Executive Summary
Public Joint Stock Company Mosenergo engages in the generation of heat and electric power in the Moscow City and Moscow region.
Rewards
Risk Analysis
Earnings are forecast to decline by an average of -1% per year for the next 3 years
Snowflake Analysis
Flawless balance sheet established dividend payer.
Similar Companies
Share Price & News
How has Mosenergo's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: MSNG has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
1.0%
MSNG
0.6%
RU Electric Utilities
-0.07%
RU Market
1 Year Return
20.5%
MSNG
43.8%
RU Electric Utilities
20.0%
RU Market
Return vs Industry: MSNG underperformed the Russian Electric Utilities industry which returned 43.8% over the past year.
Return vs Market: MSNG matched the Russian Market which returned 20% over the past year.
Shareholder returns
| MSNG | Industry | Market | |
|---|---|---|---|
| 7 Day | 1.0% | 0.6% | -0.07% |
| 30 Day | 7.8% | 6.4% | -1.4% |
| 90 Day | 3.7% | 26.7% | 4.8% |
| 1 Year | 31.5%20.5% | 53.0%43.8% | 28.1%20.0% |
| 3 Year | 14.7%-5.3% | 36.0%16.8% | 67.3%40.9% |
| 5 Year | 322.1%233.0% | 198.2%139.4% | 136.7%84.6% |
Price Volatility Vs. Market
How volatile is Mosenergo's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 week ago | Simply Wall St
Public Joint Stock Company Mosenergo (MCX:MSNG) Might Not Be A Great Investment1 month ago | Simply Wall St
Public Joint Stock Company Mosenergo (MCX:MSNG) Has Got What It Takes To Be An Attractive Dividend Stock1 month ago | Simply Wall St
Does Public Joint Stock Company Mosenergo's (MCX:MSNG) P/E Ratio Signal A Buying Opportunity?Valuation
Is Mosenergo undervalued compared to its fair value and its price relative to the market?
16.2%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: MSNG (RUB2.52) is trading below our estimate of fair value (RUB3.01)
Significantly Below Fair Value: MSNG is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: MSNG is good value based on its PE Ratio (5x) compared to the Electric Utilities industry average (7.9x).
PE vs Market: MSNG is good value based on its PE Ratio (5x) compared to the Russian market (9.3x).
Price to Earnings Growth Ratio
PEG Ratio: MSNG's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: MSNG is good value based on its PB Ratio (0.4x) compared to the RU Electric Utilities industry average (0.8x).
Next Steps
Future Growth
How is Mosenergo forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
-1.0%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: MSNG's earnings are forecast to decline over the next 3 years (-1% per year).
Earnings vs Market: MSNG's earnings are forecast to decline over the next 3 years (-1% per year).
High Growth Earnings: MSNG's earnings are forecast to decline over the next 3 years.
Revenue vs Market: MSNG's revenue (2% per year) is forecast to grow slower than the Russian market (3.8% per year).
High Growth Revenue: MSNG's revenue (2% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: MSNG's Return on Equity is forecast to be low in 3 years time (5.2%).
Next Steps
Past Performance
How has Mosenergo performed over the past 5 years?
47.3%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MSNG has high quality earnings.
Growing Profit Margin: MSNG's current net profit margins (10.2%) are lower than last year (11.2%).
Past Earnings Growth Analysis
Earnings Trend: MSNG's earnings have grown significantly by 47.3% per year over the past 5 years.
Accelerating Growth: MSNG's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: MSNG had negative earnings growth (-9.3%) over the past year, making it difficult to compare to the Electric Utilities industry average (-0.2%).
Return on Equity
High ROE: MSNG's Return on Equity (7.1%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is Mosenergo's financial position?
Financial Position Analysis
Short Term Liabilities: MSNG's short term assets (RUB88.0B) exceed its short term liabilities (RUB17.8B).
Long Term Liabilities: MSNG's short term assets (RUB88.0B) exceed its long term liabilities (RUB37.2B).
Debt to Equity History and Analysis
Debt Level: MSNG's debt to equity ratio (1.4%) is considered satisfactory.
Reducing Debt: MSNG's debt to equity ratio has reduced from 20.4% to 1.4% over the past 5 years.
Debt Coverage: MSNG's debt is well covered by operating cash flow (911.8%).
Interest Coverage: MSNG earns more interest than it pays, so coverage of interest payments is not a concern.
