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Inter RAO UES

MISX:IRAO
Snowflake Description

Flawless balance sheet and undervalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
IRAO
MISX
RUB303B
Market Cap
  1. Home
  2. RU
  3. Utilities
Company description

Public Joint Stock Company Inter RAO UES operates as a diversified energy holding company in the Russian and internationally. The last earnings update was 4 days ago. More info.


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IRAO Share Price and Events
7 Day Returns
-2.4%
MISX:IRAO
-3.1%
RU Electric Utilities
-2.5%
RU Market
1 Year Returns
3.3%
MISX:IRAO
7.7%
RU Electric Utilities
14.7%
RU Market
IRAO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Inter RAO UES (IRAO) -2.4% -9.3% 6.5% 3.3% 57% 352.3%
RU Electric Utilities -3.1% -6.8% -1.6% 7.7% 15.2% 73.1%
RU Market -2.5% -2.2% 2.8% 14.7% 33.8% 89.5%
1 Year Return vs Industry and Market
  • IRAO underperformed the Electric Utilities industry which returned 7.7% over the past year.
  • IRAO underperformed the Market in Russian Federation which returned 14.7% over the past year.
Price Volatility
IRAO
Industry
5yr Volatility vs Market

Value

 Is Inter RAO UES undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Inter RAO UES to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Inter RAO UES.

MISX:IRAO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 16%
Perpetual Growth Rate 10-Year RU Government Bond Rate 8.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for MISX:IRAO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year RU Govt Bond Rate 8.4%
Equity Risk Premium S&P Global 9.4%
Electric Utilities Unlevered Beta Simply Wall St/ S&P Global 0.32
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.322 (1 + (1- 20%) (21.19%))
0.582
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 8.44% + (0.8 * 9.43%)
15.98%

Discounted Cash Flow Calculation for MISX:IRAO using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Inter RAO UES is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

MISX:IRAO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (RUB, Millions) Source Present Value
Discounted (@ 15.98%)
2020 91,455.50 Analyst x4 78,851.82
2021 89,193.33 Analyst x3 66,303.47
2022 88,072.25 Analyst x4 56,447.52
2023 68,981.67 Analyst x3 38,118.99
2024 66,805.40 Est @ -3.15% 31,828.86
2025 67,021.58 Est @ 0.32% 27,531.27
2026 68,870.39 Est @ 2.76% 24,391.92
2027 71,944.05 Est @ 4.46% 21,969.00
2028 76,013.26 Est @ 5.66% 20,012.74
2029 80,947.47 Est @ 6.49% 18,374.79
Present value of next 10 years cash flows RUB383,830.37
MISX:IRAO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= RUB80,947.47 × (1 + 8.44%) ÷ (15.98% – 8.44%)
RUB1,163,566.23
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= RUB1,163,566.23 ÷ (1 + 15.98%)10
RUB264,125.47
MISX:IRAO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= RUB383,830.37 + RUB264,125.47
RUB647,955.84
Equity Value per Share
(RUB)
= Total value / Shares Outstanding
= RUB647,955.84 / 73,540.63
RUB8.81
MISX:IRAO Discount to Share Price
Calculation Result
Value per share (RUB) From above. RUB8.81
Current discount Discount to share price of RUB4.12
= -1 x (RUB4.12 - RUB8.81) / RUB8.81
53.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Inter RAO UES is available for.
Intrinsic value
>50%
Share price is RUB4.12 vs Future cash flow value of RUB8.81
Current Discount Checks
For Inter RAO UES to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Inter RAO UES's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Inter RAO UES's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Inter RAO UES's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Inter RAO UES's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
MISX:IRAO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in RUB RUB1.09
MISX:IRAO Share Price ** MISX (2019-08-16) in RUB RUB4.12
Russian Federation Electric Utilities Industry PE Ratio Median Figure of 39 Publicly-Listed Electric Utilities Companies 6.06x
Russian Federation Market PE Ratio Median Figure of 138 Publicly-Listed Companies 7.14x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Inter RAO UES.

