Financials Rosseti Centre and Volga region

Equities

MRKP

RU000A0JPN96

Electric Utilities

End-of-day quote Moscow Micex - RTS 23:00:00 07/07/2022 BST 5-day change 1st Jan Change
0.1801 RUB +0.95% Intraday chart for Rosseti Centre and Volga region -.--% -.--%

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 29,865 26,935 28,546 25,966 20,297 20,297
Enterprise Value (EV) 1 47,543 53,029 55,738 58,024 44,375 38,025
P/E ratio 2.55 x 4.03 x 4.44 x 2.61 x 1.84 x 1.45 x
Yield 15.4% 6.83% 10.2% 12.1% 17.9% -
Capitalization / Revenue 0.32 x 0.28 x 0.3 x 0.24 x 0.18 x 0.15 x
EV / Revenue 0.5 x 0.55 x 0.58 x 0.54 x 0.39 x 0.29 x
EV / EBITDA 1.98 x 3.03 x 2.8 x 2.28 x 1.67 x 1.15 x
EV / FCF 10.8 x -13.1 x 4.4 x 25.7 x 4.22 x -46.7 x
FCF Yield 9.23% -7.65% 22.7% 3.9% 23.7% -2.14%
Price to Book 0.55 x 0.49 x 0.47 x 0.38 x 0.28 x 0.23 x
Nbr of stocks (in thousands) 112,697,817 112,697,817 112,697,817 112,697,817 112,697,817 112,697,817
Reference price 2 0.2650 0.2390 0.2533 0.2304 0.1801 0.1801
Announcement Date 18/03/19 10/03/20 11/03/21 21/03/22 21/03/23 18/03/24
1RUB in Million2RUB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 94,213 96,534 96,740 106,687 114,011 132,029
EBITDA 1 24,012 17,482 19,881 25,452 26,565 32,981
EBIT 1 17,126 10,041 11,576 16,376 16,455 21,582
Operating Margin 18.18% 10.4% 11.97% 15.35% 14.43% 16.35%
Earnings before Tax (EBT) 1 15,571 8,752 8,233 12,924 14,378 18,956
Net income 1 11,721 6,687 6,429 9,952 11,045 14,023
Net margin 12.44% 6.93% 6.65% 9.33% 9.69% 10.62%
EPS 2 0.1040 0.0593 0.0570 0.0883 0.0980 0.1244
Free Cash Flow 1 4,389 -4,058 12,668 2,262 10,514 -813.4
FCF margin 4.66% -4.2% 13.1% 2.12% 9.22% -0.62%
FCF Conversion (EBITDA) 18.28% - 63.72% 8.89% 39.58% -
FCF Conversion (Net income) 37.45% - 197.05% 22.73% 95.19% -
Dividend per Share 2 0.0407 0.0163 0.0259 0.0278 0.0322 -
Announcement Date 18/03/19 10/03/20 11/03/21 21/03/22 21/03/23 18/03/24
1RUB in Million2RUB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 17,678 26,095 27,192 32,058 24,078 17,728
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 0.7362 x 1.493 x 1.368 x 1.26 x 0.9064 x 0.5375 x
Free Cash Flow 1 4,389 -4,058 12,668 2,262 10,514 -813
ROE (net income / shareholders' equity) 23% 12.2% 11.1% 15.3% 15.6% 17.5%
ROA (Net income/ Total Assets) 11.1% 5.89% 6.36% 8.23% 7.29% 8.43%
Assets 1 105,981 113,503 101,147 120,924 151,559 166,295
Book Value Per Share 2 0.4900 0.4900 0.5400 0.6100 0.6500 0.7800
Cash Flow per Share 2 0.0600 0.0200 0.0200 0 0.0700 0.1300
Capex 1 13,120 13,024 12,218 17,452 17,915 27,064
Capex / Sales 13.93% 13.49% 12.63% 16.36% 15.71% 20.5%
Announcement Date 18/03/19 10/03/20 11/03/21 21/03/22 21/03/23 18/03/24
1RUB in Million2RUB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Chiffre d''affaires - Rate of surprise

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