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EL5-Energo (ELFV) RUB

EL5-Energo (formerly Enel Russia) generates electricity at three gas- and coal-fired plants in Tver, Stavropol and Sverdlovsk regions and two wind farms; controlled by Lukoil.

At a glance: strengths & risks
✓Revenue growing (+85% y/y, Q2 2026)✓Low leverage (0.8x EBITDA)✓Cheaper than own history (EV/EBITDA 2.3 vs avg 4.2)✗Profit falling (-225% y/y, Q2 2026)✗Margins compressing (23%→11%, Q2 2026)

Sector: Utilities

RU_ELFV

Price chart

0.383 RUBDay -0.88%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
0.383 RUB · -0.88%
Market cap
23.9 bn RUB

Growth

Δ revenue y/y
84.9%
Δ EBITDA y/y
-9.8%

Multiples

P/E (LTM)
2.6x
3y avg: 6.3x
P/B (FY)
0.7x
P/E (ann.)
<0
EV/EBITDA (LTM)
2.3x
3y avg: 4.2x
EV/EBITDA (ann.)
4.0x

Cash return

Dividend yield
—
FCF yield (LTM)
70.3%

Liquidity

Daily turnover (MOEX)
6.9 mln RUB

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B RUB, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB RUBOperating profitB RUBD&AB RUBEBITDAB RUBNet profitB RUBOperating CFB RUBCapex + M&AB RUBAssetsB RUBEquityB RUBROE (annualized)Net debtB RUBSource
2026-06-30Q2 2026 (3M)OK29.7
y/y 84.9%
0.2
y/y -90.1%
3.1
y/y 92.0%
3.3
y/y -9.8%
-0.9
y/y -224.5%
7.3-2.7135.3
y/y 84.5%
76.6
y/y 105.8%
-5.7%29.3Report (PDF)
2026-03-31Q1 2026 (3M)OK27.0
y/y 24.5%
4.3
y/y -4.9%
0.8
y/y 0.0%
5.1
y/y -4.1%
2.5
y/y 2.2%
8.4-1.090.4
y/y 24.1%
46.9
y/y 28.1%
22.1%13.8Report (PDF)
2025-12-31Q4 2025 (3M)OK23.3
y/y 14.6%
10.2
y/y 626.2%
0.4
y/y 150.3%
10.6
y/y 1728.1%
6.9
y/y 703.4%
——81.3
y/y 10.3%
44.8
y/y 31.1%
25.8%19.4Evidence
2025-09-30Q3 2025 (3M)OK20.0
y/y 28.2%
1.9
y/y -2.7%
2.3
y/y 0.0%
4.2
y/y -1.3%
0.6
y/y 23.6%
——73.3
y/y 5.2%
38.0
y/y 14.6%
2.3%19.0Report (PDF)
2025-06-30Q2 2025 (3M)OK16.1
y/y 21.8%
2.1
y/y 18.1%
1.6
y/y 98.8%
3.7
y/y 43.8%
0.7
y/y -3.0%
5.1-2.173.3
y/y 4.4%
37.2
y/y 14.0%
7.7%21.8Report (PDF)
2025-03-31Q1 2025 (3M)OK21.7
y/y 11.7%
4.5
y/y 2.9%
0.8
y/y 0.1%
5.4
y/y 2.5%
2.5
y/y 1.7%
5.1-2.072.9
y/y 4.1%
36.7
y/y 14.9%
28.0%23.2Report (PDF)
2024-12-31Q4 2024 (3M)OK20.3
y/y 22.6%
1.4
y/y -39.3%
-0.8
y/y -197.8%
0.6
y/y -81.6%
0.9
y/y -28.0%
-16.5-2.173.7
y/y 10.1%
34.2
y/y 15.4%
13.5%25.4Report (PDF)
2024-09-30Q3 2024 (3M)OK15.6
y/y 2.2%
2.0
y/y 11.7%
2.3
y/y 202.0%
4.3
y/y 69.6%
0.5
y/y -40.5%
21.9-2.169.6
y/y 9.4%
33.2
y/y 17.2%
2.1%25.4Report (PDF)
2024-06-30Q2 2024 (3M)OK13.2
y/y 5.1%
1.7
y/y 48.2%
0.8
y/y -3.8%
2.6
y/y 26.4%
0.7
y/y 60.6%
4.3-1.570.2
y/y 10.0%
32.6
y/y 19.1%
9.0%25.0Report (PDF)
2024-03-31Q1 2024 (3M)OK19.4
y/y 18.5%
4.4
y/y 30.9%
0.8
y/y 13.4%
5.2
y/y 27.7%
2.4
y/y 15.7%
4.3-1.170.0
y/y 5.3%
31.9
y/y 18.4%
31.7%25.6Report (PDF)
2023-12-31Q4 2023 (3M)OK16.6
y/y —
2.3
y/y —
0.8
y/y —
3.2
y/y —
1.2
y/y —
3.2-2.767.0
y/y —
29.6
y/y —
16.0%29.0Report (PDF)
2023-09-30Q3 2023 (3M)OK15.3
y/y —
1.8
y/y —
0.8
y/y —
2.5
y/y —
0.9
y/y —
9.4-3.163.6
y/y —
28.3
y/y —
4.2%26.0Report (PDF)
2023-06-30Q2 2023 (3M)OK12.6
y/y —
1.2
y/y —
0.8
y/y —
2.0
y/y —
0.5
y/y —
-3.3-1.263.8
y/y —
27.4
y/y —
6.7%26.9Report (PDF)
2023-03-31Q1 2023 (3M)OK16.4
y/y —
3.3
y/y —
0.7
y/y —
4.1
y/y —
2.1
y/y —
3.3—66.4
y/y —
26.9
y/y —
—27.5Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)14 532
Long-term debt (incl. LT leases)20 557
− Cash & equivalents5 788
Net debt29 302

