNOD Share Price ** LSE (2019-04-18) in USD $22.56
Russian Federation Metals and Mining Industry PE Ratio Median Figure of 19 Publicly-Listed Metals and Mining Companies 4.54x
Russian Federation Market PE Ratio Median Figure of 130 Publicly-Listed Companies 7.39x

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

** Primary Listing of Mining and Metallurgical Company Norilsk Nickel.

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

= LSE:MNOD Share Price ÷ EPS (both in USD)

= 22.56 ÷ 1.95

11.57x

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

  • Mining and Metallurgical Company Norilsk Nickel is overvalued based on earnings compared to the RU Metals and Mining industry average.
  • Mining and Metallurgical Company Norilsk Nickel is overvalued based on earnings compared to the Russian Federation market.
Price based on expected Growth
Does Mining and Metallurgical Company Norilsk Nickel's expected growth come at a high price?
Raw Data
MISX:GMKN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.57x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts
10.7%per year
Europe Metals and Mining Industry PEG Ratio Median Figure of 61 Publicly-Listed Metals and Mining Companies 0.65x
Russian Federation Market PEG Ratio Median Figure of 33 Publicly-Listed Companies 0.51x

*Line of best fit is calculated by linear regression .

MISX:GMKN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.57x ÷ 10.7%

1.08x

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

  • Mining and Metallurgical Company Norilsk Nickel is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Mining and Metallurgical Company Norilsk Nickel's assets?
Raw Data
MISX:GMKN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $2.04
LSE:MNOD Share Price * LSE (2019-04-18) in USD $22.56
Russian Federation Metals and Mining Industry PB Ratio Median Figure of 20 Publicly-Listed Metals and Mining Companies 0.41x
Russian Federation Market PB Ratio Median Figure of 150 Publicly-Listed Companies 0.83x
MISX:GMKN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:MNOD Share Price ÷ Book Value per Share (both in USD)

= 22.56 ÷ 2.04

11.08x

* Primary Listing of Mining and Metallurgical Company Norilsk Nickel.

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

  • Mining and Metallurgical Company Norilsk Nickel is overvalued based on assets compared to the RU Metals and Mining industry average.
X
Value checks
We assess Mining and Metallurgical Company Norilsk Nickel'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 Metals and Mining 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 Metals and Mining industry average (and greater than 0)? (1 check)
  5. Mining and Metallurgical Company Norilsk Nickel has a total score of 0/6, 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.

Future Performance

 How is Mining and Metallurgical Company Norilsk Nickel expected to perform in the next 1 to 3 years based on estimates from 17 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
10.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Mining and Metallurgical Company Norilsk Nickel expected to grow at an attractive rate?
  • Mining and Metallurgical Company Norilsk Nickel's earnings growth is expected to exceed the low risk savings rate of 8.4%.
Growth vs Market Checks
  • Mining and Metallurgical Company Norilsk Nickel's earnings growth is expected to exceed the Russian Federation market average.
  • Mining and Metallurgical Company Norilsk Nickel's revenue growth is positive but not above the Russian Federation market average.
Annual Growth Rates Comparison
Raw Data
MISX:GMKN Future Growth Rates Data Sources
Data Point Source Value (per year)
MISX:GMKN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 17 Analysts 10.7%
MISX:GMKN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 17 Analysts 3.4%
Russian Federation Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average -1.9%
Europe Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 0.8%
Russian Federation Market Earnings Growth Rate Market Cap Weighted Average 3.8%
Russian Federation Market Revenue Growth Rate Market Cap Weighted Average 4.4%

*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:GMKN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 17 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
MISX:GMKN Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31 13,199 5,353 4,687 3
2021-12-31 13,060 5,712 4,741 11
2020-12-31 13,007 5,657 4,757 17
2019-12-31 12,632 5,290 4,508 15
MISX:GMKN Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 11,670 6,493 3,085
2018-09-30 11,201 5,116 2,986
2018-06-30 10,732 3,739 2,886
2018-03-31 9,939 2,751 2,508
2017-12-31 9,146 1,763 2,129
2017-09-30 8,905 2,459 2,137
2017-06-30 8,664 3,154 2,145
2017-03-31 8,462 3,333 2,341
2016-12-31 8,259 3,511 2,536
2016-09-30 7,869 3,090 2,041
2016-06-30 7,478 2,669 1,545
2016-03-31 8,010 3,187 1,640

