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FEES

Federal Grid Company of Unified Energy SystemMISX:FEES Stock Report

Last Price

₽0.15

Market Cap

₽192.4b

7D

-6.1%

1Y

-29.4%

Updated

21 Jan, 2022

Data

Company Financials +
FEES fundamental analysis
Snowflake Score
Valuation5/6
Future Growth1/6
Past Performance1/6
Financial Health5/6
Dividends4/6

FEES Stock Overview

Public Joint-Stock Company Federal Grid Company of Unified Energy System develops, operates, and manages the Unified National Electric Grid in Russia.

Federal Grid Company of Unified Energy System Competitors

Federal Hydro-Generating Company - RusHydro

MISX:HYDR

₽311.8b

Rosseti

MISX:RSTI

₽202.2b

Rosseti Lenenergo

MISX:LSNG

₽81.4b

Rosseti Moscow Region

MISX:MSRS

₽58.5b

Price History & Performance

Summary of all time highs, changes and price drops for Federal Grid Company of Unified Energy System
Historical stock prices
Current Share Price₽0.15
52 Week High₽0.23
52 Week Low₽0.15
Beta0.74
1 Month Change-7.20%
3 Month Change-21.18%
1 Year Change-29.40%
3 Year Change-7.12%
5 Year Change-33.96%
Change since IPO-56.90%

Recent News & Updates

Dec 18
Federal Grid Company of Unified Energy System (MCX:FEES) Takes On Some Risk With Its Use Of Debt

Federal Grid Company of Unified Energy System (MCX:FEES) Takes On Some Risk With Its Use Of Debt

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...

Nov 01
Federal Grid Company of Unified Energy System (MCX:FEES) Will Want To Turn Around Its Return Trends

Federal Grid Company of Unified Energy System (MCX:FEES) Will Want To Turn Around Its Return Trends

To find a multi-bagger stock, what are the underlying trends we should look for in a business? Ideally, a business will...

Sep 15
Federal Grid Company of Unified Energy System (MCX:FEES) Has A Somewhat Strained Balance Sheet

Federal Grid Company of Unified Energy System (MCX:FEES) Has A Somewhat Strained Balance Sheet

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...

Shareholder Returns

FEESRU Electric UtilitiesRU Market
7D-6.1%-2.6%-1.9%
1Y-29.4%-15.6%14.8%

Return vs Industry: FEES underperformed the Russian Electric Utilities industry which returned -15.6% over the past year.

Return vs Market: FEES underperformed the Russian Market which returned 14.8% over the past year.

Price Volatility

Is FEES's price volatile compared to industry and market?
FEES volatility
FEES Average Weekly Movement3.6%
Electric Utilities Industry Average Movement4.1%
Market Average Movement4.9%
10% most volatile stocks in RU Market8.6%
10% least volatile stocks in RU Market3.1%

Stable Share Price: FEES is less volatile than 75% of Russian stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: FEES's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2002n/an/ahttps://www.fsk-ees.ru

Public Joint-Stock Company Federal Grid Company of Unified Energy System develops, operates, and manages the Unified National Electric Grid in Russia. The company offers electricity transmission services to regional distribution companies, retail electricity suppliers, and large industrial enterprises; and maintains and develops the grid system and supervises grid facilities and infrastructure in 79 Russian regions. It also provides electricity transmission and technological connection services to participants of the wholesale electricity and capacity market.

Federal Grid Company of Unified Energy System Fundamentals Summary

How do Federal Grid Company of Unified Energy System's earnings and revenue compare to its market cap?
FEES fundamental statistics
Market Cap₽192.37b
Earnings (TTM)₽55.61b
Revenue (TTM)₽246.84b

3.5x

P/E Ratio

0.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FEES income statement (TTM)
Revenue₽246.84b
Cost of Revenue₽61.60b
Gross Profit₽185.24b
Expenses₽129.63b
Earnings₽55.61b

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.044
Gross Margin75.05%
Net Profit Margin22.53%
Debt/Equity Ratio23.4%

How did FEES perform over the long term?

See historical performance and comparison

Dividends

10.6%

Current Dividend Yield

37%

Payout Ratio

Valuation

Is Federal Grid Company of Unified Energy System undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FEES (RUB0.15) is trading below our estimate of fair value (RUB0.68)

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 (3.5x) compared to the Russian Electric Utilities industry average (6.7x).

PE vs Market: FEES is good value based on its PE Ratio (3.5x) compared to the Russian market (8.2x).


Price to Earnings Growth Ratio

PEG Ratio: FEES is poor value based on its PEG Ratio (1.1x)


Price to Book Ratio

PB vs Industry: FEES is good value based on its PB Ratio (0.2x) compared to the RU Electric Utilities industry average (0.7x).


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 5 analysts?

3.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FEES's forecast earnings growth (3.3% per year) is below the savings rate (7.3%).

Earnings vs Market: FEES's earnings (3.3% per year) are forecast to grow slower than the Russian market (3.6% per year).

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

Revenue vs Market: FEES's revenue (4.9% per year) is forecast to grow faster than the Russian market (3.9% per year).

High Growth Revenue: FEES's revenue (4.9% 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 (5.5%).


Past Performance

How has Federal Grid Company of Unified Energy System performed over the past 5 years?

-2.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FEES has high quality earnings.

Growing Profit Margin: FEES's current net profit margins (22.5%) are lower than last year (29.6%).


Past Earnings Growth Analysis

Earnings Trend: FEES's earnings have declined by 2% per year over the past 5 years.

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 (-25.6%) over the past year, making it difficult to compare to the Electric Utilities industry average (28.2%).


Return on Equity

High ROE: FEES's Return on Equity (5.7%) is considered low.


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 (RUB139.0B) exceed its short term liabilities (RUB72.2B).

Long Term Liabilities: FEES's short term assets (RUB139.0B) do not cover its long term liabilities (RUB324.9B).


Debt to Equity History and Analysis

Debt Level: FEES's net debt to equity ratio (16.9%) is considered satisfactory.

Reducing Debt: FEES's debt to equity ratio has reduced from 38.6% to 23.4% over the past 5 years.

Debt Coverage: FEES's debt is well covered by operating cash flow (58.5%).

Interest Coverage: FEES earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


Dividend

What is Federal Grid Company of Unified Energy System current dividend yield, its reliability and sustainability?

10.57%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: FEES's dividend (10.57%) is higher than the bottom 25% of dividend payers in the Russian market (3.03%).

High Dividend: FEES's dividend (10.57%) is in the top 25% of dividend payers in the Russian market (8.49%)


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 reasonably low payout ratio (36.6%), 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

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 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
  • Implied Market Cap: ₽192.369b
  • 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


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/21 21:22
End of Day Share Price2022/01/21 00:00
Earnings2021/09/30
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.