MISX:MOEX

Stock Analysis Report

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Executive Summary

Public Joint-Stock Company Moscow Exchange MICEX-RTS, an integrated exchange, provides competitive trading, clearing, settlement, depository, and information services to market participants. More Details


Snowflake Analysis

Flawless balance sheet with proven track record.


Similar Companies

Share Price & News

How has Moscow Exchange MICEX-RTS's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: MOEX has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-2.4%

MOEX

-3.2%

RU Capital Markets

0.9%

RU Market


1 Year Return

50.8%

MOEX

36.1%

RU Capital Markets

-11.6%

RU Market

Return vs Industry: MOEX exceeded the Russian Capital Markets industry which returned 36.1% over the past year.

Return vs Market: MOEX exceeded the Russian Market which returned -11.6% over the past year.


Shareholder returns

MOEXIndustryMarket
7 Day-2.4%-3.2%0.9%
30 Day-2.8%-2.4%-3.0%
90 Day7.2%6.4%-5.5%
1 Year60.9%50.8%43.5%36.1%-5.5%-11.6%
3 Year45.9%19.8%-2.6%-12.4%41.6%17.8%
5 Year119.3%53.5%2.4%-15.7%100.1%53.0%

Price Volatility Vs. Market

How volatile is Moscow Exchange MICEX-RTS's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Moscow Exchange MICEX-RTS undervalued compared to its fair value and its price relative to the market?

13.31x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MOEX (RUB141.29) is trading above our estimate of fair value (RUB66.69)

Significantly Below Fair Value: MOEX is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: MOEX is good value based on its PE Ratio (13.3x) compared to the XE Capital Markets industry average (16.2x).

PE vs Market: MOEX is poor value based on its PE Ratio (13.3x) compared to the Russian market (10.2x).


Price to Earnings Growth Ratio

PEG Ratio: MOEX is poor value based on its PEG Ratio (3.7x)


Price to Book Ratio

PB vs Industry: MOEX is overvalued based on its PB Ratio (2.5x) compared to the RU Capital Markets industry average (2.2x).


Next Steps

Future Growth

How is Moscow Exchange MICEX-RTS forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

3.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MOEX's forecast earnings growth (3.6% per year) is below the savings rate (8.3%).

Earnings vs Market: MOEX's earnings (3.6% per year) are forecast to grow slower than the Russian market (26.1% per year).

High Growth Earnings: MOEX's earnings are forecast to grow, but not significantly.

Revenue vs Market: MOEX's revenue (3.2% per year) is forecast to grow slower than the Russian market (8.1% per year).

High Growth Revenue: MOEX's revenue (3.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MOEX's Return on Equity is forecast to be low in 3 years time (17.5%).


Next Steps

Past Performance

How has Moscow Exchange MICEX-RTS performed over the past 5 years?

-6.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MOEX has high quality earnings.

Growing Profit Margin: MOEX's current net profit margins (52.3%) are higher than last year (47.3%).


Past Earnings Growth Analysis

Earnings Trend: MOEX's earnings have declined by 6% per year over the past 5 years.

Accelerating Growth: MOEX's earnings growth over the past year (22.3%) exceeds its 5-year average (-6% per year).

Earnings vs Industry: MOEX earnings growth over the past year (22.3%) exceeded the Capital Markets industry 13.1%.


Return on Equity

High ROE: MOEX's Return on Equity (18.8%) is considered low.


Next Steps

Financial Health

How is Moscow Exchange MICEX-RTS's financial position?


Financial Position Analysis

Short Term Liabilities: MOEX's short term assets (RUB4,504.9B) exceed its short term liabilities (RUB4,415.7B).

Long Term Liabilities: MOEX's short term assets (RUB4,504.9B) exceed its long term liabilities (RUB4.6B).


Debt to Equity History and Analysis

Debt Level: MOEX is debt free.

Reducing Debt: MOEX has no debt compared to 5 years ago when its debt to equity ratio was 1.3%.

Debt Coverage: MOEX has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: MOEX has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

What is Moscow Exchange MICEX-RTS current dividend yield, its reliability and sustainability?

5.62%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MOEX's dividend (5.62%) is higher than the bottom 25% of dividend payers in the Russian market (3.97%).

