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Rosseti

MISX:RSTI
Snowflake Description

Very undervalued with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
RSTI
MISX
RUB245B
Market Cap
  1. Home
  2. RU
  3. Utilities
Company description

Rosseti, Public Joint Stock Company, together with its subsidiaries, provides electricity transmission and distribution services in Russia. The last earnings update was 49 days ago. More info.


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RSTI Share Price and Events
7 Day Returns
-4.7%
MISX:RSTI
-3.3%
RU Electric Utilities
-2.3%
RU Market
1 Year Returns
54.8%
MISX:RSTI
7.2%
RU Electric Utilities
13.7%
RU Market
RSTI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Rosseti (RSTI) -4.7% -13.8% 17.3% 54.8% 74% 148.4%
RU Electric Utilities -3.3% -2.6% 13% 7.2% 39.2% 102%
RU Market -2.3% 1.6% 9.2% 13.7% 42.4% 103.2%
1 Year Return vs Industry and Market
  • RSTI outperformed the Electric Utilities industry which returned 7.2% over the past year.
  • RSTI outperformed the Market in Russian Federation which returned 13.7% over the past year.
Price Volatility
RSTI
Industry
5yr Volatility vs Market

Value

 Is Rosseti 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 Rosseti 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 Rosseti.

MISX:RSTI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 16.4%
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:RSTI
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 0.26
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.262 (1 + (1- 20%) (238.81%))
0.841
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.84
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 8.44% + (0.841 * 9.43%)
16.37%

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

The calculations below outline how an intrinsic value for Rosseti 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.

MISX:RSTI DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (RUB, Millions) Source Present Value
Discounted (@ 16.37%)
2020 6,669.73 Est @ 12.36% 5,731.47
2021 41,831.00 Analyst x1 30,889.75
2022 47,891.00 Analyst x1 30,389.82
2023 55,413.00 Analyst x1 30,216.49
2024 61,612.18 Est @ 11.19% 28,870.68
2025 67,997.09 Est @ 10.36% 27,380.34
2026 74,651.38 Est @ 9.79% 25,831.19
2027 81,655.39 Est @ 9.38% 24,280.05
2028 89,085.72 Est @ 9.1% 22,763.07
2029 97,015.88 Est @ 8.9% 21,302.17
Present value of next 10 years cash flows RUB247,655.05
MISX:RSTI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= RUB97,015.88 × (1 + 8.44%) ÷ (16.37% – 8.44%)
RUB1,326,619.45
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= RUB1,326,619.45 ÷ (1 + 16.37%)10
RUB291,291.15
MISX:RSTI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= RUB247,655.05 + RUB291,291.15
RUB538,946.20
Equity Value per Share
(RUB)
= Total value / Shares Outstanding
= RUB538,946.20 / 198,824.87
RUB2.71
MISX:RSTI Discount to Share Price
Calculation Result
Value per share (RUB) From above. RUB2.71
Current discount Discount to share price of RUB1.23
= -1 x (RUB1.23 - RUB2.71) / RUB2.71
54.6%

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

Current Discount
Amount off the current price Rosseti is available for.
Intrinsic value
>50%
Share price is RUB1.23 vs Future cash flow value of RUB2.71
Current Discount Checks
For Rosseti to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Rosseti's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Rosseti'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 Rosseti's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Rosseti's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
MISX:RSTI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in RUB RUB0.49
MISX:RSTI Share Price ** MISX (2019-07-15) in RUB RUB1.23
Russian Federation Electric Utilities Industry PE Ratio Median Figure of 38 Publicly-Listed Electric Utilities Companies 6.52x
Russian Federation Market PE Ratio Median Figure of 137 Publicly-Listed Companies 7.13x

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

** Primary Listing of Rosseti.

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

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

= 1.23 ÷ 0.49

2.54x

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

  • Rosseti is good value based on earnings compared to the RU Electric Utilities industry average.
  • Rosseti is good value based on earnings compared to the Russian Federation market.
Price based on expected Growth
Does Rosseti's expected growth come at a high price?
Raw Data
MISX:RSTI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 2.54x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
4%per year
Russian Federation Electric Utilities Industry PEG Ratio Median Figure of 9 Publicly-Listed Electric Utilities Companies -0.28x
Russian Federation Market PEG Ratio Median Figure of 33 Publicly-Listed Companies 0.61x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 2.54x ÷ 4%