MISX:IRAO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= MISX:IRAO Share Price ÷ EPS (both in RUB)

= 4.12 ÷ 1.09

3.78x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Inter RAO UES is good value based on earnings compared to the RU Electric Utilities industry average.
  • Inter RAO UES is good value based on earnings compared to the Russian Federation market.
Price based on expected Growth
Does Inter RAO UES's expected growth come at a high price?
Raw Data
MISX:IRAO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 3.78x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
6.1%per year
Russian Federation Electric Utilities Industry PEG Ratio Median Figure of 10 Publicly-Listed Electric Utilities Companies 0.03x
Russian Federation Market PEG Ratio Median Figure of 34 Publicly-Listed Companies 0.61x

*Line of best fit is calculated by linear regression .

MISX:IRAO PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 3.78x ÷ 6.1%

0.62x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Inter RAO UES is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Inter RAO UES's assets?
Raw Data
MISX:IRAO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in RUB RUB6.98
MISX:IRAO Share Price * MISX (2019-08-16) in RUB RUB4.12
Russian Federation Electric Utilities Industry PB Ratio Median Figure of 40 Publicly-Listed Electric Utilities Companies 0.53x
Russian Federation Market PB Ratio Median Figure of 155 Publicly-Listed Companies 0.81x
MISX:IRAO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= MISX:IRAO Share Price ÷ Book Value per Share (both in RUB)

= 4.12 ÷ 6.98

0.59x

* Primary Listing of Inter RAO UES.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Inter RAO UES is overvalued based on assets compared to the RU Electric Utilities industry average.
X
Value checks
We assess Inter RAO UES's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check)
  5. Inter RAO UES has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Inter RAO UES expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Inter RAO UES expected to grow at an attractive rate?
  • Inter RAO UES's earnings growth is positive but not above the low risk savings rate of 8.4%.
Growth vs Market Checks
  • Inter RAO UES's earnings growth is expected to exceed the Russian Federation market average.
  • Inter RAO UES's revenue growth is positive but not above the Russian Federation market average.
Annual Growth Rates Comparison
Raw Data
MISX:IRAO Future Growth Rates Data Sources
Data Point Source Value (per year)
MISX:IRAO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 6.1%
MISX:IRAO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 2.4%
Russian Federation Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 7.5%
Russian Federation Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 2.5%
Russian Federation Market Earnings Growth Rate Market Cap Weighted Average 2.8%
Russian Federation Market Revenue Growth Rate Market Cap Weighted Average 4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
MISX:IRAO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in RUB Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
MISX:IRAO Future Estimates Data
Date (Data in RUB Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,137,760 99,316 2
2022-12-31 1,093,913 121,949 97,859 3
2021-12-31 1,075,698 112,920 97,537 5
2020-12-31 1,043,070 106,846 87,919 6
2019-12-31 1,022,604 106,745 81,744 4
MISX:IRAO Past Financials Data
Date (Data in RUB Millions) Revenue Cash Flow Net Income *
2019-06-30 1,030,362 102,183 80,278
2019-03-31 996,544 110,489 79,312
2018-12-31 962,582 94,456 70,776
2018-09-30 936,354 99,023 68,006
2018-06-30 916,101 98,715 61,541
2018-03-31 892,688 94,337 57,188
2018-01-01 869,204 88,759 53,974
2017-09-30 867,281 86,449 33,613
2017-06-30 861,657 79,088 29,557
2017-03-31 860,181 74,845 62,767
2016-12-31 868,182 81,361 60,761
2016-09-30 873,962 68,996 68,299

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Inter RAO UES's earnings are expected to grow by 6.1% yearly, however this is not considered high growth (20% yearly).
  • Inter RAO UES's revenue is expected to grow by 2.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
MISX:IRAO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Inter RAO UES Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MISX:IRAO Future Estimates Data
Date (Data in RUB Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 1.35 1.35 1.35 1.00
2022-12-31 1.15 1.48 0.83 2.00
2021-12-31 1.25 1.60 0.83 5.00
2020-12-31 1.12 1.28 0.78 5.00
2019-12-31 1.10 1.18 0.97 3.00
MISX:IRAO Past Financials Data
Date (Data in RUB Millions) EPS *
2019-06-30 1.09
2019-03-31 1.04
2018-12-31 0.89
2018-09-30 0.83
2018-06-30 0.73
2018-03-31 0.68
2018-01-01 0.65
2017-09-30 0.40
2017-06-30 0.35
2017-03-31 0.75
2016-12-31 0.73
2016-09-30 0.82