High Dividend: MOEX's dividend (5.62%) is low compared to the top 25% of dividend payers in the Russian market (8.69%).


Stability and Growth of Payments

Stable Dividend: MOEX has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: MOEX's dividend payments have increased, but the company has only paid a dividend for 8 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (74.8%), MOEX's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MOEX's dividends in 3 years are forecast to be covered by earnings (87.7% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.2yrs

Average management tenure


CEO

Yury Denisov (50 yo)

1.42yrs

Tenure

₽16,712,000

Compensation

Mr. Yury Olegovich Denisov serves as Senior Vice President and Treasurer at VTB Bank. Mr. Denisov is the Chairman of the Executive Board and CEO at PJSC "Moscow Exchange MICEX-RTS" from May 2019. He served ...


Leadership Team

NamePositionTenureCompensationOwnership
Yury Denisov
Chairman of the Executive Board1.42yrs₽16.71mno data
Maxim Lapin
CFO & Member of the Executive Board3.08yrsno data0.00044%
RUB 1.4m
Igor Marich
MD for Sales & Business Development and Member of Executive Board4.25yrsno datano data
Dmitry Shcheglov
COO & Member of the Executive Board7.58yrsno data0.00077%
RUB 2.5m
Andrey Burilov
Chief Information Officer & Member of Executive Board0.33yrno datano data
Olga Gordienko
Chief Accountantno datano datano data
Anton Terentiev
Director of Investor Relations3.25yrsno datano data
Alexander Smirnov
Director of Law Departmentno datano datano data
Alexandre Shlyappo
Managing Director for Technological Developmentno datano datano data
Luis Vicente
Managing Director of National Crearing Centreno datano datano data
Anton Savushkin
Head of Internal Control Serviceno datano data0.0022%
RUB 6.9m
Victor Lovchikov
Managing Director of Product Marketing and Developmentno datano datano data

3.2yrs

Average Tenure

46yo

Average Age

Experienced Management: MOEX's management team is considered experienced (3.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Bella Zlatkis
Member of the Supervisory Board9.42yrs₽8.75mno data
Andrey Golikov
Deputy Chairman of the Supervisory Boardno data₽20.03mno data
Maria Gordon
Independent Member of the Supervisory Board4.5yrs₽8.33mno data
Oleg Vyugin
Independent Chairman of the Supervisory Board2.5yrs₽17.80mno data
Maxim Krasnykh
Independent Supervisory Board Member0.50yrno datano data
Vadim Kulik
Non Independent Supervisory Board Member0.50yrno datano data
Valery Goreglyad
Member of the Supervisory Board6.33yrsno datano data
Alexander Izosimov
Independent Member of the Supervisory Boardno data₽9.32mno data
Paul Bodart
Independent Member of Supervisory Board1.75yrsno datano data
Dmitry Eremeev
Independent Member of Supervisory Board1.75yrsno datano data
Oskar Hartmann
Independent Supervisory Board Member0.50yrno datano data
Ramon Adarraga
Independent Supervisory Board Member0.50yrno datano data

1.8yrs

Average Tenure

56yo

Average Age

Experienced Board: MOEX's board of directors are not considered experienced ( 1.8 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Public Joint-Stock Company Moscow Exchange MICEX-RTS's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Public Joint-Stock Company Moscow Exchange MICEX-RTS
  • Ticker: MOEX
  • Exchange: MISX
  • Founded: 1992
  • Industry: Financial Exchanges and Data
  • Sector: Diversified Financials
  • Market Cap: ₽318.308b
  • Shares outstanding: 2.25b
  • Website: https://www.moex.com

Number of Employees


Location

  • Public Joint-Stock Company Moscow Exchange MICEX-RTS
  • 13 Bolshoy Kislovsky per.
  • Moscow
  • 125009
  • Russia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MOEXMISX (Micex - Rts)YesOrdinary SharesRURUBSep 2012

Biography

Public Joint-Stock Company Moscow Exchange MICEX-RTS, an integrated exchange, provides competitive trading, clearing, settlement, depository, and information services to market participants. The company is ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/26 22:43
End of Day Share Price2020/10/26 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.