Balance Sheet
Inventory Level: MSNG has a high level of physical assets or inventory.
Debt Coverage by Assets: MSNG's debt is covered by short term assets (assets are 22.7x debt).
Next Steps
Dividend
What is Mosenergo's current dividend yield, its reliability and sustainability?
8.32%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: MSNG's dividend (8.32%) is higher than the bottom 25% of dividend payers in the Russian market (2.99%).
High Dividend: MSNG's dividend (8.32%) is in the top 25% of dividend payers in the Russian market (7.16%)
Stability and Growth of Payments
Stable Dividend: MSNG's dividend payments have been volatile in the past 10 years.
Growing Dividend: MSNG's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (41.6%), MSNG's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: MSNG's dividends in 3 years are forecast to be well covered by earnings (42.7% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
7.9yrs
Average management tenure
CEO
Vitaly Yakovlev (47yo)
11.9yrs
Tenure
Mr. Vitaly Georgievich Yakovlev serves as a General Director at TEK Mosenergo OAO. Mr. Yakovlev has been General Director and a Director of Open Joint Stock Company of Power and Electrification Mosenergo s ...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| General Director | 11.9yrs | no data | no data | |
| Chief Accountant | 0yrs | no data | no data | |
| Head of the Department of Investor Relations | 0yrs | no data | no data | |
| Deputy MD & Director for Legal Issues | 7.9yrs | no data | no data | |
| Deputy MD & General Director of Sales | 11.1yrs | no data | no data | |
| HR Director | 1.1yrs | no data | no data | |
| Chief Engineer and First Deputy General Director | 0yrs | no data | no data | |
| MD & Director | 0yrs | no data | no data | |
| Deputy General Director of Production & Acting General Director | 7.3yrs | no data | no data | |
| Head of the Procurement & Logistics Department | 0yrs | no data | no data |
7.9yrs
Average Tenure
51yo
Average Age
Experienced Management: MSNG's management team is seasoned and experienced (7.9 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| MD & Director | 0yrs | no data | no data | |
| Director | 11.8yrs | no data | 0.046% RUB46.6m | |
| Director | 0yrs | no data | no data | |
| Director | 0yrs | no data | no data | |
| Director | 0yrs | no data | no data | |
| Director | 0yrs | no data | no data | |
| Director | 0.7yrs | no data | no data | |
| Director | 0.7yrs | no data | no data | |
| Director | 0.7yrs | no data | no data | |
| Chairman of the Board of Directors | 1.1yrs | no data | no data |
0.7yrs
Average Tenure
47yo
Average Age
Experienced Board: MSNG's board of directors are not considered experienced ( 0.7 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 Mosenergo's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Public Joint Stock Company Mosenergo
- Ticker: MSNG
- Exchange: MISX
- Founded: 1886
- Industry: Electric Utilities
- Sector: Utilities
- Market Cap: ₽100.327b
- Shares outstanding: 39.75b
- Website: https://www.mosenergo.ru
Number of Employees
Location
- Public Joint Stock Company Mosenergo
- Building 101/3
- Prospekt Vernadskogo
- Moscow
- 119526
- Russia
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| MSNG | MISX (Micex - Rts) | Yes | Ordinary Shares | RU | RUB | Mar 1995 |
| AOMO.Y | OTCPK (Pink Sheets LLC) | ADR EACH REP 50 ORD RUB1 LVL1(BNY) | US | USD | Aug 1997 | |
| MRO | DB (Deutsche Boerse AG) | ADR EACH REP 50 ORD RUB1 LVL1(BNY) | DE | EUR | Aug 1997 |
Biography
Public Joint Stock Company Mosenergo engages in the generation of heat and electric power in the Moscow City and Moscow region. It operates in two segments, Electric Energy and Heat Energy. The company owns 15 power plants with an operational capacity of approximately 12,873 megawatts of electricity; and 42,760 gigacalories/hour of heat capacity. It is also involved in the production, transmission, and distribution of heat and hot water; provision of repair and reconstruction services, as well as rental and maintenance services; and sale of feed water. In addition, the company provides design and construction management services. Public Joint Stock Company Mosenergo was founded in 1886 and is based in Moscow, Russia. Public Joint Stock Company Mosenergo is a subsidiary of Gazprom Energoholding LLC.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/02/23 21:34 |
| End of Day Share Price | 2020/02/21 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.