MISX:PHOR

Stock Analysis Report

Executive Summary

PJSC PhosAgro, together with its subsidiaries, engages in the production and distribution of apatite concentrate and mineral fertilizers in Russia and internationally.


Snowflake Analysis

Solid track record with adequate balance sheet.


Similar Companies

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

4.2%

PHOR

1.6%

RU Chemicals

1.4%

RU Market


1 Year Return

0.6%

PHOR

7.8%

RU Chemicals

-6.0%

RU Market

Return vs Industry: PHOR underperformed the Russian Chemicals industry which returned 7.8% over the past year.

Return vs Market: PHOR exceeded the Russian Market which returned -6% over the past year.


Shareholder returns

PHORIndustryMarket
7 Day4.2%1.6%1.4%
30 Day3.9%1.4%-15.2%
90 Day0%-0.4%-22.5%
1 Year10.3%0.6%18.3%7.8%0.5%-6.0%
3 Year23.8%1.8%40.3%19.7%32.0%11.4%
5 Year69.2%20.3%94.2%54.2%86.4%45.5%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

10.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: PHOR (RUB2408) is trading below our estimate of fair value (RUB2681.97)

Significantly Below Fair Value: PHOR is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: PHOR is good value based on its PE Ratio (6.3x) compared to the Chemicals industry average (6.6x).

PE vs Market: PHOR is good value based on its PE Ratio (6.3x) compared to the Russian market (7.2x).


Price to Earnings Growth Ratio

PEG Ratio: PHOR's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: PHOR is overvalued based on its PB Ratio (2.5x) compared to the RU Chemicals industry average (1.4x).


Next Steps

Future Growth

How is PJSC PhosAgro forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

-9.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PHOR's earnings are forecast to decline over the next 3 years (-9.1% per year).

Earnings vs Market: PHOR's earnings are forecast to decline over the next 3 years (-9.1% per year).

High Growth Earnings: PHOR's earnings are forecast to decline over the next 3 years.

Revenue vs Market: PHOR's revenue (3.4% per year) is forecast to grow slower than the Russian market (5% per year).

High Growth Revenue: PHOR's revenue (3.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PHOR's Return on Equity is forecast to be low in 3 years time (15.7%).


Next Steps

Past Performance

How has PJSC PhosAgro performed over the past 5 years?

17.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PHOR has high quality earnings.

Growing Profit Margin: PHOR's current net profit margins (19.9%) are higher than last year (9.5%).


Past Earnings Growth Analysis

Earnings Trend: PHOR has become profitable over the past 5 years, growing earnings by 17.1% per year.

Accelerating Growth: PHOR's earnings growth over the past year (123.6%) exceeds its 5-year average (17.1% per year).

Earnings vs Industry: PHOR earnings growth over the past year (123.6%) exceeded the Chemicals industry 52.1%.


Return on Equity

High ROE: Whilst PHOR's Return on Equity (39.33%) is high, this metric is skewed due to their high level of debt.


Next Steps

Financial Health

How is PJSC PhosAgro's financial position?


Financial Position Analysis

Short Term Liabilities: PHOR's short term assets (RUB69.0B) exceed its short term liabilities (RUB64.4B).

Long Term Liabilities: PHOR's short term assets (RUB69.0B) do not cover its long term liabilities (RUB112.6B).


Debt to Equity History and Analysis

Debt Level: PHOR's debt to equity ratio (106.3%) is considered high.

Reducing Debt: PHOR's debt to equity ratio has reduced from 328.2% to 106.3% over the past 5 years.

Debt Coverage: PHOR's debt is well covered by operating cash flow (53.6%).

Interest Coverage: PHOR's interest payments on its debt are well covered by EBIT (17.6x coverage).


Balance Sheet

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

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


Next Steps

Dividend

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

7.97%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: PHOR's dividend (7.97%) is higher than the bottom 25% of dividend payers in the Russian market (4.31%).

High Dividend: PHOR's dividend (7.97%) is low compared to the top 25% of dividend payers in the Russian market (10.26%).


Stability and Growth of Payments

Stable Dividend: PHOR has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: PHOR's dividend payments have increased, but the company has only paid a dividend for 8 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (50.4%), PHOR's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: PHOR's dividends in 3 years are forecast to be well covered by earnings (43.1% payout ratio).


Next Steps

Management

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

2.1yrs

Average management tenure


CEO

Andrey Guryev (37yo)

6.58s

Tenure

Mr. Andrey Andreevich Guryev is a Co-Founder of Carranita Holdings Limited. Mr. Guryev serves as the Chairman of Management Board at OJSC PhosAgro and has been its Chief Executive Officer since August 1, 2 ...