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Mining and Metallurgical Company Norilsk Nickel's earnings are expected to grow by 10.7% yearly, however this is not considered high growth (20% yearly).
  • Mining and Metallurgical Company Norilsk Nickel's revenue is expected to grow by 3.4% yearly, however this is not considered high growth (20% yearly).
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:GMKN 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 17 Analyst Estimates (S&P Global) See Below

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

MISX:GMKN Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 2.56 2.70 2.42 2.00
2021-12-31 2.89 3.42 2.17 7.00
2020-12-31 2.94 3.61 2.43 12.00
2019-12-31 2.82 3.73 2.30 12.00
MISX:GMKN Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 1.95
2018-09-30 1.89
2018-06-30 1.82
2018-03-31 1.58
2017-12-31 1.35
2017-09-30 1.35
2017-06-30 1.36
2017-03-31 1.49
2016-12-31 1.61
2016-09-30 1.30
2016-06-30 0.98
2016-03-31 1.04

*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.
  • Mining and Metallurgical Company Norilsk Nickel is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess Mining and Metallurgical Company Norilsk Nickel'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 Russian Federation 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.
Mining and Metallurgical Company Norilsk Nickel has a total score of 3/6, 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 Mining and Metallurgical Company Norilsk Nickel 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 Mining and Metallurgical Company Norilsk Nickel's growth in the last year to its industry (Metals and Mining).
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.
  • Mining and Metallurgical Company Norilsk Nickel's year on year earnings growth rate has been positive over the past 5 years.
  • Mining and Metallurgical Company Norilsk Nickel's 1-year earnings growth exceeds its 5-year average (44.9% vs 14.8%)
  • Mining and Metallurgical Company Norilsk Nickel's earnings growth has exceeded the RU Metals and Mining industry average in the past year (44.9% vs -2.7%).
Earnings and Revenue History
Mining and Metallurgical Company Norilsk Nickel'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 Mining and Metallurgical Company Norilsk Nickel Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MISX:GMKN Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 11,670.00 3,085.00 848.00
2018-09-30 11,201.00 2,985.50 844.50
2018-06-30 10,732.00 2,886.00 840.00
2018-03-31 9,939.00 2,507.50 797.00
2017-12-31 9,146.00 2,129.00 755.00
2017-09-30 8,905.00 2,137.00 704.50
2017-06-30 8,664.00 2,145.00 654.00
2017-03-31 8,461.50 2,340.50 613.50
2016-12-31 8,259.00 2,536.00 573.00
2016-09-30 7,868.50 2,040.50 562.00
2016-06-30 7,478.00 1,545.00 551.00
2016-03-31 8,010.00 1,639.50 551.00
2015-12-31 8,542.00 1,734.00 551.00
2015-09-30 9,805.00 1,891.50 618.00
2015-06-30 11,068.00 2,049.00 685.00
2015-03-31 11,468.50 2,026.00 754.50
2014-12-31 11,869.00 2,003.00 824.00
2014-09-30 11,695.00 1,837.50 889.50
2014-06-30 11,521.00 1,672.00 955.00
2014-03-31 11,510.00 1,223.00 940.00
2013-12-31 11,499.00 774.00 925.00
2013-09-30 11,811.00 997.00 976.50
2013-06-30 12,123.00 1,220.00 1,028.00
2013-03-31 12,244.50 1,695.00 1,013.00
2012-12-31 12,366.00 2,170.00 998.00
2012-09-30 12,541.00 2,741.50 901.50
2012-06-30 12,716.00 3,313.00 805.00

*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 Mining and Metallurgical Company Norilsk Nickel made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%), this is metric is skewed due to its high level of debt.
  • Mining and Metallurgical Company Norilsk Nickel used its assets more efficiently than the RU Metals and Mining industry average last year based on Return on Assets.
  • Mining and Metallurgical Company Norilsk Nickel has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Mining and Metallurgical Company Norilsk Nickel'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 Metals and Mining 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.
Mining and Metallurgical Company Norilsk Nickel has a total score of 5/6, 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 Mining and Metallurgical Company Norilsk Nickel'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 Mining and Metallurgical Company Norilsk Nickel's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Mining and Metallurgical Company Norilsk Nickel is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Mining and Metallurgical Company Norilsk Nickel's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Mining and Metallurgical Company Norilsk Nickel'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 0.5x 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 Mining and Metallurgical Company Norilsk Nickel Company Filings, last reported 3 months ago.

