PhosAgro

PhosAgro

MMOEX:PHOR
5,662.00
RUB
+42.00
(+0.75%)
11.57P/E
Nov 12Next Earn
PhosAgro
MOEX:PHOR
(Russian Exchange)

Recent

price

5,662.00

P/E

ratio

11.57

div

yld

- -

ROIC.AI

2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
TTM
RUB
781.18
515.06
652.05
810.42
846.34
819.05
947.73
1,463
1,448.41
1,400.39
1,797.23
1,915.65
1,964.22
3,248.56
4,397.89
3,389.88
Revenue per Share
233.67
54.07
89.63
160.72
166
60
-105
281
462
195.62
170
381
131
1,002
1,425.96
586.28
Basic EPS, GAAP
211.31
-30.85
16.12
156.05
96.31
-0.53
52.34
157.88
78.04
-45.74
163.79
223.12
331.6
604.72
1,076.53
797.92
Free Cash Flow per Basic Share
7.99
8.03
20.92
260.04
95.56
58.83
44.16
139.8
215.82
114
104.75
248.94
300.59
558.26
1,097.38
264
Dividend per Share
407.66
440.06
493.6
317.37
397.55
434.8
276.69
463.2
681.73
757.63
846.53
968.86
830.02
1,270.56
1,525.58
1,234.86
Book Value per Share
402.77
434.04
487.02
312.73
392.02
429.98
272.28
458.83
672.73
743.94
832.74
956.76
817.5
1,257
1,509.37
1,217.1
Tangible Book Value per Share
118
118
118
124
124
128
130
130
130
130
130
130
129
129
130
130
Basic Weighted Avg Shares
92,191
60,785
76,951
100,518
105,303
104,566
123,124
189,732
187,742
181,351
233,312
248,125
253,879
420,488
569,527
438,989
Sales/Revenue/Turnover
45.59
14.46
19.17
29
27.15
15.52
23.11
39.13
33.14
18.95
23.15
21.04
22.62
39.04
41.71
32.99
Operating Margin (%)
3,231
4,100
5,777
6,051
6,521
7,792
8,013
9,133
10,767
14,807
20,911
23,931
26,626
27,676
29,539
30,970
Depreciation Expense
27,576
6,381
10,578
19,935
20,654
7,660
-13,641
36,442
59,884
25,333
22,069
49,349
16,932
129,697
184,662
75,923
Net Income, GAAP
24.97
27.25
23.35
20.57
21.48
17.33
- -
21.17
20.07
25.59
21.26
19.25
36.55
18.98
20.48
25.19
Effective Tax Rate (%)
29.91
10.5
13.75
19.83
19.61
7.33
-11.08
19.21
31.9
13.97
9.46
19.89
6.67
30.84
32.42
17.29
Profit Margin (%)
23,975
17,959
16,615
11,850
785
11,926
18,737
31,389
23,313
-4,775
34,033
4,541
-24,157
60,807
13,735
11,653
Working Capital
2,086
2,020
3,423
16,592
14,452
39,550
93,002
105,565
98,239
77,519
123,253
101,437
108,092
160,540
111,444
184,738
LT Debt
62,862
66,996
73,329
60,708
61,875
59,326
35,981
60,198
88,421
98,242
109,821
125,637
107,616
164,643
197,720
159,960
Total Equity
- -
9.11
14.65
26.09
23.04
12.52
- -
32.46
24.79
11.99
17.72
16.06
13.35
42.4
50.57
27.07
Return on Invested Capital (%)
- -
6.71
12.4
20.67
18.55
8
- -
22.87
32.05
13.55
10.8
20.03
7.28
43.47
51.46
20.61
Return on Capital (%)
- -
12.76
19.2
39.07
44.29
14.48
-29.61
76.07
80.78
27.18
21.25
41.98
14.54
95.36
102
39.98
Return on Common Equity (%)

Capital Structure

RUB

•

in mil. unless spec.
Mar'23
Jun'23
Sep'23
ST Debt
91,404
50,271
79,539
LT Borrowings
121,694
179,205
181,870
LT Finance Leases
1,695
2,376
2,868
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
130
130
130
Market Capitalization
971,768
946,645
878,399