0.64x

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

  • Rosseti is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Rosseti's assets?
Raw Data
MISX:RSTI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in RUB RUB5.75
MISX:RSTI Share Price * MISX (2019-07-15) in RUB RUB1.23
Russian Federation Electric Utilities Industry PB Ratio Median Figure of 39 Publicly-Listed Electric Utilities Companies 0.65x
Russian Federation Market PB Ratio Median Figure of 154 Publicly-Listed Companies 0.81x
MISX:RSTI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 1.23 ÷ 5.75

0.21x

* Primary Listing of Rosseti.

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

  • Rosseti is good value based on assets compared to the RU Electric Utilities industry average.
X
Value checks
We assess Rosseti'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. Rosseti has a total score of 6/6, 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 Rosseti expected to perform in the next 1 to 3 years based on estimates from 2 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
4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Rosseti expected to grow at an attractive rate?
  • Rosseti's earnings growth is positive but not above the low risk savings rate of 8.4%.
Growth vs Market Checks
  • Rosseti's earnings growth is expected to exceed the Russian Federation market average.
  • Rosseti's revenue growth is positive but not above the Russian Federation market average.
Annual Growth Rates Comparison
Raw Data
MISX:RSTI Future Growth Rates Data Sources
Data Point Source Value (per year)
MISX:RSTI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 4%
MISX:RSTI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 2.7%
Russian Federation Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 7.7%
Russian Federation Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 2.4%
Russian Federation Market Earnings Growth Rate Market Cap Weighted Average 2.8%
Russian Federation Market Revenue Growth Rate Market Cap Weighted Average 4.2%

*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:RSTI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in RUB Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
MISX:RSTI Future Estimates Data
Date (Data in RUB Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1,095,163 253,785 113,680 2
2020-12-31 1,056,486 245,661 108,229 2
2019-12-31 1,022,831 242,073 109,930 2
MISX:RSTI Past Financials Data
Date (Data in RUB Millions) Revenue Cash Flow Net Income *
2019-03-31 1,026,857 226,823 96,728
2018-12-31 1,021,602 238,571 90,985
2018-09-30 1,011,651 230,094 95,551
2018-06-30 997,771 227,968 93,175
2018-03-31 978,006 220,041 97,304
2017-12-31 948,344 212,386 89,828
2017-09-30 936,211 201,082 71,394
2017-06-30 921,462 190,375 69,497
2017-03-31 913,535 180,729 72,222
2016-12-31 901,034 175,564 74,615
2016-09-30 828,619 152,379 84,134
2016-06-30 830,398 155,016 88,243

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Rosseti's earnings are expected to grow by 4% yearly, however this is not considered high growth (20% yearly).
  • Rosseti's revenue is expected to grow by 2.7% 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:RSTI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Rosseti Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MISX:RSTI Future Estimates Data
Date (Data in RUB Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.57 0.57 0.57 1.00
2020-12-31 0.55 0.56 0.53 2.00
2019-12-31 0.62 0.68 0.55 2.00
MISX:RSTI Past Financials Data
Date (Data in RUB Millions) EPS *
2019-03-31 0.49
2018-12-31 0.46
2018-09-30 0.48
2018-06-30 0.47
2018-03-31 0.49
2017-12-31 0.46
2017-09-30 0.36
2017-06-30 0.36
2017-03-31 0.37
2016-12-31 0.38
2016-09-30 0.45
2016-06-30 0.50