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Inter RAO UES is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Inter RAO UES's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Russian Federation market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Russian Federation market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Inter RAO UES has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Inter RAO UES performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Inter RAO UES's growth in the last year to its industry (Electric Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Inter RAO UES has delivered over 20% year on year earnings growth in the past 5 years.
  • Inter RAO UES's 1-year earnings growth is less than its 5-year average (30.4% vs 34.6%)
  • Inter RAO UES's earnings growth has exceeded the RU Electric Utilities industry average in the past year (30.4% vs -3%).
Earnings and Revenue History
Inter RAO UES's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Inter RAO UES Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MISX:IRAO Past Revenue, Cash Flow and Net Income Data
Date (Data in RUB Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 1,030,362.00 80,278.00 37,560.00
2019-03-31 996,544.00 79,312.00 70,075.00
2018-12-31 962,582.00 70,776.00 70,288.00
2018-09-30 936,354.00 68,006.00 66,964.00
2018-06-30 916,101.00 61,541.00 64,898.00
2018-03-31 892,688.00 57,188.00 64,677.00
2018-01-01 869,204.00 53,974.00 62,234.00
2017-09-30 867,281.00 33,613.00 60,842.00
2017-06-30 861,657.00 29,557.00 61,956.00
2017-03-31 860,181.00 62,767.00 64,506.00
2016-12-31 868,182.00 60,761.00 65,612.00
2016-09-30 873,962.00 68,299.00 67,915.00
2016-06-30 860,728.00 65,465.00 67,632.00
2016-03-31 847,526.00 24,495.00 65,242.00
2015-12-31 831,987.00 22,601.00 64,319.00
2015-09-30 795,146.00 21,177.00 62,595.00
2015-06-30 779,838.00 21,487.00 60,250.00
2015-03-31 767,955.00 20,154.00 59,706.00
2014-12-31 741,101.00 7,837.00 56,984.00
2014-09-30 714,386.00 -819.00 91,587.00
2014-06-30 697,474.00 -4,385.00 52,883.00
2014-03-31 677,716.00 -18,630.00 64,259.00
2013-12-31 662,321.00 -23,067.00 51,735.00
2013-09-30 620,589.00 -19,315.50 12,909.00
2013-06-30 611,133.00 -25,736.00 51,811.00
2013-03-31 599,002.50 -18,873.00 35,635.50
2012-12-31 556,189.00 -22,737.00 45,453.00
2012-09-30 540,047.50 -21,897.00 40,961.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Inter RAO UES has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Inter RAO UES used its assets more efficiently than the RU Electric Utilities industry average last year based on Return on Assets.
  • Inter RAO UES has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Inter RAO UES's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Inter RAO UES has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Inter RAO UES's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Inter RAO UES's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Inter RAO UES is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Inter RAO UES's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Inter RAO UES's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 59.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Inter RAO UES Company Filings, last reported 1 month ago.

MISX:IRAO Past Debt and Equity Data
Date (Data in RUB Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 516,961.00 6,191.00 113,392.00
2019-03-31 516,686.00 7,350.00 240,327.00
2018-12-31 485,478.00 9,746.00 227,153.00
2018-09-30 471,125.00 13,040.00 193,925.00
2018-06-30 469,014.00 12,546.00 180,797.00
2018-03-31 487,236.00 13,807.00 174,760.00
2018-01-01 461,503.00 16,172.00 165,011.00
2017-09-30 446,312.00 26,424.00 131,020.00
2017-06-30 435,108.00 26,819.00 121,204.00
2017-03-31 437,266.00 18,551.00 98,014.00
2016-12-31 419,226.00 16,743.00 96,382.00
2016-09-30
2016-06-30 420,360.00 62,471.00 125,023.00
2016-03-31 379,124.00 66,877.00 78,252.00
2015-12-31 366,245.00 76,502.00 84,377.00
2015-09-30 365,478.00 96,486.00 77,353.00
2015-06-30 360,151.00 86,634.00 63,418.00
2015-03-31 363,406.00 106,310.00 81,117.00
2014-12-31 348,249.00 104,937.00 81,999.00
2014-09-30
2014-06-30 340,885.00 56,445.00 59,357.00
2014-03-31 334,589.00 52,770.00 41,646.00
2013-12-31 334,589.00 51,050.00 41,646.00
2013-09-30
2013-06-30 342,264.00 62,806.00 45,912.00
2013-03-31 353,189.00 59,490.00 54,159.00
2012-12-31 353,189.00 57,900.00 54,159.00
2012-09-30 353,838.00 67,904.00 54,159.00
  • Inter RAO UES's level of debt (1.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (16.6% vs 1.2% today).
  • Debt is well covered by operating cash flow (1650.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 25.8x coverage).
X
Financial health checks
We assess Inter RAO UES's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Inter RAO UES has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Inter RAO UES's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.17%
Current annual income from Inter RAO UES dividends. Estimated to be 5.26% next year.
If you bought RUB2,000 of Inter RAO UES shares you are expected to receive RUB83 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Inter RAO UES's pays a higher dividend yield than the bottom 25% of dividend payers in Russian Federation (3.04%).
  • Inter RAO UES's dividend is below the markets top 25% of dividend payers in Russian Federation (8.49%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
MISX:IRAO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Russian Federation Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 19 Stocks 6.3%
Russian Federation Market Average Dividend Yield Market Cap Weighted Average of 73 Stocks 7.5%
Russian Federation Minimum Threshold Dividend Yield 10th Percentile 1.9%
Russian Federation Bottom 25% Dividend Yield 25th Percentile 3%
Russian Federation Top 25% Dividend Yield 75th Percentile 8.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