MISX:GMKN Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 3,473.00 8,439.00 1,471.00
2018-09-30 3,473.00 8,439.00 1,471.00
2018-06-30 4,310.00 9,268.00 3,483.00
2018-03-31 4,310.00 9,268.00 3,483.00
2017-12-31 4,658.00 9,053.00 946.00
2017-09-30 4,658.00 9,053.00 946.00
2017-06-30 3,655.00 8,228.00 2,676.00
2017-03-31 3,655.00 8,228.00 2,676.00
2016-12-31 3,896.00 7,855.00 3,325.00
2016-09-30 3,896.00 7,855.00 3,325.00
2016-06-30 3,328.00 8,137.00 3,468.00
2016-03-31 3,328.00 8,137.00 3,468.00
2015-12-31 2,261.00 8,266.00 4,054.00
2015-09-30 2,261.00 8,266.00 4,054.00
2015-06-30 4,856.00 6,378.00 2,814.00
2015-03-31 4,856.00 6,378.00 2,814.00
2014-12-31 4,793.00 6,330.00 2,878.00
2014-09-30 4,793.00 6,330.00 2,878.00
2014-06-30 9,842.00 6,086.00 2,713.00
2014-03-31 9,842.00 6,086.00 2,713.00
2013-12-31 9,750.00 6,205.00 1,645.00
2013-09-30 9,750.00 6,205.00 1,645.00
2013-06-30 10,633.00 6,874.00 1,811.00
2013-03-31 10,633.00 6,874.00 1,811.00
2012-12-31 12,940.00 5,023.00 1,291.00
2012-09-30 12,940.00 5,023.00 1,291.00
2012-06-30 11,066.00 4,148.00 1,256.00
  • Mining and Metallurgical Company Norilsk Nickel's level of debt (243%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (63.6% vs 243% today).
  • Debt is well covered by operating cash flow (76.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 16x coverage).
X
Financial health checks
We assess Mining and Metallurgical Company Norilsk Nickel'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. Mining and Metallurgical Company Norilsk Nickel has a total score of 3/6, 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.

Dividends

 What is Mining and Metallurgical Company Norilsk Nickel'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
8.71%
Current annual income from Mining and Metallurgical Company Norilsk Nickel dividends. Estimated to be 11.63% next year.
If you bought RUB2,000 of Mining and Metallurgical Company Norilsk Nickel shares you are expected to receive RUB174 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?
  • Mining and Metallurgical Company Norilsk Nickel's pays a higher dividend yield than the bottom 25% of dividend payers in Russian Federation (3.21%).
  • Mining and Metallurgical Company Norilsk Nickel's dividend is below the markets top 25% of dividend payers in Russian Federation (9.19%).
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:GMKN 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 17 Analyst Estimates (S&P Global) See Below
Europe Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 65 Stocks 5.7%
Russian Federation Market Average Dividend Yield Market Cap Weighted Average of 75 Stocks 6.8%
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 9.2%

Industry and Market average data is calculated daily.

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

MISX:GMKN Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 2.36 2.00
2021-12-31 2.74 11.00
2020-12-31 2.71 15.00
2019-12-31 2.47 14.00
MISX:GMKN Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2018-08-14 1.966 11.038
2018-05-24 1.227 7.524
2018-03-06 1.371 7.720
2017-08-25 1.115 6.253
2017-06-13 1.461 10.365
2017-03-15 1.504 9.994
2016-11-23 1.031 6.736
2016-08-30 1.290 8.647
2016-06-14 1.286 9.218
2016-03-15 1.261 9.226
2015-11-11 0.751 6.996
2015-08-04 1.374 9.824
2015-04-13 2.272 14.896
2014-04-25 0.706 6.177
2013-08-30 1.204 8.336
2013-08-29 1.290 9.908
2013-04-26 1.203 8.753
2012-06-01 0.625 3.768
2011-06-21 0.534 3.082
2010-10-07 0.676 2.898
2010-08-27 0.671 4.085
2009-09-01 0.000 0.000
2009-06-30 0.000 0.000
2009-04-20 0.000 0.000