*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.
  • Unable to establish if Rosseti will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Rosseti'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.
Rosseti 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 Rosseti 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 Rosseti'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.
  • Rosseti has delivered over 20% year on year earnings growth in the past 5 years.
  • Rosseti's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Rosseti's 1-year earnings growth is negative, it can't be compared to the RU Electric Utilities industry average.
Earnings and Revenue History
Rosseti'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 Rosseti Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MISX:RSTI Past Revenue, Cash Flow and Net Income Data
Date (Data in RUB Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,026,857.00 96,728.00 248,571.00
2018-12-31 1,021,602.00 90,985.00 249,938.00
2018-09-30 1,011,651.00 95,551.00 250,768.00
2018-06-30 997,771.00 93,175.00 247,816.00
2018-03-31 978,006.00 97,304.00 242,699.00
2017-12-31 948,344.00 89,828.00 232,347.00
2017-09-30 936,211.00 71,394.00 231,277.00
2017-06-30 921,462.00 69,497.00 233,338.00
2017-03-31 913,535.00 72,222.00 277,365.00
2016-12-31 901,034.00 74,615.00 228,436.00
2016-09-30 828,618.50 84,133.50 216,589.50
2016-06-30 830,398.00 88,243.00 221,221.00
2016-03-31 808,972.50 72,308.50 172,188.00
2015-12-31 766,812.00 64,036.00 223,277.00
2015-09-30 750,253.00 22,042.00 217,178.50
2015-06-30 733,694.00 -19,952.00 211,080.00
2015-03-31 746,651.00 -17,653.50 208,331.50
2014-12-31 759,608.00 -15,355.00 205,583.00
2014-09-30 771,926.00 -61,452.00 200,648.50
2014-06-30 784,244.00 -107,549.00 195,714.00
2014-03-31 770,025.00 -119,831.00 199,336.00
2013-12-31 755,806.00 -132,113.00 202,958.00
2013-09-30 721,686.50 -62,501.00 197,901.00
2013-06-30 687,567.00 7,111.00 192,844.00
2013-03-31 669,875.00 16,068.00 178,826.00
2012-12-31 652,183.00 25,025.00 164,808.00
2012-09-30 629,616.00 23,181.00 146,177.50

*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.
  • Rosseti has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Rosseti used its assets less efficiently than the RU Electric Utilities industry average last year based on Return on Assets.
  • Rosseti has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Rosseti'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.
Rosseti has a total score of 2/6, 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 Rosseti'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 Rosseti's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Rosseti's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Rosseti's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Rosseti'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 not covered by short term assets, assets are 0.7x 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 Rosseti Company Filings, last reported 3 months ago.

MISX:RSTI Past Debt and Equity Data
Date (Data in RUB Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,533,153.00 550,066.00 130,872.00
2018-12-31 1,494,962.00 566,305.00 131,248.00
2018-09-30 1,515,823.00 547,605.00 115,922.00
2018-06-30 1,484,100.00 569,839.00 142,747.00
2018-03-31 1,461,662.00 544,032.00 113,666.00
2017-12-31 1,369,793.00 557,250.00 102,203.00
2017-09-30 1,374,061.00 546,517.00 104,027.00
2017-06-30 1,349,244.00 547,020.00 109,345.00
2017-03-31 1,331,479.00 555,461.00 112,941.00
2016-12-31 1,304,639.00 557,740.00 99,590.00
2016-09-30
2016-06-30 1,233,640.00 558,413.00 126,504.00
2016-03-31 1,168,895.00 584,271.00 133,867.00
2015-12-31 1,168,895.00 583,608.00 133,867.00
2015-09-30 1,168,895.00 583,608.00 133,867.00
2015-06-30 1,066,368.00 611,507.00 134,278.00
2015-03-31 1,066,368.00 611,507.00 134,278.00
2014-12-31 1,038,804.00 577,727.00 100,484.00
2014-09-30 1,038,804.00 577,727.00 100,484.00
2014-06-30 1,092,107.00 556,665.00 128,108.00
2014-03-31 1,092,107.00 556,665.00 128,108.00
2013-12-31 1,061,691.00 548,646.00 115,223.00
2013-09-30 1,061,691.00 548,646.00 115,223.00
2013-06-30 1,217,631.00 456,952.00 118,853.00
2013-03-31 1,217,631.00 456,952.00 118,853.00
2012-12-31 1,222,419.00 439,311.00 94,894.00
2012-09-30 494,686.00 227,177.00 69,790.00
  • Rosseti's level of debt (35.9%) 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 (51.1% vs 35.9% today).
  • Debt is well covered by operating cash flow (41.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 12.9x coverage).
X
Financial health checks
We assess Rosseti'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. Rosseti has a total score of 4/6, 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 Rosseti'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
1.94%
Current annual income from Rosseti dividends. Estimated to be 3.45% next year.
If you bought RUB2,000 of Rosseti shares you are expected to receive RUB39 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?
  • Rosseti's pays a lower dividend yield than the bottom 25% of dividend payers in Russian Federation (3.22%).
  • Rosseti's dividend is below the markets top 25% of dividend payers in Russian Federation (8.26%).
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:RSTI 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 2 Analyst Estimates (S&P Global) See Below
Russian Federation Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 19 Stocks 5.7%
Russian Federation Market Average Dividend Yield Market Cap Weighted Average of 72 Stocks 7.1%
Russian Federation Minimum Threshold Dividend Yield 10th Percentile 1.8%
Russian Federation Bottom 25% Dividend Yield 25th Percentile 3.2%
Russian Federation Top 25% Dividend Yield 75th Percentile 8.3%

