In some cases, direct data is not provided, but we want to get some estimate.

In this case, we can use indirect data to solve this problem.

For example, in the case of Rosneft.

Only two values in the report will help us get good estimates: cash flow before changes in working capital or EBITDA and balance sheet data.

They'll do all the work.

The evaluation formula is quite simple.

Free Cash Flow = EBITDA^2 / Balance Sheet

Put this on the chart along with the paid dividends.

Figure 1.

The same data is provided for Magnitogorsk Iron and Steel Works.

Figure 2.