MISX:IRAO Future Dividends Estimate Data
Date (Data in RUB) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.23 1.00
2022-12-31 0.24 2.00
2021-12-31 0.23 6.00
2020-12-31 0.22 6.00
2019-12-31 0.18 5.00
MISX:IRAO Past Annualized Dividends Data
Date (Data in RUB) Dividend per share (annual) Avg. Yield (%)
2019-08-14 0.172 4.145
2019-03-15 0.170 4.104
2019-03-01 0.172 4.428
2018-05-21 0.130 3.266
2017-08-29 0.147 3.949
2017-04-07 0.147 3.776
2017-03-01 0.147 3.731
2016-04-07 0.018 0.633
2012-10-08 0.000 0.000
2012-10-05 0.000 0.000
2012-04-28 0.000 0.000
2012-04-27 0.000 0.000
2011-06-27 0.002 0.059

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Inter RAO UES 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 Inter RAO UES only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Inter RAO UES's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (6.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4.2x coverage).
X
Income/ dividend checks
We assess Inter RAO UES's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Inter RAO UES afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Inter RAO UES has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Inter RAO UES's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Boris Kovalchuk
COMPENSATION RUB0
AGE 42
CEO Bio

Mr. Boris Yuryevich Kovalchuk has been the Chairman of Management Board and Chief Executive Officer at Open Joint-Stock Company INTER RAO UES since 2010 and its Member of Management Board since November 2009. Mr. Kovalchuk served as the Acting Chairman of Management Board at Open Joint-Stock Company INTER RAO UES since November 2009 to 2010. He served as a Vice President/General Director of Development at Rosatom Nuclear Energy State Corporation since 2009 and also served as its Member of the Management Board and Deputy General Director for Organizational Development. Mr. Kovalchuk served as the Head/Director of National Priority Projects Department of the Government of Russia from 2006 to 2009. He served as the Chairman of the Board of Open Joint Stock Company First Power Generating Company on the Wholesale Energy Market from February 2010 to July 9, 2012 and its Director since 2009. He served as the Chairman of The JSC Third Generation Company of the Wholesale Electricity Market from May 2011 to July 9, 2012. He serves as a Director of JSC Peterburgskaya Sbytovaya Kompaniya, OAO Irkutskenergo and OAO Petersburg Energy Retail Company. Mr. Kovalchuk has been a Non-executive Director of Russian Power and Electrification OAO RAO "UES of Russia" since August 30, 2011 and Executive Director of Open Joint-Stock Company INTER RAO UES since June 25, 2009. He has been a Director of Public Joint-Stock Company Federal Hydro-Generating Company - RusHydro since April 4, 2016. He has been a Member of Supervisory Board at Russian Regional Development Bank since June 30, 2015. He served as a Director of Open Joint Stock Company Federal Grid Company of Unified Energy System from July 02, 2012 to June 29, 2016. He served as a Director at Mosenergosbyt Oao He served as an Independent Director of Open Joint-Stock Company Federal Hydro-Generating Company - RusHydro from June 30, 2010 to 2012. He served as Director of Irkutsk Joint Stock Company of Energetics and Electrification. Mr. Kovalchuk Graduated in Law from St. Petersburg State University.

