"Russian aquaculture" (MOEX: AQUA) is the largest Russian company in the commercial fish farming sector, whose main assets are located in the North-West of Russia.
In mid-January, Russian Aquaculture was the first Russian company to present operating results for 2021, which showed almost three-digit growth.
Basic moments:
- revenue increased by 91%: from 8.336 to 15.910 billion rubles. Main causes: growth in sales and production;
- the volume of commercial fish catch in 2021 amounted to 27.8 thousand tons, What's on 79% exceeds the figure for 2020;
- overall sales increased by 80% compared to 2020 and amounted to 27.9 thousand tons of finished products, including fish and caviar;
- the average selling price in the current year increased to 571 R per kilogram without VAT, What's on 6% more, than in 2020.
Sales structure of the company
The main activity of Russian Aquaculture is the cultivation of Atlantic salmon and sea trout, which takes place on the northern borders of Russia in two business divisions of the company: Murmansk and Karelia.
"Murmansk" - the main segment, which brings "Russian aquaculture" order 95% income. The company's key assets are located in the Barents Sea in the Murmansk region, it is the natural habitat of the Atlantic salmon. The main sales markets in Russia are located in Moscow, St. Petersburg and Nizhny Novgorod.
"Karelia" - a small direction, whose main activity is trout farming in the lakes of the Republic of Karelia. The main advantage of this division is the relatively short distance to the end customer, which allows Russian Aquaculture to deliver a significant amount of fresh chilled fish.
In 2021, the company showed strong growth in its performance due to the recovery of the fishing industry after a difficult 2020 and increased demand from retailers. Total revenue almost doubled this year, up to 15.91 billion rubles, the volume of fish catch was at a record level for the company - 27.8 thousand tons.
Main indicators of "Russian Aquaculture"
| Revenue, billion rubles | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Murmansk division | 4,352 | 2,721 | 8,270 | 7,771 | 15,154 |
| Karelian division | 0,670 | 0,491 | 0,528 | 0,565 | 0,756 |
| General | 5,022 | 3,212 | 8,798 | 8,336 | 15,910 |
| Catch, thousand tons | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Murmansk division | 8,7 | 5,5 | 15,4 | 14,2 | 26,5 |
| Karelian division | 1,4 | 1 | 1,5 | 1,2 | 1,3 |
| General | 10,1 | 6,5 | 16,9 | 15,4 | 27,8 |
| Sales, thousand tons | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|
| Murmansk division | 8,6 | 5,4 | 16,4 | 14,2 | 26,5 |
| Karelian division | 1,6 | 1,4 | 1,7 | 1,3 | 1,3 |
| General | 10,2 | 6,8 | 18,1 | 15,5 | 27,8 |
Dividends
In 2021, Russian Aquaculture switched from a semi-annual distribution to a quarterly dividend payment against the backdrop of a change in the principle of disclosing its own information: previously, the company published its financial statements on a semi-annual basis, and now it does on a quarterly.
Over the past, 2021 year the company has to make one more payment - for 4 neighborhood. If the board of directors continues to adhere to its principle of profit sharing, then the shareholders will receive the last dividend for 2021 in the amount of 4 R. Current Quarterly Dividend Yield — 0,66%, annual dividend yield — 2,6%.
Dynamics of dividend payments
| 2013—2019 | 0 R |
| 1п2020 | 5 R |
| 2п2020 | 5 R |
| 1к2021 | 4 R |
| 2к2021 | 4 R |
| 3к2021 | 4 R |
0
Comparison with competitors
Russian Aquaculture has no traded competitors on the Russian stock market, Rusagro and Cherkizovo can be considered the closest to this sector, who are engaged in animal husbandry in the Russian Federation. As foreign analogues, it is worth highlighting the Scandinavian fish enterprises: Norwegian Mowi and SalMar and Faroese Bakkafrost.
Company multipliers
| EV / EBITDA | P / E | net debt / EBITDA | |
|---|---|---|---|
| "Russian aquaculture" | 13,10 | 9,37 | 1,62 |
| Rusagro | 5,35 | 3,84 | 1,63 |
| "Cherkizovo" | 8,17 | 7,29 | 2,90 |
| SalMar | 23,38 | 30,82 | 1,52 |
| Bakkafrost | 21,03 | 27,65 | 1,60 |
| Says | 20,13 | 25,12 | 1,93 |
What's the bottom line?
Russian Aquaculture reports record operating results for 2021: total revenue increased by 91%, catch increased by 79%, and the average price is 6%. Investors reacted extremely positively to these data.: The company's quotes immediately rose by 5%.
And what will happen next? In the near future, the company may declare dividends for 4 Quarter 2021, which the board of directors usually announces before the publication of its financial results, and shareholders should expect the report for the last quarter no earlier than the first half of April 2022.
