MISX:HYDR

Stock Analysis Report

Federal Hydro-Generating Company - RusHydro

Executive Summary

Public Joint-Stock Company Federal Hydro-Generating Company - RusHydro, together with its subsidiaries, generates, transmits, distributes, and sells electricity and heat energy in Russia.


Snowflake Analysis

Adequate balance sheet and fair value.


Similar Companies

Share Price & News

How has Federal Hydro-Generating Company - RusHydro's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: HYDR has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-2.5%

HYDR

1.0%

RU Electric Utilities

1.4%

RU Market


1 Year Return

20.4%

HYDR

8.1%

RU Electric Utilities

-3.7%

RU Market

Return vs Industry: HYDR exceeded the Russian Electric Utilities industry which returned 4.3% over the past year.

Return vs Market: HYDR exceeded the Russian Market which returned -5.9% over the past year.


Shareholder returns

HYDRIndustryMarket
7 Day-2.5%1.0%1.4%
30 Day-10.7%-15.1%-12.6%
90 Day9.6%-10.2%-20.0%
1 Year27.9%20.4%15.0%8.1%2.9%-3.7%
3 Year-26.7%-37.5%3.7%-10.3%33.7%12.7%
5 Year42.9%11.0%138.0%91.7%90.7%49.1%

Price Volatility Vs. Market

How volatile is Federal Hydro-Generating Company - RusHydro's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Federal Hydro-Generating Company - RusHydro undervalued compared to its fair value and its price relative to the market?

41.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: HYDR (RUB0.61) is trading below our estimate of fair value (RUB1.04)

Significantly Below Fair Value: HYDR is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: HYDR is poor value based on its PE Ratio (50.1x) compared to the Electric Utilities industry average (6.4x).

PE vs Market: HYDR is poor value based on its PE Ratio (50.1x) compared to the Russian market (7.1x).


Price to Earnings Growth Ratio

PEG Ratio: HYDR is poor value based on its PEG Ratio (2.1x)


Price to Book Ratio

PB vs Industry: HYDR is good value based on its PB Ratio (0.5x) compared to the RU Electric Utilities industry average (0.6x).


Next Steps

Future Growth

How is Federal Hydro-Generating Company - RusHydro forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

24.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: HYDR's forecast earnings growth (24.4% per year) is above the savings rate (6.4%).

Earnings vs Market: HYDR's earnings (24.4% per year) are forecast to grow faster than the Russian market (5% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: HYDR's revenue (2.2% per year) is forecast to grow slower than the Russian market (4.9% per year).

High Growth Revenue: HYDR's revenue (2.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: HYDR's Return on Equity is forecast to be low in 3 years time (9.6%).


Next Steps

Past Performance

How has Federal Hydro-Generating Company - RusHydro performed over the past 5 years?

-5.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: HYDR has a large one-off loss of RUB61.5B impacting its December 31 2019 financial results.

Growing Profit Margin: HYDR's current net profit margins (1.3%) are lower than last year (7.8%).


Past Earnings Growth Analysis

Earnings Trend: HYDR's earnings have declined by -5.1% per year over the past 5 years.

Accelerating Growth: HYDR's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: HYDR had negative earnings growth (-83.6%) over the past year, making it difficult to compare to the Electric Utilities industry average (-6.2%).


Return on Equity

High ROE: HYDR's Return on Equity (0.1%) is considered low.


Next Steps

Financial Health

How is Federal Hydro-Generating Company - RusHydro's financial position?


Financial Position Analysis

Short Term Liabilities: HYDR's short term assets (RUB191.3B) exceed its short term liabilities (RUB126.6B).

Long Term Liabilities: HYDR's short term assets (RUB191.3B) do not cover its long term liabilities (RUB228.7B).


Debt to Equity History and Analysis

Debt Level: HYDR's debt to equity ratio (34.4%) is considered satisfactory.

Reducing Debt: HYDR's debt to equity ratio has increased from 29.6% to 34.4% over the past 5 years.

Debt Coverage: HYDR's debt is well covered by operating cash flow (38.6%).

Interest Coverage: HYDR's interest payments on its debt are well covered by EBIT (23.3x coverage).


Balance Sheet

Inventory Level: HYDR has a high level of physical assets or inventory.

Debt Coverage by Assets: HYDR's debt is not covered by short term assets (assets are 1x debt).


Next Steps

Dividend

What is Federal Hydro-Generating Company - RusHydro's current dividend yield, its reliability and sustainability?

6.04%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: HYDR's dividend (6.04%) is higher than the bottom 25% of dividend payers in the Russian market (4.12%).