CEO Compensation
  • Insufficient data for Boris to compare compensation growth.
  • Boris's remuneration is higher than average for companies of similar size in Russian Federation.
Management Team Tenure

Average tenure and age of the Inter RAO UES management team in years:

3.2
Average Tenure
42
Average Age
  • The tenure for the Inter RAO UES management team is about average.
Management Team

Boris Kovalchuk

TITLE
Chairman of the Management Board
AGE
42

Evgeniy Miroshnichenko

TITLE
CFO & Member of the Management Board
AGE
39
TENURE
3.6 yrs

Yury Sharov

TITLE
Head of Engineering Division & Member of the Management Board
AGE
60
TENURE
11.3 yrs

Pavel Okley

TITLE
Head of the Operations Division & Member of the Management Board
AGE
49
TENURE
8.8 yrs

Dmitry Filatov

TITLE
Head of Procurement Division & Member of Management Board
AGE
51
TENURE
2.8 yrs

Valery Murgulets

TITLE
Head of Innovations
AGE
42
TENURE
7.6 yrs

Pavel Snikkars

TITLE
Member of Management Board
AGE
41

Mikhail Konstantinov

TITLE
Head of Legal Affairs Division & Member of Management Board
AGE
51
TENURE
2.8 yrs

Alexandra Panina

TITLE
Interim Head of the Trading Block & Member of Management Board
TENURE
1.1 yrs

Maslov Aleksey

TITLE
Member of the Management Board and Head of Strategy & Investment Division
AGE
38
TENURE
0.7 yrs
Board of Directors Tenure

Average tenure and age of the Inter RAO UES board of directors in years:

5.3
Average Tenure
52
Average Age
  • The tenure for the Inter RAO UES board of directors is about average.
Board of Directors

Igor Sechin

TITLE
Chairman of the Board
AGE
59

Boris Kovalchuk

TITLE
Chairman of the Management Board
AGE
42
TENURE
10.2 yrs

Dmitriy Shugaev

TITLE
Deputy Chairman of the Board
AGE
54

Ron Pollett

TITLE
Senior Independent Director
AGE
50
TENURE
1.3 yrs

Andrei Bougrov

TITLE
Independent Director
AGE
67
TENURE
5.3 yrs

Aleksander Lokshin

TITLE
Independent Director
AGE
62
TENURE
9.2 yrs

Denis Fedorov

TITLE
Non-Executive Director
AGE
41
TENURE
8.2 yrs

Andrey Murov

TITLE
Non-Executive Director
AGE
49
TENURE
5.3 yrs

Gavrilenko Anatolyevich

TITLE
Non-Executive Director
AGE
47
TENURE
4.3 yrs

Boris Ayuyev

TITLE
Non-Executive Director
AGE
62
TENURE
3.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (RUB) Value (RUB)
X
Management checks
We assess Inter RAO UES's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Inter RAO UES has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Why Public Joint Stock Company Inter RAO UES’s (MCX:IRAO) Return On Capital Employed Is Impressive

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … What is Return On Capital Employed (ROCE)? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

Is Public Joint Stock Company Inter RAO UES (MCX:IRAO) Attractive At This PE Ratio?

and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … Although some investors may jump to the conclusion that this is a great buying opportunity, understanding the assumptions behind the P/E ratio might change your mind. … Check out our latest analysis for Inter RAO UES

Simply Wall St -

Who Really Owns Public Joint Stock Company Inter RAO UES (MCX:IRAO)?

I am going to take a deep dive into Public Joint Stock Company Inter RAO UES’s (MCX:IRAO) most recent ownership structure, not a frequent subject of discussion among individual investors. … When it comes to ownership structure of a company, the impact has been observed in both the long-and short-term performance of shares. … It also impacts the trading environment of company shares, which is more of a concern for short-term investors.

Simply Wall St -

Will Public Joint Stock Company Inter RAO UES's (MCX:IRAO) Earnings Grow Over The Next Year?

with profits predicted to rise by 8.51% next year … the higher past 5-year average growth rate of 34.81% … With trailing-twelve-month net income at current levels of RUруб57.07b, we should see this rise to RUруб61.92b in 2019.