Net debt / LTM EBITDA: 1.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

010 00020 00030 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%0%200%400%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) (₽ mln)

-20 000-10 000010 00020 00030 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

010 00020 00030 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.76x of reported net profit; after capex, 0.92x. Loss years (2022) are left out of the ratio.
year20212022202320242025
cash flow / profit2.79x—2.74x3.08x1.91x
accruals, % of assets-5.0%-40.5%-12.0%-12.8%-11.9%
Last twelve months (to 2026-06-30): 1.72x of profit came back as operating cash flow.
net debt / EBITDA 0.8x · capex 2.8x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Quality / corporate governance

Potential discount −19% (factor 0.81)

This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +18% vs +13% the year before — a +5.5 pp move. 3-year CAGR +17%.
revenue growth by year: 2023 +20% · 2024 +13% · 2025 +18%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 2.3x · 3-year 75th pct 4.6x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Utilities. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Inter RAORussia2.30.2x0.2x
Rosseti Moscow RegionRussia1.11.5x1.5x
FGC UESRussia1.61.7x1.7x
LenenergoRussia1.91.9x1.9x
CPFL EnergiaBrazil11.46.3x3.1x
NEXTERA ENERGY INCUS163.117.5x3.2x
RushydroRussia2.43.6x3.6x
DEWA (Dubai Electricity & Water)UAE36.29.9x3.7x
Equatorial EnergiaBrazil12.210.9x5.4x
En+ GroupRussia2.56.4x6.4x
Manila Electric (Meralco)Philippines7.812.5x8.1x
EnergisaBrazil33.023.1x11.6x
Group median6.3x3.4x
Group average8.0x4.2x
This companyRussia0.32.3x2.3x

Group median 6.3x as traded, 3.4x adjusted; this company 2.3x — a 33% discount.

Group average 8.0x as traded, 4.2x adjusted; against the average this company is at a 46% discount.

At the adjusted group median the market cap would be +100% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.3x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividend potential

Illiquid — forecast not shown

The line trades very thinly (low average daily turnover), so the model dividend forecast is unreliable and is not shown. Actual (sporadic) payments are in the dividend-history card below.

Dividend history

Pay yearDividend /sh
20200.09 ₽
20190.14 ₽
20180.14 ₽
Payments by period
PeriodLast day to buy/sh
2020 q32020-07-070.09 ₽
2019 q32019-07-040.14 ₽
2018 q22018-06-200.14 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

17.07.26Filing★ ▼ Совершение эмитентом существенной сделки
ПАО «ЭЛ5-Энерго» заключило крупную сделку, выступив в качестве поручителя по кредитному соглашению для ООО «ЛУКОЙЛ-Кубаньэнерго» с суммой ответственности 31 млрд. руб., что составляет 34,28% от стоимости активов компании. Срок поручительства до 31 марта 2044 года.
29.06.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «ЭЛ5-Энерго» 24 июня 2026 года было решено не выплачивать дивиденды по обыкновенным акциям за 2025 год и направить 210,7 млн. руб. на пополнение резервного фонда. Также было согласовано поручительство на сумму до 31 млрд. руб. в рамках сделки с АО «АЛЬФА-БАНК» для обеспечения обязательств ООО «ЛУКОЙЛ-Кубаньэнерго». Собрание состоялось с кворумом по всем вопросам повестки дня.
07.05.26Filing★ ▼ Сообщение об изменении или корректировке информации, ранее опубликованной в Ленте новостей
ПАО «ЭЛ5-Энерго» опубликовало изменения в информации о своих акциях и принятых решениях на заседании совета директоров. В 2025 году дивиденды по обыкновенным акциям не будут выплачиваться, а 210,7 млн. руб. будет направлено на пополнение резервного фонда.
13.10.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «ЭЛ5-Энерго» принял решения о финансировании дочерних обществ и одобрил кредитные сделки на сумму до 10 млрд. руб. Также одобрены договора купли-продажи сертификатов происхождения электрической энергии на сумму до 59,6 млн. руб. и договор поставки тепловой энергии на сумму до 29,5 млрд. руб.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of EL5-Energo (ELFV) — from primary filings.

Frequently asked questions

What is EL5-Energo (ELFV)'s P/E ratio?
EL5-Energo (ELFV) trades at a P/E of 2.6x (price to trailing 12-month earnings).
What is EL5-Energo (ELFV)'s EV/EBITDA?
EL5-Energo (ELFV) trades at 2.3x EV/EBITDA.
What is EL5-Energo (ELFV)'s P/B ratio?
EL5-Energo (ELFV) trades at a P/B of 0.7x.
What is EL5-Energo (ELFV)'s return on equity (ROE)?
EL5-Energo (ELFV)'s ROE is -5.7%.
What is EL5-Energo (ELFV)'s market capitalization?
EL5-Energo (ELFV)'s market cap is 23.9 bn RUB.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map