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

  • Mining and Metallurgical Company Norilsk Nickel 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 Mining and Metallurgical Company Norilsk Nickel only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Mining and Metallurgical Company Norilsk Nickel's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1x coverage).
X
Income/ dividend checks
We assess Mining and Metallurgical Company Norilsk Nickel'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 Mining and Metallurgical Company Norilsk Nickel afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Mining and Metallurgical Company Norilsk Nickel 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.

Management

 What is the CEO of Mining and Metallurgical Company Norilsk Nickel'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
Vladimir Potanin
AGE 57
CEO Bio

Mr. Vladimir Olegovich Potanin has been President of PJSC MMC Norilsk Nickel since 2015 and has been its Chairman of the Management Board since 2012 and served as its CEO from 2012 to 2015. He graduated from the Moscow State Institute of International Relations (specialized in international economy) in 1983. Professional activities: • 1983-1990 worked in the USSR Ministry of Foreign Trade. • 1990 - became the President of the Interros Foreign Trade Association. • 1992-1993 the Vice-President and then the President of the Joint Stock Commercial Bank "International Company for Finance and Investments" (MFK). • 1993 - became the President of the United Export Import Bank (UNEXIM BANK). • Since 2015 - President, Head of Management Board, MMC Norilsk Nickel. From August 1996 till March 1997, He was appointed the First Deputy Prime Minister of the Russian Federation Government. As the First Deputy Prime Minister he supervised economic issues and coordinated the work of: the Ministry of Economy of the Russian Federation; the Russian Fund of Federal Property; the Federal Department for Insolvency; the Federal Commission for the Securities Market; the Federal Commission of the Russian Federation for Energy. He also Headed about 20 federal and governmental commissions, including the Governmental Commission on Financial and Credit Policy; the Governmental Commission on Improvement of Payment and Settlement System, the Interagency Commission on Cooperation with Financial and Economic Organizations and the "Group of Seven". While working for the Government of Russia, Mr. Potanin was also Russia’s Manager at the International Bank for Reconstruction and Development (IBRD) and the Multilateral Investment Guarantee Agency. Since May 1998, due to the reorganization of the UNEXIM – MFK-Renaissance Group, he holds the position of the Chairman of the Board of Directors of the Interros Company. He is also a Member of the Public Chamber of the Russian Federation, Chairman of the commission for developing of charity and NGO legislation improving; Member of scientific and advisory council at the Office of the Prosecutor General of the Russian Federation; Chairman and member of the Presidium of National Council on Corporate Governance since 2004; Member of Social council at the Ministry of Defense of Russia; Member of the bureau of The Russian Union of Industrialists and Entrepreneurs (Employers); Mr. Potanin also has a long track record of philanthropic work. In 1999 he founded the Vladimir Potanin Foundation, a non-profit charitable organization whose mandate is to implement significant long-term educational and cultural projects in Russia. In 2010 he announced his decision to donate the majority of his wealth to philanthropic causes. Three years later, Mr. Potanin signed the Giving Pledge, an international philanthropic initiative. Mr. Potanin has also been a Member of the Board of trustees of New York's Solomon R. Guggenheim Foundation since December 2001. Since April 2003, Mr. Potanin has been Chairman of the Board of trustees of the State Hermitage Museum in St. Petersburg. Since May 2006, he has sat on the Board of trustees of his alma mater, Moscow State Institute of International Relations (MGIMO). As a Member of the Civic Chamber of the Russian Federation from 2006 to 2014, Mr. Potanin Headed the Commissions working to develop charity, philanthropy and volunteerism and to develop philanthropy and legislation of not-for-profit organizations. Under his stewardship, the Commissions have formulated a number of proposals to significantly improve the legislative framework for charitable work in Russia, namely: the Federal law on endowment funds and their use by not-for-profit organizations, developed by the Commission together with the Ministry of Social and Economic Development and which came into force in 2007; amendments to the Tax Code on the activity of not-for-profit organizations and philanthropy in general; and changes to the Law on Advertisement that have created favorable conditions for socially-minded advertisement. Mr. Potanin has been awarded the government’s memorial medal 850th Anniversary of Moscow. He has also been decorated with the Russian Orthodox Church orders: the Order of St. Prince Vladimir Equal-to-the-Apostles, Third and Second Degree; the Order of St. Sergius of Radonezh, Third and Second Degree; The Order of the Holy Prince Daniel of Moscow, Second Degree; The Order of the St. Seraphim of Sarov, First Degree (March 2012). In September 2002, He was presented with a commemorative award for philanthropy and charity from the Russian Ministry of Education. In 2003 he became a laureate of the International Foundation for the Unity of Orthodox Christian Nations’ Award. In January 2007, Mr. Potanin was honored by the French Ministry of Culture and Communications with the title of Officer in the Order of Arts and Letters. In August 2007, awarded with the Order of Merit for the Motherland, IVth degree, by the decree of the President of the Russian Federation Vladimir Putin for active participation in successful promotion of the Sochi bid for the XXII Olympic Winter Games to be held in 2014. In September 2010 awarded by the President of the Republic of Cyprus Demetris Christofias with the “Golden Olive Branch” state diploma in gratitude for his profound and ongoing contribution to the development of cultural relations and the strengthening of the existing friendly relations between Cyprus and Russia. In December 2016, he was elected as Chairman of the Board of Trustees of the Night Hockey League Foundation. Mr. Potanin currently holds the following positions: • Member of the Bureau and Management Board of the Russian Union of Industrialists and Entrepreneurs (RSPP) since 2000. • Member of the Public Council of the Ministry of Defense of the Russian Federation. • Member of the Research Advisory Council of the Prosecutor General’s Office of the Russian Federation. His Track Record: 1995–present: member of the Presidium of the International Foundation for the Unity of Orthodox Christian Nations 2005–present: member of the Council of Trustees and the Board of the Russian Olympians Foundation 2006–present: Deputy Chairman of the Board of Trustees of the Moscow State Institute of International Relations (MGIMO), member of the Board of Trustees of the Graduate School of Management of St Petersburg University) 2007–present: Deputy Chairman of the Board of Trustees of the MGIMO Endowment Fund 2008–present: member of the Board of Vladimir Potanin Charitable Foundation 2009–2016: Chairman of the Supervisory Board of the Russian International Olympic University 2009–present: Deputy Chairman of the Board of Trustees of the Russian International Olympic University 2010–present: member of the Board of Trustees of the Russian Geographical Society 2011–present: member of the Board of Trustees of the State Hermitage Museum Endowment Fund and

