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 Analysis

Acceptable track record second-rate dividend payer.


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

-3.9%

MOEX

-3.1%

RU Capital Markets

-2.4%

RU Market


1 Year Return

18.3%

MOEX

6.6%

RU Capital Markets

15.3%

RU Market

Return vs Industry: MOEX exceeded the Russian Capital Markets industry which returned 6.6% over the past year.

Return vs Market: MOEX exceeded the Russian Market which returned 15.3% over the past year.


Shareholder returns

MOEXIndustryMarket
7 Day-3.9%-3.1%-2.4%
30 Day-3.0%-2.3%-1.6%
90 Day1.6%-2.4%3.1%
1 Year29.2%18.3%14.1%6.6%23.0%15.3%
3 Year4.6%-16.3%7.2%-5.3%65.8%39.7%
5 Year114.3%51.8%2.5%-16.5%129.9%79.3%

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?

12.14x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MOEX (RUB107.3) is trading above our estimate of fair value (RUB59.14)

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 (12.1x) compared to the Capital Markets industry average (21.1x).

PE vs Market: MOEX is poor value based on its PE Ratio (12.1x) compared to the Russian market (9x).


Price to Earnings Growth Ratio

PEG Ratio: MOEX is poor value based on its PEG Ratio (2x)


Price to Book Ratio

PB vs Industry: MOEX is overvalued based on its PB Ratio (1.9x) compared to the RU Capital Markets industry average (1.2x).


Next Steps

Future Growth

How is Moscow Exchange MICEX-RTS forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

6.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MOEX's forecast earnings growth (6% per year) is below the savings rate (6.4%).

Earnings vs Market: MOEX's earnings (6% per year) are forecast to grow faster than the Russian market (5.1% per year).

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

Revenue vs Market: MOEX's revenue (4% per year) is forecast to grow faster than the Russian market (3.9% per year).

High Growth Revenue: MOEX's revenue (4% 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 (16.2%).


Next Steps

Past Performance

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

-2.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MOEX has high quality earnings.

Growing Profit Margin: MOEX's current net profit margins (48.4%) are higher than last year (46%).


Past Earnings Growth Analysis

Earnings Trend: MOEX's earnings have declined by -2.2% per year over the past 5 years.

Accelerating Growth: MOEX's earnings growth over the past year (4.3%) exceeds its 5-year average (-2.2% per year).

Earnings vs Industry: MOEX earnings growth over the past year (4.3%) underperformed the Capital Markets industry 5.7%.


Return on Equity

High ROE: MOEX's Return on Equity (15.9%) is considered low.


Next Steps

Financial Health

How is Moscow Exchange MICEX-RTS's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: MOEX has a low level of unsold assets or inventory.

Debt Coverage by Assets: MOEX's debt is covered by short term assets (assets are 127.6x debt).


Financial Institutions Analysis

Asset Level: MOEX's level of assets compared to its equity is very high.

Allowance for Bad Loans: Insufficient data to determine if MOEX has a sufficient allowance for bad loans.

Low Risk Liabilities: MOEX reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if MOEX has an acceptable proportion of non-loan assets held.

Low Risk Deposits: MOEX has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if MOEX has an appropriate level of bad loans.


Next Steps

Dividend

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

7.18%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MOEX's dividend (7.18%) is higher than the bottom 25% of dividend payers in the Russian market (3.11%).

High Dividend: MOEX's dividend (7.18%) is low compared to the top 25% of dividend payers in the Russian market (7.58%).


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 7 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (87.2%), MOEX's 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 (85.9% payout ratio).


Next Steps

Management

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

3.1yrs

Average management tenure


CEO

Yury Denisov (49yo)

0.8yrs

Tenure

₽15,562,200

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 ...


Leadership Team

NamePositionTenureCompensationOwnership
Yury Denisov
Chairman of the Executive Board0.8yrs₽15.56mno data
Maxim Lapin
CFO & Member of the Executive Board2.4yrsno datano data
Igor Marich
MD of Money & Derivatives Markets and Member of Executive Board3.6yrsno datano data
Anna Kuznetsova
MD of Securities Market & Member of Executive Board3.6yrsno data0.0098% RUB23.6m
Dmitry Shcheglov
COO & Member of the Executive Board7.1yrsno data0.00077% RUB1.9m
Olga Gordienko
Chief Accountant0yrsno datano data
Anton Terentiev
Director of Investor Relations2.6yrsno datano data
Alexander Smirnov
Director of Law Department0yrsno datano data
Alexandre Shlyappo
Managing Director for Technological Development0yrsno datano data
Luis Vicente
Managing Director of National Crearing Centre0yrsno datano data

3.1yrs

Average Tenure

45yo

Average Age

Experienced Management: MOEX's management team is considered experienced (3.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Yury Denisov
Chairman of the Executive Board0.8yrs₽15.56mno data
Bella Zlatkis
Member of the Supervisory Board8.8yrs₽8.75mno data
Rainer Riess
Senior Independent Member of the Supervisory Board6.7yrs₽14.59mno data
Andrey Golikov
Deputy Chairman of the Supervisory Board0yrs₽17.94mno data
Maria Gordon
Independent Member of the Supervisory Board3.8yrs₽8.02mno data
Oleg Viyugin
Independent Chairman of the Supervisory Board1.8yrs₽14.10mno data
Mikhail Bratanov
Independent Member of the Supervisory Board2.1yrsno datano data
Valery Goreglyad
Member of the Supervisory Board5.7yrs₽508.00kno data
Alexander Izosimov
Independent Member of the Supervisory Board0yrsno datano data
Ilya Bakhturin
Member of Supervisory Board1.1yrsno datano data

4.8yrs

Average Tenure

53yo

Average Age

Experienced Board: MOEX's board of directors are considered experienced (4.8 years average tenure).


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: ₽241.838b
  • 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 offers depository, clearing, repository, and settlement, as well as banking, technical support, IT, and commodities exchange services. It operates on the foreign currencies exchange market, government securities and money market, derivative financial instruments market, equities market, corporate and regional bonds market, and commodities market. Public Joint-Stock Company Moscow Exchange MICEX-RTS has strategic partnership with Kazakhstan Stock Exchange Joint-Stock Company. The company was founded in 1992 and is based in Moscow, Russia. Public Joint-Stock Company Moscow Exchange MICEX-RTS is a subsidiary of MMVB-Finance OOO. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/26 22:34
End of Day Share Price2020/02/26 00:00
Earnings2019/09/30
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.