Industry and Market average data is calculated daily.

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

MISX:RSTI Future Dividends Estimate Data
Date (Data in RUB) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.08 1.00
2022-12-31 0.08 1.00
2021-12-31 0.03 2.00
2020-12-31 0.03 2.00
2019-12-31 0.02 2.00
MISX:RSTI Past Annualized Dividends Data
Date (Data in RUB) Dividend per share (annual) Avg. Yield (%)
2018-11-29 0.024 2.383
2018-08-29 0.024 3.376
2018-06-01 0.024 3.118
2018-04-06 0.012 1.541
2017-05-31 0.012 1.412
2016-08-29 0.016 1.589
2016-08-26 0.016 1.732

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

  • Rosseti 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 Rosseti only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of Rosseti's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (40.6x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Rosseti's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.8%) - 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 Rosseti afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Rosseti has a total score of 1/6, 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 Rosseti'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
Pavel Livinsky
AGE 39
TENURE AS CEO 1.8 years
CEO Bio

Mr. Pavel Anatolyevich Livinsky has been Chief Executive Officer and Director General at Rosseti, Public Joint Stock Company since September 11, 2017, Chairman of the Management Board since September 14, 2017 and is its Director. He has been Chairman of Public Joint-Stock Company Moscow United Electric Grid Company since 2018. Mr. Livinsky spent his entire career in the power sector. He held management positions in major power sector companies based in different Russian regions. Since 2006, he worked at companies comprising the Moscow power grid. He served as Deputy General Director for Service Sales and Development at JSC Moscow City Power Grid Company since 2006. He served as Deputy General Director for Customer Relations and Technological Connection at Public Joint-Stock Company Moscow United Electric Grid Company since 2006. He served as Chief Executive Officer at Joint-Stock Company United Energy Company since 2011. He served as Head of the Department of Fuel and Energy Sector of Moscow since 2013. He served as Head of the Moscow Department of Housing, Utilities and Amenities since 2017. He served as a Director at Public Joint Stock Company Mosenergo. He serves as a Director for the Moscow Department of Fuel and Energy. He has been a Director of Public Joint-Stock Company Moscow United Electric Grid Company since June 26, 2013. He has been a Director of Public Joint-Stock Company Federal Grid Company of Unified Energy System since June 28, 2018 and serves as its Chairman. He serves as a Director of Open Joint Stock Company of Power and Electrification Mosenergo. Mr. Livinsky served as a Director at Joint Stock Company Moscow Integrated Power Company since October 2013. He served as a Director of Public Joint Stock Company Mosenergosbyt since July 19, 2013. He graduated with honours from Lomonosov Moscow State University with a degree in Economics in 2001. He received a master's degree in Management (Summa Cum Laude) in 2003.

