MISX:MSNG

Stock Analysis Report

Executive Summary

Public Joint Stock Company Mosenergo engages in the generation of heat and electric power in the Moscow City and Moscow region.


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

MSNGIndustryMarket
7 Day1.0%0.6%-0.07%
30 Day7.8%6.4%-1.4%
90 Day3.7%26.7%4.8%
1 Year31.5%20.5%53.0%43.8%28.1%20.0%
3 Year14.7%-5.3%36.0%16.8%67.3%40.9%
5 Year322.1%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

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

company8.3%marketbottom25%3.0%markettop25%7.2%industryaverage4.6%forecastin3Years7.0%

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

0

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

NamePositionTenureCompensationOwnership
Vitaly Yakovlev
General Director11.9yrsno datano data
E. Novenkova
Chief Accountant0yrsno datano data
Ekaterina Pavlova
Head of the Department of Investor Relations0yrsno datano data
Anna Efimova
Deputy MD & Director for Legal Issues7.9yrsno datano data
Elena Andreeva
Deputy MD & General Director of Sales11.1yrsno datano data
Alexander Afanasyev
HR Director1.1yrsno datano data
Igor Goryunov
Chief Engineer and First Deputy General Director0yrsno datano data
Aleksandr Butko
MD & Director0yrsno datano data
Alexander Osyka
Deputy General Director of Production & Acting General Director7.3yrsno datano data
Ilya Malafeyev
Head of the Procurement & Logistics Department0yrsno datano 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

NamePositionTenureCompensationOwnership
Aleksandr Butko
MD & Director0yrsno datano data
Denis Fedorov
Director11.8yrsno data0.046% RUB46.6m
Alexandr Ivannikov
Director0yrsno datano data
Elena Mikhailova
Director0yrsno datano data
Andrey Khorev
Director0yrsno datano data
Konstantin Komissarov
Director0yrsno datano data
Andrey Dmitriev
Director0.7yrsno datano data
Kirill Purtov
Director0.7yrsno datano data
Aleksey Chernikov
Director0.7yrsno datano data
Vitaly Markelov
Chairman of the Board of Directors1.1yrsno datano 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MSNGMISX (Micex - Rts)YesOrdinary SharesRURUBMar 1995
AOMO.YOTCPK (Pink Sheets LLC)ADR EACH REP 50 ORD RUB1 LVL1(BNY)USUSDAug 1997
MRODB (Deutsche Boerse AG)ADR EACH REP 50 ORD RUB1 LVL1(BNY)DEEURAug 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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/23 21:34
End of Day Share Price2020/02/21 00:00
Earnings2019/09/30
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.