MISX:MRSB

Stock Analysis Report

Mordovia Energy Retail Company

Executive Summary

Mordovia Energy Retail Company Public Joint-Stock Company, an energy company, purchases and sells electricity in the wholesale and retail markets in Russia.

Snowflake

Fundamentals

Questionable track record with imperfect balance sheet.

Share Price & News

How has Mordovia Energy Retail Company's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

4.4%

MRSB

2.2%

RU Electric Utilities

1.9%

RU Market


1 Year Return

-23.6%

MRSB

16.7%

RU Electric Utilities

17.7%

RU Market

Return vs Industry: MRSB underperformed the Russian Electric Utilities industry which returned 16.7% over the past year.

Return vs Market: MRSB underperformed the Russian Market which returned 17.7% over the past year.


Shareholder returns

MRSBIndustryMarket
7 Day4.4%2.2%1.9%
30 Day0.8%-2.9%-0.4%
90 Day-1.8%-0.5%3.6%
1 Year-23.6%-23.6%23.2%16.7%26.3%17.7%
3 Year-23.9%-34.7%28.6%12.1%66.4%40.5%
5 Year529.7%349.4%140.4%94.4%162.5%106.1%

Price Volatility Vs. Market

How volatile is Mordovia Energy Retail Company's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Mordovia Energy Retail Company undervalued compared to its fair value and its price relative to the market?

8.94x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MRSB (RUB0.38) is trading above our estimate of fair value (RUB0.08)

Significantly Below Fair Value: MRSB is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: MRSB is poor value based on its PE Ratio (8.9x) compared to the Electric Utilities industry average (5.3x).

PE vs Market: MRSB is poor value based on its PE Ratio (8.9x) compared to the Russian market (6.8x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MRSB's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: MRSB is overvalued based on its PB Ratio (3.2x) compared to the RU Electric Utilities industry average (0.7x).


Next Steps

Future Growth

How is Mordovia Energy Retail Company forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

-21.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MRSB's earnings are forecast to decline over the next 3 years (-21.3% per year).

Earnings vs Market: MRSB's earnings are forecast to decline over the next 3 years (-21.3% per year).

High Growth Earnings: MRSB's earnings are forecast to decline over the next 3 years.

Revenue vs Market: Insufficient data to determine if MRSB's revenue is forecast to grow faster than the Russian market.

High Growth Revenue: Insufficient data to determine if MRSB's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if MRSB's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Mordovia Energy Retail Company performed over the past 5 years?

-20.4%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: MRSB has become profitable over the past 5 years, growing earnings by -20.4% per year.

Accelerating Growth: MRSB has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: MRSB has become profitable in the last year, making it difficult to compare its past year earnings growth to the Electric Utilities industry (3.1%).


Return on Equity

High ROE: Whilst MRSB's Return on Equity (35.51%) is high, this metric is skewed due to their high level of debt.


Return on Assets

ROA vs Industry: MRSB has a higher Return on Assets than the Electric Utilities industry average last year.


Return on Capital Employed

ROCE Improving: MRSB's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Mordovia Energy Retail Company's financial position?


Financial Position Analysis

Short Term Liabilities: MRSB's short term assets (RUB1.0B) do not cover its short term liabilities (RUB1.2B)

Long Term Liabilities: MRSB's short term assets (1.0B) exceeds its long term liabilities (2.0M)


Debt to Equity History and Analysis

Debt Level: MRSB's debt to equity ratio (408.9%) is considered high

Reducing Debt: MRSB's debt to equity ratio has reduced from 908% to 408.9% over the past 5 years.

Debt Coverage: MRSB's debt is not well covered by operating cash flow (8.1%).

Interest Coverage: MRSB's interest payments on its debt are not well covered by EBIT (1.7x coverage).


Balance Sheet

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

Debt Coverage by Assets: MRSB's debt is covered by short term assets (assets are 1.511240x debt).


Next Steps

Dividend

What is Mordovia Energy Retail Company's current dividend yield, its reliability and sustainability?

3.05%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Mordovia Energy Retail Company before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company3.0%marketbottom25%3.2%markettop25%8.7%industryaverage6.0%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: MRSB's dividend (3.05%) isn’t notable compared to the bottom 25% of dividend payers in the Russian market (3.19%).

High Dividend: MRSB's dividend (3.05%) is low compared to the top 25% of dividend payers in the Russian market (8.73%).

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

Growing Dividend: MRSB has only been paying a dividend for 9 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (27.3%), MRSB'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

What is the CEO of Mordovia Energy Retail Company's salary, the management and board of directors tenure and is there insider trading?


CEO

Alexandr Mordvinov 0

8.3yrs

Tenure

0

Mr. Alexandr Mikhailovich Mordvinov has been the Director General of Mordovia Energy Retail Company Public Joint-Stock Company since June 24, 2011. Mr. Mordvinov served as First Deputy Director General at  ...


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown


Management Team

  • Alexandr Mordvinov

    Director General and Director

    • Tenure: 8.3yrs
  • Andrey Pavlov

    Technical Director

    • Tenure: 0yrs
  • Galina Podkopalova

    Financial Director

    • Tenure: 0yrs
  • Alexey Shashkov

    Director of Legal and Corporate Affairs

    • Tenure: 0yrs
  • G. Tabachnikova

    Chief Accountant

    • Tenure: 0yrs

Board Members

  • Grigoriy Zhirnov (46yo)

    Member of the Audit Commission

    • Tenure: 0yrs
  • Yuriy Kirillov (41yo)

    Director

    • Tenure: 0yrs
  • Sergey Shashkov (44yo)

    Director

    • Tenure: 0yrs
  • Gennadiy Myatishkin

    Chairman

    • Tenure: 0yrs
  • Aleksey Mashin

    Member of the Audit Commission

    • Tenure: 0yrs
  • Bibikova Gennadyevna

    Director

    • Tenure: 0yrs
  • Elena Ruzinskaya

    Member of the Audit Commission

    • Tenure: 0yrs
  • Alexandr Mordvinov

    Director General and Director

    • Tenure: 8.3yrs
  • Evgeniy Bobrovskiy

    Director

    • Tenure: 0yrs
  • Olga Zueva

    Director

    • Tenure: 0yrs

Company Information

Mordovia Energy Retail Company Public Joint-Stock Company's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Mordovia Energy Retail Company Public Joint-Stock Company
  • Ticker: MRSB
  • Exchange: MISX
  • Founded: 1964
  • Industry: Electric Utilities
  • Sector: Utilities
  • Market Cap: ₽513.804m
  • Shares outstanding: 1.35b
  • Website: https://www.mesk.ru

Location

  • Mordovia Energy Retail Company Public Joint-Stock Company
  • St. Bolshevik, d.117A
  • Saransk
  • Mordoviya
  • Russia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MRSBMISX (Micex - Rts)YesCommon SharesRURUBJan 2007

Biography

Mordovia Energy Retail Company Public Joint-Stock Company, an energy company, purchases and sells electricity in the wholesale and retail markets in Russia. It provides various services, including consulti ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/21 21:13
End of Day Share Price2019/10/21 00:00
Earnings2019/03/31
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.