CEO Compensation
  • Insufficient data for Pavel to compare compensation growth.
  • Insufficient data for Pavel to establish whether their remuneration is reasonable compared to companies of similar size in Russian Federation.
Management Team Tenure

Average tenure and age of the Rosseti management team in years:

1.5
Average Tenure
37
Average Age
  • The average tenure for the Rosseti management team is less than 2 years, this suggests a new team.
Management Team

Pavel Livinsky

TITLE
Chairman of the Management Board
AGE
39
TENURE
1.8 yrs

Andrey Dyomin

TITLE
Member of Management Board
AGE
45
TENURE
6 yrs

Sergeeva Andreevna

TITLE
Member of Management Board
AGE
35
TENURE
1.5 yrs

Dmitry Korotkov

TITLE
Member of the Management Board & Deputy Director General for Legal Support
AGE
37
TENURE
0.6 yrs

Konstantin Mikhailik

TITLE
Deputy Director-General of Operation
TENURE
0.3 yrs

Svetlana Balaeva

TITLE
Deputy Director General of Investment

D. Nagovitsyn

TITLE
Chief Accountant and Director for Accounting & Reporting

Alexander Popov

TITLE
Deputy Director General & Head of Administrative Office
AGE
64

Maria Stepanova

TITLE
Head of Investor Relations
AGE
37

Dmitry Bobkov

TITLE
Head of Communications Policy & Pr Department
AGE
37
Board of Directors Tenure

Average tenure and age of the Rosseti board of directors in years:

6.1
Average Tenure
48.5
Average Age
  • The tenure for the Rosseti board of directors is about average.
Board of Directors

Alexander Novak

TITLE
Chairman of the Board
AGE
48
TENURE
4 yrs

Pavel Livinsky

TITLE
Chairman of the Management Board
AGE
39

Alexander Kalinin

TITLE
Independent Director
AGE
53

Vasily Belov

TITLE
Independent Director
AGE
38

Oleg Dubnov

TITLE
Independent Director
AGE
48

Tatiana Zobkova

TITLE
Chairperson of Internal Audit Commission
AGE
43

Sergey Shmatko

TITLE
Director
AGE
53
TENURE
6.1 yrs

Andrey Murov

TITLE
Director
AGE
49

Nikolai Shulginov

TITLE
Director
AGE
68

Boris Ayuyev

TITLE
Director
AGE
62
TENURE
6.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month 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 Rosseti'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. Rosseti 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

Rosseti, Public Joint Stock Company (MCX:RSTI) Might Not Be A Great Investment

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Understanding Return On Capital Employed (ROCE). … ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business.

Simply Wall St -

Did Rosseti Public Joint Stock Company (MCX:RSTI) Create Value For Shareholders?

and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … Rosseti Public Joint Stock Company (MCX:RSTI) delivered an ROE of 10.0% over the past 12 months, which is relatively in-line with its industry average of 9.9% during the same period. … Sustainability can be gauged by a company’s financial leverage – the more debt it has, the higher ROE is pumped up in the short term, at the expense of long term interest payment burden.

Simply Wall St -

What Should You Know About Rosseti Public Joint Stock Company's (MCX:RSTI) Capital Returns?

and want a simplistic look at the return on Rosseti Public Joint Stock Company (MCX:RSTI) stock. … This share represents a portion of capital used by the company to operate the business, and it is important the company is able to use the capital base efficiently to create adequate cash flows for you as an investor. … Thus, to understand how your money can grow by investing in Rosseti, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE)

Simply Wall St -

How Has Rosseti Public Joint Stock Company's (MCX:RSTI) Performed Against The Industry?

For long term investors, improvement in profitability and outperformance against the industry can be important characteristics in a stock. … In this article, I will take a look at Rosseti Public Joint Stock Company's (MCX:RSTI) track record on a high level, to give you some insight into how the company has been performing against its historical trend and its industry peers. … View our latest analysis for Rosseti?

