We publish what we calculate ourselves. Every figure carries a source; where official data is absent, we say so plainly.
Russia's first generation of entrepreneurs has reached the age of exit, and passing a business to heirs remains a rare scenario. What is known reliably, what sits beyond the reach of statistics and why «another couple of years» is the most expensive strategy of all.
The bridge from enterprise value to cash in hand: normalised EBITDA, net debt, working capital, multiples and discounts. Where the two figures diverge and what can be done about it before going to market.
Taxation of share disposals in Russia in 2026 with references to the Tax Code: the five-year exemption and its new cap, rates above the cap, disposal by a corporate seller and the consequences of losing tax residency.
Publisher, document and year are stated at the end of each paper. A figure enters the text once a verifiable source stands behind it.
On some questions official statistics in Russia are absent. We say so plainly: filling a gap with an elegant estimate leads to error.
We publish calculations, method and sources. Target prices and investment recommendations stay outside our scope: the decision belongs to the owner.