Working Capital

RUB

•

in mil. unless spec.
Mar'23
Jun'23
Sep'23
Total Current Assets
186,300
142,323
149,830
Cash, Cash Equivalents & STI
72,358
31,673
36,424
Accounts Receivable, Net
56,991
53,494
57,440
Inventories
38,053
41,584
44,084
Total Current Liabilities
202,425
136,570
138,177
Payables & Accruals
- -
- -
- -
ST Debt
91,404
50,271
79,539
Deferred Revenue
- -
- -
- -

Growth Rates

RUB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
16.68%
16.99%
20.09%
Free Cash Flow
-1,042.27%
-42.81%
78.11%
Net Income, GAAP
5.19%
150.68%
42.38%
Sales/Revenue/Turnover
20.51%
27.68%
35.44%
Total Cash Common Dividend
49.5%
66.48%
96.67%

Quarterly Revenue

RUB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2021
87,579
88,682
116,303
127,924
420,488
2022
180,678
155,831
122,914
110,104
569,527
2023
116,178
96,574
116,133
- -
- -

Quarterly Earnings Per Share

RUB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2021
142
234
302.63
- -
1,002
2022
335.64
660.83
281.47
- -
1,425.96
2023
216.64
103.78
117.85
- -
- -

Quarterly Dividends Per Share

RUB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2021
- -
- -
128.25
- -
558.26
2022
- -
- -
- -
- -
1,097.38
2023
- -
- -
264
- -
- -
Business
Public Joint-Stock Company PhosAgro is a Russian vertically integrated company primarily engaged in the production and sale of phosphate-based fertilizers and agrochemical products. The company's core product portfolio includes phosphate fertilizers such as monoammonium phosphate (MAP), diammonium phosphate (DAP), complex fertilizers including NPS (nitrogen, phosphorus, sulfur), NPK (nitrogen, phosphorus, potassium) blends, sulphuric acid, phosphoric acid, feed phosphates, nitrogen fertilizers, ammonia, and a wide array of over 50 fertilizer brands including products with micronutrients. PhosAgro also provides crop protection products and seeds of Russian breeders, enhancing its service offering in the agricultural sector. The company operates production facilities in Russia, including significant assets in the Vologda region, St. Petersburg, and Volkhov, and it markets its products globally, with strong sales in Russia, Turkey, India, the CIS countries, Argentina, Brazil, and expanding presence in Africa. Founded in 2001 and headquartered in Moscow, PhosAgro is one of the world's leading producers of phosphate-based fertilizers and phosphate rock. It has implemented a long-term development program targeting capacity expansion, production efficiency, and premium product mix growth through 2025. Recent major company developments include record-setting production and logistics performances in 2024 and early 2025, with agrochemical production reaching unprecedented volume levels (over 6 million tonnes by mid-2025). The company increased shipments to the African continent by one-third in 2024, while also expanding its portfolio and presence in key emerging markets. Strategic initiatives also encompass the launch of crop protection and seed business lines, providing integrated agricultural solutions including soil analysis and plant nutrition systems. PhosAgro's recent operational expansions include the development of a new phosphate fertilizer production facility and power plant at its Volkhov branch, increasing apatite processing and fertilizer output capacity. The company has been actively investing in upgrading production lines, including ammonia and granulated urea capacities, enhancing feedstock self-sufficiency and introducing high-tech fertilizer products. One of its strategic alliances is with the Russian Direct Investment Fund and India Potash Limited aiming to supply up to 2 million tonnes of fertilizers to the Indian market. Its business strategy also highlights improving logistics, expanding premium fertilizer brands, expanding port infrastructure, and strengthening operational efficiency. PhosAgro operates through subsidiaries and integrates management across its assets to optimize production and procurement. In terms of its market reach, PhosAgro distributes fertilizers in over 100 countries, leveraging its strong sales network and product range customization to meet regional agricultural needs. The company focuses on high-grade phosphate rock production, premium fertilizer brand share growth, and innovative product development as part of its vision through 2025. The company continues to advance its technological capabilities in fertilizer manufacturing and agronomic services, aiming to support global food security and sustainable agricultural practices. PhosAgro remains publicly listed and operates multiple production complexes with a strong emphasis on vertical integration, encompassing raw material extraction, processing, fertilizer manufacturing, and comprehensive agricultural solutions. The company is recognized as the leading phosphate-based fertilizer manufacturer in Europe and a key global player in the agricultural chemicals industry.