Simply Wall St -

Rosseti Public Joint Stock Company (MCX:RSTI): What The Forecasts Are Telling Us

Rosseti Public Joint Stock Company (MCX:RSTI) to … in earnings of -1.51% annualised … over the couple of years ahead,

Simply Wall St -

Why Rosseti Public Joint Stock Company (MCX:RSTI) Is A Financially Healthy Company

Stocks with market capitalization between $2B and $10B, such as Rosseti Public Joint Stock Company (MCX:RSTI) with a size of RUруб155.76b, do not attract as much attention from the investing community as do the small-caps and large-caps. … RSTI’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. … Note that this information is centred entirely on financial health and is a top-level understanding, so I encourage you to look further.

Simply Wall St -

What Is Rosseti Public Joint Stock Company's (MCX:RSTI) Share Price Doing?

Rosseti Public Joint Stock Company (MCX:RSTI), a electric utilities company based in Russia,. … As a RUруб162.12b market cap stock, it seems odd Rosseti is not more well-covered by analysts. … So, could the stock still be trading at a low price relative to its actual value.

Simply Wall St -

Why Rosseti Public Joint Stock Company (MISX:RSTI) Is An Attractive Investment

Rosseti Public Joint Stock Company (MISX:RSTI) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … In the case of RSTI, it

Simply Wall St -

Should You Buy Rosseti Public Joint Stock Company (MCX:RSTI)?

Rosseti Public Joint Stock Company (MISX:RSTI), a electric utilities company based in Russia, saw a double-digit share price rise of over 10% in the past couple of months on the MISX. … What’s more interesting is that, Rosseti’s share price is quite stable, which could mean two things: firstly, it may take the share price a while to move to its intrinsic value, and secondly, there may be less chances to buy low in the future once it reaches that value. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price.

Simply Wall St -

Is Rosseti Public Joint Stock Company's (MCX:RSTI) Liquidity Good Enough?

On top of this, RSTI has produced cash from operations of RUРУБ212.39B in the last twelve months, resulting in an operating cash to total debt ratio of 38.05%, indicating that RSTI’s current level of operating cash is high enough to cover debt. … Looking at RSTI’s most recent RUРУБ330.09B liabilities, it seems that the business has not maintained a sufficient level of current assets to meet its obligations, with the current ratio last standing at 0.89x, which is below the prudent industry ratio of 3x. … Next Steps: RSTI’s high cash coverage and appropriate debt levels indicate its ability to utilise its borrowings efficiently in order to generate ample cash flow.

Simply Wall St -

Company Info

Description

Rosseti, Public Joint Stock Company, together with its subsidiaries, provides electricity transmission and distribution services in Russia. The company also provides technological connection services. It operates 2.3 million kilometers of power lines; and 503,000 substations with transformer capacity of 782 gigawatts. Rosseti, Public Joint Stock Company has strategic cooperation with PJSC Sberbank concerning a range of non-financial banking services. The company was formerly known as JSC Russian Grids and changed its name to Rosseti, Public Joint Stock Company in August 2014. Rosseti, Public Joint Stock Company is based in Moscow, Russia.

Details
Name: Rosseti, Public Joint Stock Company
RSTI
Exchange: MISX
Founded:
RUB244,932,351,367
198,824,865,141
Website: http://www.rosseti.ru
Address: Rosseti, Public Joint Stock Company
4, Belovezhskaya Street,
Moscow,
121353,
Russia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
MISX RSTI Common Shares Micex - Rts RU RUB 20. Apr 2009
LSE RSTI GDR EACH REPR 200 ORD REG S UNSPON London Stock Exchange GB USD 17. Jun 2011
DB 2M1G GDR EACH REPR 200 ORD REG S UNSPON Deutsche Boerse AG DE EUR 17. Jun 2011
MISX RSTIP RUB1 PRF(USD) Micex - Rts RU RUB 20. Apr 2009
Number of employees
Current staff
Staff numbers
216,000
Rosseti employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/15 21:30
End of day share price update: 2019/07/15 00:00
Last estimates confirmation: 2019/07/13
Last earnings filing: 2019/05/27
Last earnings reported: 2019/03/31
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.