Executive Summary
Public Joint-Stock Company Federal Grid Company of Unified Energy System operates and manages electricity transmission grid infrastructure of Unified National Electric Grid in Russia. More Details
Rewards
Risk Analysis
Snowflake Analysis
Very undervalued with excellent balance sheet and pays a dividend.
Similar Companies
Share Price & News
How has Federal Grid Company of Unified Energy System's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: FEES is not significantly more volatile than the rest of Russian stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: FEES's weekly volatility (3%) has been stable over the past year.
Market Performance
7 Day Return
-2.5%
FEES
-1.0%
RU Electric Utilities
-2.5%
RU Market
1 Year Return
-0.8%
FEES
2.4%
RU Electric Utilities
-2.4%
RU Market
Return vs Industry: FEES underperformed the Russian Electric Utilities industry which returned 2.4% over the past year.
Return vs Market: FEES exceeded the Russian Market which returned -2.4% over the past year.
Shareholder returns
| FEES | Industry | Market | |
|---|---|---|---|
| 7 Day | -2.5% | -1.0% | -2.5% |
| 30 Day | 0.2% | 3.2% | 4.6% |
| 90 Day | 12.9% | 8.8% | 18.9% |
| 1 Year | 4.4%-0.8% | 6.9%2.4% | 4.0%-2.4% |
| 3 Year | 62.7%25.8% | 38.9%19.5% | 52.2%25.8% |
| 5 Year | 470.8%270.1% | 194.9%133.7% | 135.4%78.2% |
Long-Term Price Volatility Vs. Market
How volatile is Federal Grid Company of Unified Energy System's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 week ago | Simply Wall St
Should You Use Federal Grid Company of Unified Energy System's (MCX:FEES) Statutory Earnings To Analyse It?3 weeks ago | Simply Wall St
Shareholders of Federal Grid Company of Unified Energy System (MCX:FEES) Must Be Delighted With Their 467% Total Return1 month ago | Simply Wall St
Federal Grid Company of Unified Energy System (MCX:FEES) Takes On Some Risk With Its Use Of DebtValuation
Is Federal Grid Company of Unified Energy System undervalued compared to its fair value and its price relative to the market?
20.6%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: FEES (RUB0.22) is trading below our estimate of fair value (RUB0.27)
Significantly Below Fair Value: FEES is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: FEES is good value based on its PE Ratio (3.7x) compared to the RU Electric Utilities industry average (7.9x).
PE vs Market: FEES is good value based on its PE Ratio (3.7x) compared to the Russian market (11.4x).
Price to Earnings Growth Ratio
PEG Ratio: FEES is good value based on its PEG Ratio (0.5x)
Price to Book Ratio
PB vs Industry: FEES is good value based on its PB Ratio (0.3x) compared to the RU Electric Utilities industry average (0.7x).
Next Steps
Future Growth
How is Federal Grid Company of Unified Energy System forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
7.5%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: FEES's forecast earnings growth (7.5% per year) is below the savings rate (7.7%).
Earnings vs Market: FEES's earnings (7.5% per year) are forecast to grow slower than the Russian market (25.6% per year).
High Growth Earnings: FEES's earnings are forecast to grow, but not significantly.
Revenue vs Market: FEES's revenue (6.3% per year) is forecast to grow slower than the Russian market (8% per year).
High Growth Revenue: FEES's revenue (6.3% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: FEES's Return on Equity is forecast to be low in 3 years time (8.1%).
Next Steps
Past Performance
How has Federal Grid Company of Unified Energy System performed over the past 5 years?
15.3%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: FEES has high quality earnings.
Growing Profit Margin: FEES's current net profit margins (29.6%) are lower than last year (41.1%).
Past Earnings Growth Analysis
Earnings Trend: FEES has become profitable over the past 5 years, growing earnings by 15.3% per year.