Simply Wall St -

Public Joint Stock Company Inter RAO UES (MCX:IRAO): The Yield That Matters The Most

Public Joint Stock Company Inter RAO UES (MCX:IRAO) shareholders, and potential investors, need to understand how much cash the business makes from its core operational activities, as well as how much is invested back into the business. … I’ve analysed below, the health and outlook of Inter RAO UES’s cash flow, which will help you understand the stock from a cash standpoint. … Free cash flow (FCF) is the amount of cash Inter RAO UES has left after it pays off its expenses, including its net capital expenditures, which is what the company needs to spend each year to maintain or grow its business operations

Simply Wall St -

Is Public Joint Stock Company Inter RAO UES (MCX:IRAO) A Sell At Its Current PE Ratio?

largely comparable to the 5.76x average multiple of the Electric Utilities. … However, a static multiple such as PE is never conclusive on its own. … Below, I will lay out some important considerations to help determine which multiple best suits

Simply Wall St -

All You Need To Know About Public Joint Stock Company Inter RAO UES's (MCX:IRAO) Financial Health

Small-caps and large-caps are wildly popular among investors; however, mid-cap stocks, such as Public Joint Stock Company Inter RAO UES (MCX:IRAO) with a market-capitalization of RUруб344.52b, rarely draw their attention. … IRAO’s financial liquidity and debt position will be analysed in this article, to get an idea of whether the company can fund opportunities for strategic growth and maintain strength through economic downturns. … Remember this is a very top-level look that focuses exclusively on financial health, so I recommend a deeper analysis.

Simply Wall St -

June Fundamental Stock Pick: Public Joint Stock Company Inter RAO UES (MISX:IRAO)

Public Joint Stock Company Inter RAO UES (MISX:IRAO) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … is a company that has been able to sustain great financial health, trading at an attractive share price.

Simply Wall St -

Public Joint Stock Company Inter RAO UES (MCX:IRAO): Financial Strength Analysis

With this debt payback, the current cash and short-term investment levels stands at RUРУБ165.01B , ready to deploy into the business. … Additionally, IRAO has produced cash from operations of RUРУБ87.17B in the last twelve months, resulting in an operating cash to total debt ratio of 530.04%, signalling that IRAO’s current level of operating cash is high enough to cover debt. … Next Steps: IRAO has demonstrated its ability to generate sufficient levels of cash flow, while its debt hovers at a safe level.

Simply Wall St -

Was Public Joint Stock Company Inter RAO UES's (MCX:IRAO) Earnings Decline Part Of A Broader Industry Downturn?

Assessing Public Joint Stock Company Inter RAO UES's (MISX:IRAO) past track record of performance is an insightful exercise for investors. … Given that these values are somewhat nearsighted, I’ve created an annualized five-year figure for Inter RAO UES's net income, which stands at RUРУБ18.62B This means that although earnings declined against the prior year, over time, Inter RAO UES's profits have been growing on average. … Inter RAO UES's track record can be a valuable insight into its earnings performance, but it certainly doesn't tell the whole story.

Simply Wall St -

Company Info

Description

Public Joint Stock Company Inter RAO UES operates as a diversified energy holding company in the Russian and internationally. The company operates through Supply in the Russian Federation, Electric Power Generation in the Russian Federation, Thermal Power Generation in the Russian Federation, Trading in the Russian Federation and Europe, Foreign Assets, and Engineering in the Russian Federation segments. It produces, supplies, and distributes electricity; and exports and imports electricity. The company generates electricity through thermal, hydro, wind, and gas sources. It also provides engineering services; and energy effectiveness research and development services. Public Joint Stock Company Inter RAO UES was founded in 1997 and is based in Moscow, Russia.

Details
Name: Public Joint Stock Company Inter RAO UES
IRAO
Exchange: MISX
Founded: 1997
RUB302,693,233,080
73,540,630,000
Website: http://www.interrao.ru
Address: Public Joint Stock Company Inter RAO UES
Building 27-2,
Bolshaya Pirogovskaya Street,
Moscow,
119435,
Russia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
MISX IRAO Ordinary Shares Micex - Rts RU RUB 28. Jul 2008
Number of employees
Current staff
Staff numbers
0
Inter RAO UES employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/08/18 21:05
End of day share price update: 2019/08/16 00:00
Last estimates confirmation: 2019/08/15
Last earnings filing: 2019/08/14
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.