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

Average tenure and age of the Mining and Metallurgical Company Norilsk Nickel management team in years:

6.3
Average Tenure
54.5
Average Age
  • The average tenure for the Mining and Metallurgical Company Norilsk Nickel management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Vladimir Potanin

TITLE
President & Chairman of the Management Board
AGE
57

Andrey Bougrov

TITLE
Deputy Chairman
AGE
66
TENURE
6.3 yrs

Sergey Malyshev

TITLE
Senior VP
AGE
49
TENURE
6.3 yrs

Sergey Batekhin

TITLE
Senior VP of Sales
AGE
53
TENURE
6.3 yrs

Marianna Zakharova

TITLE
First VP
AGE
42
TENURE
3.3 yrs

Larisa Zelkova

TITLE
Senior VP
AGE
49
TENURE
6.3 yrs

Nina Plastinina

TITLE
VP, Head of Internal Control and Risk Management & Member of Management Board
AGE
57
TENURE
6.3 yrs

Sergey Dyachenko

TITLE
First VP
AGE
56
TENURE
5.8 yrs

Elena Kondratova

TITLE
VP, Chief of Staff & Member of Management Board
AGE
46
TENURE
4.8 yrs

Vladislav Gasumyanov

TITLE
Senior VP & Member of Management Board
AGE
59
TENURE
4.8 yrs
Board of Directors Tenure

Average tenure and age of the Mining and Metallurgical Company Norilsk Nickel board of directors in years:

6.1
Average Tenure
47.5
Average Age
  • The tenure for the Mining and Metallurgical Company Norilsk Nickel board of directors is about average.
Board of Directors