High Dividend: HYDR's dividend (6.04%) is low compared to the top 25% of dividend payers in the Russian market (10%).


Stability and Growth of Payments

Stable Dividend: HYDR has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: HYDR's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (302.5%), HYDR's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: HYDR's dividends in 3 years are forecast to be well covered by earnings (38.9% payout ratio).


Next Steps

Management

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

4.4yrs

Average management tenure


CEO

Nikolai Shulginov (68yo)

4.58s

Tenure

Mr. Nikolay Grigoryevich Shulginov, also known as Nikolai, has been the Chairman of Management Board, Chief Executive Officer and General Director of Public Joint-Stock Company Federal Hydro-Generating Com ...


Leadership Team

NamePositionTenureCompensationOwnership
Nikolay Shulginov
Chairman of Management Board4.58yrsno datano data
Bogush Borisovich
Chief Engineer10yrsno data0.0039% RUB10.0m
Kirov Anatolyevich
Member of the Management Board & First Deputy General Director5.08yrsno datano data
Victor Khmarin
Deputy Director General & Member of Management Board1.25yrsno datano data
Kazachenkov Valentinovich
First Deputy CEO & Member of Management Board4.17yrsno datano data
Yu Medvedeva
Chief Accountantno datano datano data
Timur Akhmedzhanov
Head of Investor Relationsno datano datano data
Nagora Georgievna
Director of the Corporate Communicationsno datano datano data
Novgorodtsev Yurievich
Head of the Equity & Disclosure Department of Corporate Governance & Property Management Departmentno datano datano data
Roman Berdnikov
Deputy General Director0.17yrno datano data

4.4yrs

Average Tenure

44.5yo

Average Age

Experienced Management: HYDR's management team is considered experienced (4.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Nikolay Shulginov
Chairman of Management Board4.58yrsno datano data
Vyacheslav Pivovarov
Independent Director7yrsno datano data
Andrey Shishkin
Director6.25yrsno datano data
Maksim Bystrov
Independent Director7.25yrsno datano data
Pavel Grachev
Senior Independent Director1.25yrsno datano data
Igor Repin
Chairman of Internal Audit Commissionno datano datano data
Semyon Lashchenov
Deputy Chairman of The STCno datano datano data
Yuriy Trutnev
Chairman of the Boardno datano datano data
Nikolay Rogalev
Deputy Chairman0.92yrno datano data
Lev Kuznetsov
Directorno datano datano data

5.0yrs

Average Tenure

56yo

Average Age

Experienced Board: HYDR's board of directors are considered experienced (4.9 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 Federal Hydro-Generating Company - RusHydro's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Public Joint-Stock Company Federal Hydro-Generating Company - RusHydro
  • Ticker: HYDR
  • Exchange: MISX
  • Founded: 2004
  • Industry: Electric Utilities
  • Sector: Utilities
  • Market Cap: ₽256.799b
  • Shares outstanding: 422.44b
  • Website: https://www.rushydro.ru

Location

  • Public Joint-Stock Company Federal Hydro-Generating Company - RusHydro
  • 7 Malaya Dmitrovka Street
  • Moscow
  • 127006
  • Russia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
HYDRLSE (London Stock Exchange)SPON ADR EACH REPR 100 ORD SHSGBUSDNo data
92XYLSE (London Stock Exchange)SPONSORED GDR EACH REPR 100 SHS 144AGBUSDNo data
RG2ADB (Deutsche Boerse AG)SPON ADR EACH REPR 100 ORD SHSDERUBNo data
HYDRMISX (Micex - Rts)YesOrdinary SharesRURUBFeb 2008
RG2ADB (Deutsche Boerse AG)ADR EACH REPR 100 SHS (SPONS)DEEURAug 2009
HYDRLSE (London Stock Exchange)ADR EACH REPR 100 SHS (SPONS)GBUSDAug 2009
RSHY.YOTCPK (Pink Sheets LLC)ADR EACH REPR 100 SHS (SPONS)USUSDAug 2009
HYDRWBAG (Wiener Boerse AG)ADR EACH REPR 100 SHS (SPONS)ATEURAug 2009

Biography

Public Joint-Stock Company Federal Hydro-Generating Company - RusHydro, together with its subsidiaries, generates, transmits, distributes, and sells electricity and heat energy in Russia. It generates power through approximately 90 renewable energy source facilities, including hydropower, wind power, and geo-thermal generation facility. The company has an installed electricity generation capacity of 39.4 GW. It also manages various research and development, engineering, and electricity retail companies. The company was founded in 2004 and is based in Moscow, Russia. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/02 02:40
End of Day Share Price2020/04/01 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.