Accelerating Growth: FEES's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: FEES had negative earnings growth (-28.1%) over the past year, making it difficult to compare to the Electric Utilities industry average (-4.6%).
Return on Equity
High ROE: FEES's Return on Equity (7.8%) is considered low.
Next Steps
Financial Health
How is Federal Grid Company of Unified Energy System's financial position?
Financial Position Analysis
Short Term Liabilities: FEES's short term assets (RUB131.0B) exceed its short term liabilities (RUB67.6B).
Long Term Liabilities: FEES's short term assets (RUB131.0B) do not cover its long term liabilities (RUB306.3B).
Debt to Equity History and Analysis
Debt Level: FEES's debt to equity ratio (23.3%) is considered satisfactory.
Reducing Debt: FEES's debt to equity ratio has reduced from 46.6% to 23.3% over the past 5 years.
Debt Coverage: FEES's debt is well covered by operating cash flow (54.9%).
Interest Coverage: FEES's interest payments on its debt are well covered by EBIT (2308.5x coverage).
Balance Sheet
Next Steps
Dividend
What is Federal Grid Company of Unified Energy System current dividend yield, its reliability and sustainability?
8.77%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: FEES's dividend (8.77%) is higher than the bottom 25% of dividend payers in the Russian market (3.77%).
High Dividend: FEES's dividend (8.77%) is in the top 25% of dividend payers in the Russian market (7.56%)
Stability and Growth of Payments
Stable Dividend: FEES's dividend payments have been volatile in the past 10 years.
Growing Dividend: FEES's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its low payout ratio (16%), FEES's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
2.1yrs
Average board tenure
CEO
Federal Grid Company of Unified Energy System has no CEO, or we have no data on them.
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman | no data | no data | no data | |
| Independent Director | 7.58yrs | ₽830.77k | no data | |
| Independent Director | 4.5yrs | ₽969.23k | no data | |
| Director | 1.58yrs | no data | no data | |
| Director | 2.58yrs | ₽900.00k | no data | |
| Director | 0.67yr | no data | no data | |
| Independent Director | 4.5yrs | ₽1.04m | no data | |
| Non-Executive Director | 4.5yrs | ₽658.54k | no data | |
| Chairman of the Audit Commission | no data | no data | no data | |
| Director | 0.67yr | no data | no data | |
| Independent Director | 1.58yrs | no data | no data | |
| Director | 0.67yr | no data | no data |
2.1yrs
Average Tenure
47.5yo
Average Age
Experienced Board: FEES's board of directors are not considered experienced ( 2.1 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 Federal Grid Company of Unified Energy System's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Public Joint-Stock Company Federal Grid Company of Unified Energy System
- Ticker: FEES
- Exchange: MISX
- Founded: 2002
- Industry: Electric Utilities
- Sector: Utilities
- Market Cap: ₽273.220b
- Shares outstanding: 1.26t
- Website: https://www.fsk-ees.ru
Location
- Public Joint-Stock Company Federal Grid Company of Unified Energy System
- 5A Akademika Chelomeya Street
- Moscow
- 117630
- Russia
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| FEES | MISX (Micex - Rts) | Yes | Ordinary Registered Shares | RU | RUB | Jul 2008 |
| FEES | LSE (London Stock Exchange) | SPONS GDR RG S | GB | USD | Oct 2008 | |
| F9SA | BST (Boerse-Stuttgart) | SPONS GDR RG S | DE | EUR | Oct 2008 | |
| FEESL | BATS-CHIXE (BATS 'Chi-X Europe') | SPONS GDR RG S | GB | USD | Oct 2008 |
Biography
Public Joint-Stock Company Federal Grid Company of Unified Energy System operates and manages electricity transmission grid infrastructure of Unified National Electric Grid in Russia. The company offers el...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/01/22 18:17 |
| End of Day Share Price | 2021/01/22 00:00 |
| Earnings | 2020/09/30 |
| Annual Earnings | 2019/12/31 |
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.