Seligdar has released a report for 9 months of 2025. The half-year report was terrible, but we did a better job in the 3rd quarter, but we still have no desire to get into this!
What's in the report
— Revenue and operating profit. Gold on the hay (29% in terms of prices) sales growth (14%), so revenue increased from 42.9 to 61.8 billion rubles (44%), wow, it seems like we should be happy, but no
Of the almost 20 billion rubles of revenue growth, operating profit grew by only 3 billion rubles from 6.9 to 10.1 billion rubles (all operating profit was generated in the 3rd quarter)!
There are 4.4 billion rubles in other expenses for remuneration to the broker, although a year ago there were 2.2 billion rubles, an increase of 2 times!
— FCF. It amounted to minus 26 billion rubles (Zh . with a capital letter) versus 2 billion a year ago: 18 billion rubles of operating flow - 21 billion rubles due to terrible work with working capital - 9 billion rubles of Capex - 11 billion rubles of interest paid - 4 billion rubles of income tax
If we imagine that working capital will improve in Q4, then FCF will be zero at best! And this is with favorable conditions in the gold market!
— Debt and dividends. NET DEBT/EBITDA is 3.3 with a negative FCF for the company, so we raised 37 billion rubles of debt in 9 months! The pleasure is expensive, which led to an increase in interest on loans and borrowings from 5.4 to 11.2 billion rubles (X2). It is important to note that in addition to gold loans, the company has recently been actively attracting expensive ruble loans (with a rate of about 20%)!
It is clear that there will be no dividends with such debt and negative FCF!
Opinion about the company
The situation seems to be fine, but the company is drawing a loss by the end of 2025, while I have too many questions about the company's reporting and management (working with working capital and debt, you just can't work that way). With a debt of 128 billion rubles, it is uncomfortable to live (24 billion per quarter), they have accumulated ruble debts at high rates!
Do not forget about the court proceedings against the majority shareholders, which have been dragging on for months! You can't wait for the extraction of X-rays from Coniferous and Kuchus
Conclusion: it seems like a normal 3rd quarter, but we didn't earn anything for shareholders due to the negative revaluation of gold bonds and huge debt! Too flimsy a construction for investment smells of unscrupulous practices!
