The Discounted Cash Flow (DCF) valuation of Ob''yedinennye Kreditnye Sistemy PAO (UCSS.ME) is 174.00 RUB. With the latest stock price at 805.00 RUB, the upside of Ob''yedinennye Kreditnye Sistemy PAO based on DCF is -78.4%.

Is UCSS.ME a buy or a sell?

Based on the latest price of 805.00 RUB and our DCF valuation, Ob''yedinennye Kreditnye Sistemy PAO (UCSS.ME) is a sell. Selling UCSS.ME stocks now will result in a potential gain of 78.4%.

	Range	Selected
WACC / Discount Rate	12.5% - 13.9%	13.2%
Long-term Growth Rate	3.0% - 5.0%	4.0%
Fair Price	159.89 - 194.32	174.00
Upside	-80.1% - -75.9%	-78.4%

805.00 RUB

Stock Price

174.00 RUB

Fair Price

REVENUE & EXPENSES

CAPEX

D&A

WORKING CAPITAL

TERMINAL VALUE

UCSS.ME DCF Valuation: Revenue & Expenses Forecast

(RUB in millions)		Projections

	12-2020	12-2021	12-2022	12-2023	12-2024	12-2025

Revenue	527	553	584	613	625	649
% Growth	205%	5%	6%	5%	2%	4%

Cost of goods sold	(1)	(1)	(1)	(1)	(1)	(1)
% of Revenue	0%	0%	0%	0%	0%	0%

Selling, G&A expenses	(76)	(80)	(84)	(88)	(90)	(94)
% of Revenue	14%	14%	14%	14%	14%	14%

Research & Development	0	0	0	0	0	0
% of Revenue	0%	0%	0%	0%	0%	0%

Net interest & other expenses	283	297	314	329	336	348
% of Revenue	54%	54%	54%	54%	54%	54%

Tax expense	(88)	(92)	(98)	(102)	(104)	(108)
Tax rate	12%	12%	12%	12%	12%	12%

Net profit	645	677	715	750	765	794
% Margin	122%	122%	122%	122%	122%	122%