MISX:MOEX

Stock Analysis Report

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.

Snowflake

Fundamentals

Excellent balance sheet with limited growth.


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


Market Performance


7 Day Return

-3.5%

MISX:MOEX

-0.2%

RU Capital Markets

-0.8%

RU Market


1 Year Return

-8.5%

MISX:MOEX

-15.7%

RU Capital Markets

15.0%

RU Market

MOEX outperformed the Capital Markets industry which returned -15.1% over the past year.

MOEX underperformed the Market in Russian Federation which returned 15% over the past year.


Share holder returns

MOEXIndustryMarket
7 Day-3.5%-0.2%-0.8%
30 Day-1.7%-5.3%-0.4%
90 Day8.2%-5.0%1.9%
1 Year-0.1%-8.5%-12.0%-15.7%23.0%15.0%
3 Year-8.4%-26.7%14.8%1.4%58.7%34.5%
5 Year95.1%38.2%-6.7%-24.3%146.2%92.9%

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 based on future cash flows and its price relative to the stock market?

11.12x

Price to Earnings (PE) ratio


Intrinsic Value Based on Future Cash Flows

Moscow Exchange MICEX-RTS's share price is above the future cash flow value, it's not available at a moderate discount (< 20%).

Moscow Exchange MICEX-RTS's share price is above the future cash flow value, it's not available at a substantial discount (< 40%).


Price Based on Earnings

Moscow Exchange MICEX-RTS is good value based on earnings compared to the Europe Capital Markets industry average.

Moscow Exchange MICEX-RTS is overvalued based on earnings compared to the Russian Federation market.


Price Based on Expected Growth

Moscow Exchange MICEX-RTS is poor value based on expected growth next year.


Price Based on Value of Assets

Moscow Exchange MICEX-RTS is overvalued based on assets compared to the Europe Capital Markets industry average.


Next Steps

Future Growth

How is Moscow Exchange MICEX-RTS expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

6.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Moscow Exchange MICEX-RTS's revenue is expected to grow by 4.4% yearly, however this is not considered high growth (20% yearly).

Moscow Exchange MICEX-RTS's earnings are expected to grow by 6.1% yearly, however this is not considered high growth (20% yearly).

Moscow Exchange MICEX-RTS's revenue growth is expected to exceed the Russian Federation market average.

Moscow Exchange MICEX-RTS's earnings growth is expected to exceed the Russian Federation market average.

Moscow Exchange MICEX-RTS's earnings growth is positive but not above the low risk savings rate of 8.4%.


Earnings per Share Growth Estimates


Future Return on Equity

Moscow Exchange MICEX-RTS is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

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

3.3%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Moscow Exchange MICEX-RTS's year on year earnings growth rate has been positive over the past 5 years.

Moscow Exchange MICEX-RTS's 1-year earnings growth is negative, it can't be compared to the 5-year average.

Moscow Exchange MICEX-RTS's 1-year earnings growth is negative, it can't be compared to the Europe Capital Markets industry average.


Return on Equity

Moscow Exchange MICEX-RTS has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Moscow Exchange MICEX-RTS used its assets less efficiently than the Europe Capital Markets industry average last year based on Return on Assets.


Return on Capital Employed

Moscow Exchange MICEX-RTS's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

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


Financial Position Analysis

Moscow Exchange MICEX-RTS is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

Moscow Exchange MICEX-RTS's cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

Moscow Exchange MICEX-RTS's level of debt (37.4%) compared to net worth is satisfactory (less than 40%).

The level of debt compared to net worth has increased over the past 5 years (0.9% vs 37.4% today).

Debt is well covered by operating cash flow (634.1%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 29.6x coverage).


Balance Sheet

Low level of unsold assets.

Debt is covered by short term assets, assets are 89.7x debt.


Next Steps

Dividend

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

8.95%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Moscow Exchange MICEX-RTS's pays a higher dividend yield than the bottom 25% of dividend payers in Russian Federation (3.09%).