Leadership Team

NamePositionTenureCompensationOwnership
Andrey Guryev
Chairman of the Management Board6.58yrsno data0.048% RUB149.7m
Alexander Sharabaika
Deputy CEO of Finance & International Projects & Member of Management Board8.17yrsno datano data
Alexei Sirotenko
Deputy CEO of Corporate & Legal Affairs and Member of Management Boardno datano datano data
Mikhail Rybnikov
Member of Management Board & Director3.75yrsno data0.026% RUB81.1m
Siroj Loikov
Deputy CEO & Member of Management Board2yrsno datano data
Alexander Seleznev
Chief of Staff & Member of the Management Board1.17yrsno datano data
Alexander Gilgenberg
General Director of Apatit2.17yrsno datano data
E. Valenkova
Chief Accountantno datano datano data
Timur Belov
Head of Information Policy Division & Press Officerno datano datano data
Andrey Serov
Head of Investor Relations0.67yrno datano data

2.1yrs

Average Tenure

43yo

Average Age

Experienced Management: PHOR's management team is considered experienced (2.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Andrey Guryev
Chairman of the Management Board6.58yrsno data0.048% RUB149.7m
Mikhail Rybnikov
Member of Management Board & Director3.75yrsno data0.026% RUB81.1m
James Rogers
Independent Director5.5yrsno data0.0064% RUB20.0m
Sven Ombudstvedt
Independent Director14.17yrsno data0.0010% RUB3.2m
Xavier Rolet
Independent Chairman0.83yrno datano data
Marcus Rhodes
Independent Director8.83yrsno data0.00064% RUB2.0m
Andrey Guryev
Deputy Chairman of the Board6.75yrsno datano data
Irina Bokova
Independent Director2yrsno datano data
Natalia Pashkevich
Independent Director2.42yrsno datano data
Andrey Sharonov
Independent Director2.42yrsno datano data

4.6yrs

Average Tenure

58.5yo

Average Age

Experienced Board: PHOR's board of directors are considered experienced (4.6 years average tenure).


Ownership

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


Insider Trading Volume

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


Ownership Breakdown

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


Top Shareholders

Company Information

PJSC PhosAgro's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: PJSC PhosAgro
  • Ticker: PHOR
  • Exchange: MISX
  • Founded:
  • Industry: Fertilizers and Agricultural Chemicals
  • Sector: Materials
  • Market Cap: ₽311.785b
  • Shares outstanding: 129.48m
  • Website: https://www.phosagro.com

Location

  • PJSC PhosAgro
  • Building 1
  • 55/1, Leninsky prospekt
  • Moscow
  • 119333
  • Russia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PHORMISX (Micex - Rts)YesOrdinary SharesRURUBJul 2011
PHORLSE (London Stock Exchange)GDR EACH REPR 1/3 ORD REG'S SPONGBUSDJul 2011
PHOJ.YOTCPK (Pink Sheets LLC)GDR EACH REPR 1/3 ORD REG'S SPONUSUSDJul 2011
P6SGDB (Deutsche Boerse AG)GDR EACH REPR 1/3 ORD REG'S SPONDEEURJul 2011
PHORLBATS-CHIXE (BATS 'Chi-X Europe')GDR EACH REPR 1/3 ORD REG'S SPONGBUSDJul 2011
PHORWBAG (Wiener Boerse AG)GDR EACH REPR 1/3 ORD REG'S SPONATEURJul 2011

Biography

PJSC PhosAgro, together with its subsidiaries, engages in the production and distribution of apatite concentrate and mineral fertilizers in Russia and internationally. It operates through two segments, Phosphate-Based Products and Nitrogen-Based Products. The Phosphate-Based Products segment produces and distributes ammophos, diammoniumphosphate, sodium tripolyphosphate, and other phosphate based and complex fertilizers; and apatite concentrate extracted from the apatite-nepheline ore. The Nitrogen-Based Products segment is involved in the production and distribution of ammonia, ammonium nitrate, and urea. It also offers feed phosphates; phosphate rock, nepheline concentrate, titanomagnetite concentrate, syenite alkali aluminium concentrate, aegirine concentrate, and titanite concentrate; and by-products, such as ammonia solution, nitric acid, aluminium fluoride, sodiumsilicofluoride, sulphuric acid, and oleum. PJSC PhosAgro is based in Moscow, Russia. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/29 22:35
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.