Gareth Herbert Penny

TITLE
Chairman of the Board
AGE
56
TENURE
6.1 yrs

Andrey Bougrov

TITLE
Deputy Chairman
AGE
66
TENURE
6.1 yrs

Marianna Zakharova

TITLE
First VP
AGE
42
TENURE
8.8 yrs

Sergey Barbashev

TITLE
Senior VP
AGE
56
TENURE
8.1 yrs

Juices Maxim Sokov

TITLE
Non-Executive Director
AGE
39
TENURE
10.3 yrs

Alexey Bashkirov

TITLE
Non-Executive Director
AGE
41
TENURE
6.1 yrs

Sergey Bratukhin

TITLE
Independent Director
AGE
47
TENURE
6.1 yrs

Roger Munnings

TITLE
Independent Director
AGE
68
TENURE
0.8 yrs

Vladislav Soloviev

TITLE
Non-Executive Director
AGE
45
TENURE
6.1 yrs

Stalbek Mishakov

TITLE
Non-Executive Director
AGE
48
TENURE
6.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (RUB) Value (RUB)
X
Management checks
We assess Mining and Metallurgical Company Norilsk Nickel'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. Mining and Metallurgical Company Norilsk Nickel 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.

News

Simply Wall St News

Company Info

Description

Public Joint Stock Company Mining and Metallurgical Company Norilsk Nickel, together with its subsidiaries, operates as a metals and mining company in Europe, Asia, North and South America, Russia, and the CIS countries. The company operates through GMK Group, KGMK Group, NN Harjavalta, GRK Bystrinskoye, Other Metallurgical, and Other Non-Metallurgical segments. It prospects, explores for, extracts, refines, and processes minerals; and produces, markets, and sells base and precious metals. The company’s products include nickel, palladium, copper, platinum, cobalt, rhodium, iridium, ruthenium, silver, gold, selenium, tellurium, sulfur, sodium sulfate, and sodium chloride. It is also involved in property and equipment rental, gas extraction and transportation, electricity production and distribution, construction, repairs, spare parts production, geological works, distribution, research, fuel supply, river shipping, and airport businesses, as well as acts as an air company. The company was formerly known as Open Joint Stock Company ‘Mining and Metallurgical Company Norilsk Nickel’ and changed its name to Public Joint Stock Company Mining and Metallurgical Company Norilsk Nickel in May 2015. Public Joint Stock Company Mining and Metallurgical Company Norilsk Nickel was incorporated in 1997 and is based in Moscow, Russia.

Details
Name: Public Joint Stock Company Mining and Metallurgical Company Norilsk Nickel
GMKN
Exchange: MISX
Founded: 1997
$2,283,037,181,725
1,582,454,760
Website: http://www.nornik.ru
Address: Public Joint Stock Company Mining and Metallurgical Company Norilsk Nickel
15, 1st Krasnogvardeysky Drive,
Moscow,
123100,
Russia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE MNOD ADR EACH REPR 1/10 SHARE (SPONS) London Stock Exchange GB USD 25. Jun 2001
OTCPK NILS.Y ADR EACH REPR 1/10 SHARE (SPONS) Pink Sheets LLC US USD 25. Jun 2001
DB NNIC ADR EACH REPR 1/10 SHARE (SPONS) Deutsche Boerse AG DE EUR 25. Jun 2001
WBAG MNOD ADR EACH REPR 1/10 SHARE (SPONS) Wiener Boerse AG AT EUR 25. Jun 2001
BATS-CHIXE MNODL ADR EACH REPR 1/10 SHARE (SPONS) BATS 'Chi-X Europe' GB USD 25. Jun 2001
MISX GMKN Ordinary Shares Micex - Rts RU RUB 01. Oct 2001
LSE MNOD ADR EACH REPR 1/10 SHARE (SPONS) London Stock Exchange GB USD 18. Apr 2019
LSE MNOD SPON ADR EACH REPR 1/10 ORD LVL I London Stock Exchange GB USD 18. Apr 2019
Number of employees
Current staff
Staff numbers
0
Mining and Metallurgical Company Norilsk Nickel employees.
Industry
Diversified Metals and Mining
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 21:33
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/02/26
Last earnings reported: 2018/12/31
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.