Moscow Exchange MICEX-RTS's dividend is below the markets top 25% of dividend payers in Russian Federation (8.5%).

Moscow Exchange MICEX-RTS has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).

Dividend payments have increased, but Moscow Exchange MICEX-RTS only paid a dividend in the past 6 years.


Current Payout to Shareholders

Dividends paid are not well covered by earnings (1.1x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be covered by earnings (1.2x coverage).


Next Steps

Management

What is the CEO of Moscow Exchange MICEX-RTS's salary, the management and board of directors tenure and is there insider trading?

2.6yrs

Average management tenure


CEO

Yury Denisov (49yo)

0.3yrs

Tenure

RUруб15,562,200

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" since May 2019. He serve ...


Management Age and Tenure

2.6yrs

Average Tenure

45yo

Average Age

The tenure for the Moscow Exchange MICEX-RTS management team is about average.


Board Age and Tenure

4.3yrs

Average Tenure

53yo

Average Age

The tenure for the Moscow Exchange MICEX-RTS board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Ownership Breakdown


Management Team

  • Anna Kuznetsova (45yo)

    MD of Securities Market & Member of Executive Board

    • Tenure: 3.1yrs
  • Yury Denisov (49yo)

    Chairman of the Executive Board

    • Tenure: 0.3yrs
    • Compensation: RUруб15.56m
  • Igor Marich (45yo)

    MD of Money & Derivatives Markets and Member of Executive Board

    • Tenure: 3.1yrs
  • Olga Gordienko

    Chief Accountant

    • Tenure: 0.0yrs
  • Alexandre Shlyappo (58yo)

    Managing Director for Technological Development

    • Tenure: 0.0yrs
  • Luis Vicente

    Managing Director of National Crearing Centre

    • Tenure: 0.0yrs
  • Anton Terentiev

    Director of Investor Relations

    • Tenure: 2.1yrs
  • Dmitry Shcheglov (44yo)

    COO & Member of the Executive Board

    • Tenure: 6.6yrs
  • Maxim Lapin (40yo)

    CFO & Member of the Executive Board

    • Tenure: 1.9yrs
  • Alexander Smirnov

    Director of Law Department

    • Tenure: 0.0yrs

Board Members

  • Bella Zlatkis (71yo)

    Member of the Supervisory Board

    • Tenure: 8.3yrs
    • Compensation: RUруб8.75m
  • Rainer Riess (53yo)

    Senior Independent Member of the Supervisory Board

    • Tenure: 6.2yrs
    • Compensation: RUруб14.59m
  • Andrey Golikov (50yo)

    Deputy Chairman of the Supervisory Board

    • Tenure: 0.0yrs
    • Compensation: RUруб17.94m
  • Maria Gordon (45yo)

    Independent Member of the Supervisory Board

    • Tenure: 3.3yrs
    • Compensation: RUруб8.02m
  • Oleg Viyugin (67yo)

    Chairman of the Supervisory Board

    • Tenure: 1.3yrs
    • Compensation: RUруб14.10m
  • Yury Denisov (49yo)

    Chairman of the Executive Board

    • Tenure: 0.3yrs
    • Compensation: RUруб15.56m
  • Mikhail Bratanov (46yo)

    Independent Member of the Supervisory Board

    • Tenure: 1.6yrs
  • Valery Goreglyad (61yo)

    Member of the Supervisory Board

    • Tenure: 5.2yrs
    • Compensation: RUруб508.00k
  • Alexander Izosimov (55yo)

    Independent Member of the Supervisory Board

    • Tenure: 0.0yrs
  • Ilya Bakhturin

    Member of Supervisory Board

    • Tenure: 0.6yrs

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: RUруб206.220b
  • 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 of ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/20 21:34
End of Day Share Price2019/08/20 00:00
Earnings2019/03/31
Annual Earnings2018/12/31


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.