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MOEX

Moscow Exchange MICEX-RTSMISX:MOEX Stock Report

Market Cap

₽403.3b

7D

-1.8%

1Y

23.5%

Updated

23 Sep, 2021

Data

Company Financials +
MOEX fundamental analysis
Snowflake Score
Valuation0/6
Future Growth4/6
Past Performance3/6
Financial Health5/6
Dividends2/6

MOEX Overview

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

Moscow Exchange MICEX-RTS Competitors

Hong Kong Exchanges and Clearing

SEHK:388

HK$612.9b

Intercontinental Exchange

NYSE:ICE

US$67.0b

Cboe Global Markets

BATS:CBOE

US$13.2b

Euronext

ENXTPA:ENX

€10.8b

Price History & Performance

Summary of all time highs, changes and price drops for Moscow Exchange MICEX-RTS
Historical stock prices
Current Share Price₽179.40
52 Week High₽131.02
52 Week Low₽192.63
Beta0.66
1 Month Change-0.14%
3 Month Change4.24%
1 Year Change23.51%
3 Year Change84.57%
5 Year Change41.71%
Change since IPO226.18%

Recent News & Updates

Jun 27
Here's Why I Think Moscow Exchange MICEX-RTS (MCX:MOEX) Is An Interesting Stock

Here's Why I Think Moscow Exchange MICEX-RTS (MCX:MOEX) Is An Interesting Stock

Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of falling...

May 04
Public Joint-Stock Company Moscow Exchange MICEX-RTS (MCX:MOEX) First-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For This Year

Public Joint-Stock Company Moscow Exchange MICEX-RTS (MCX:MOEX) First-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For This Year

As you might know, Public Joint-Stock Company Moscow Exchange MICEX-RTS ( MCX:MOEX ) recently reported its...

Apr 06
Should You Buy Public Joint-Stock Company Moscow Exchange MICEX-RTS (MCX:MOEX) For Its Dividend?

Should You Buy Public Joint-Stock Company Moscow Exchange MICEX-RTS (MCX:MOEX) For Its Dividend?

Could Public Joint-Stock Company Moscow Exchange MICEX-RTS ( MCX:MOEX ) be an attractive dividend share to own for the...

Shareholder Returns

MOEXRU Capital MarketsRU Market
7D-1.8%-1.6%0.4%
1Y23.5%33.8%40.7%

Return vs Industry: MOEX underperformed the Russian Capital Markets industry which returned 30.9% over the past year.

Return vs Market: MOEX underperformed the Russian Market which returned 39.2% over the past year.

Price Volatility

Is MOEX's price volatile compared to industry and market?
MOEX volatility
MOEX Beta0.66
Industry Beta0.99
Market Beta1

Stable Share Price: MOEX is not significantly more volatile than the rest of Russian stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: MOEX's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19922,045Yury Denisovhttps://www.moex.com

Public Joint-Stock Company Moscow Exchange MICEX-RTS, an integrated exchange, provides competitive trading, clearing, settlement, depository, and information services to financial market participants. It offers trading services in foreign exchange, securities, derivatives and money markets, listing, and other trading services. The company also provides CCP clearing services and other clearing services; depository and settlement services provided to participants in the on-exchange and OTC markets; OTC transaction registration services; collateral management services; and information services.

Moscow Exchange MICEX-RTS Fundamentals Summary

How do Moscow Exchange MICEX-RTS's earnings and revenue compare to its market cap?
MOEX fundamental statistics
Market Cap₽403.30b
Earnings (TTM)₽26.26b
Revenue (TTM)₽52.25b

15.4x

P/E Ratio

7.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MOEX income statement (TTM)
Revenue₽52.25b
Cost of Revenue₽0
Gross Profit₽52.25b
Expenses₽26.00b
Earnings₽26.26b

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)11.63
Gross Margin100.00%
Net Profit Margin50.25%
Debt/Equity Ratio0%

How did MOEX perform over the long term?

See historical performance and comparison

Dividends

5.3%

Current Dividend Yield

81%

Payout Ratio

Valuation

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

15.42x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MOEX (RUB179.4) is trading above our estimate of fair value (RUB143.23)

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


Price To Earnings Ratio

PE vs Industry: MOEX is poor value based on its PE Ratio (15.4x) compared to the European Capital Markets industry average (15.2x).

PE vs Market: MOEX is poor value based on its PE Ratio (15.4x) compared to the Russian market (9.8x).


Price to Earnings Growth Ratio

PEG Ratio: MOEX is poor value based on its PEG Ratio (1.3x)


Price to Book Ratio

PB vs Industry: MOEX is overvalued based on its PB Ratio (3.2x) compared to the XE Capital Markets industry average (1.5x).


Future Growth

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

11.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MOEX's forecast earnings growth (11.7% per year) is above the savings rate (7.4%).

Earnings vs Market: MOEX's earnings (11.7% per year) are forecast to grow faster than the Russian market (2.3% per year).

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

Revenue vs Market: MOEX's revenue (10.9% per year) is forecast to grow faster than the Russian market (3.8% per year).

High Growth Revenue: MOEX's revenue (10.9% 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 high in 3 years time (21.7%)


Past Performance

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

-0.02%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MOEX has high quality earnings.

Growing Profit Margin: MOEX's current net profit margins (50.2%) are lower than last year (52.4%).


Past Earnings Growth Analysis

Earnings Trend: MOEX's earnings have declined by 0.02% per year over the past 5 years.

Accelerating Growth: MOEX's earnings growth over the past year (9.8%) exceeds its 5-year average (-0.02% per year).

Earnings vs Industry: MOEX earnings growth over the past year (9.8%) underperformed the Capital Markets industry 38.4%.


Return on Equity

High ROE: MOEX's Return on Equity (20.5%) is considered high.


Financial Health

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


Financial Position Analysis

Short Term Liabilities: MOEX's short term assets (RUB5,658.6B) do not cover its short term liabilities (RUB5,783.1B).

Long Term Liabilities: MOEX's short term assets (RUB5,658.6B) exceed its long term liabilities (RUB4.2B).


Debt to Equity History and Analysis

Debt Level: MOEX is debt free.

Reducing Debt: MOEX had no debt 5 years ago.

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


Dividend

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

5.27%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MOEX's dividend (5.27%) is higher than the bottom 25% of dividend payers in the Russian market (2.97%).

High Dividend: MOEX's dividend (5.27%) is low compared to the top 25% of dividend payers in the Russian market (7.97%).


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: At its current payout ratio (81.2%), MOEX's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MOEX's dividends in 3 years are not forecast to be well covered by earnings (101.2% payout ratio).


Next Steps

Management

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

4.1yrs

Average management tenure


CEO

Yury Denisov (51 yo)

2.33yrs

Tenure

₽116,140

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

Experienced Management: MOEX's management team is considered experienced (4.1 years average tenure).


Board Members

Experienced Board: MOEX's board of directors are not considered experienced ( 2.4 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 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: ₽403.303b
  • Shares outstanding: 2.26b
  • 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


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/23 21:39
End of Day Share Price2021/09/23 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.