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EL5-Energo (ELFV) USD

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 4.3)✗Profit falling (-225% y/y, Q2 2026)✗Margins compressing (23%→11%, Q2 2026)

Sector: Utilities

RU_ELFV

Price chart

0.3834 RUBDay -0.78%

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
0.3834 RUB · -0.78%
Market cap
292 mln USD

Growth

Δ revenue y/y
97.7%
Δ EBITDA y/y
-3.5%

Multiples

P/E (LTM)
2.6x
3y avg: 6.7x
P/B (FY)
0.9x
P/E (ann.)
<0
EV/EBITDA (LTM)
2.3x
3y avg: 4.3x
EV/EBITDA (ann.)
3.8x

Cash return

Dividend yield
—
FCF yield (LTM)
—

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 M USD, 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK391.8
y/y 97.7%
2.7
y/y -89.5%
41.0
y/y 105.4%
43.7
y/y -3.5%
-11.6
y/y -233.2%
96.8-36.11739.7
y/y 86.2%
985.0
y/y 107.7%
-6.0%376.9Report (PDF)
2026-03-31Q1 2026 (3M)OK341.5
y/y 45.3%
54.2
y/y 10.9%
10.7
y/y 16.6%
64.9
y/y 11.8%
32.0
y/y 19.2%
106.2-13.01112.4
y/y 27.8%
577.5
y/y 31.8%
22.3%169.2Report (PDF)
2025-12-31Q4 2025 (3M)OK289.9
y/y 42.9%
127.3
y/y 908.9%
5.2
y/y 150.0%
132.4
y/y 5750.6%
85.4
y/y 955.1%
——1039.6
y/y 43.4%
572.7
y/y 70.4%
24.7%247.5Evidence
2025-09-30Q3 2025 (3M)OK248.3
y/y 42.0%
23.7
y/y 7.7%
28.8
y/y 10.7%
52.5
y/y 9.3%
8.0
y/y 36.8%
——884.3
y/y 17.7%
458.5
y/y 28.2%
2.3%229.6Report (PDF)
2025-06-30Q2 2025 (3M)OK198.1
y/y 35.6%
25.3
y/y 31.5%
20.0
y/y 121.4%
45.3
y/y 60.2%
8.7
y/y 8.0%
62.7-26.5934.2
y/y 14.0%
474.3
y/y 24.6%
7.7%278.2Report (PDF)
2025-03-31Q1 2025 (3M)OK235.1
y/y 9.7%
48.9
y/y 1.1%
9.2
y/y -1.7%
58.1
y/y 0.7%
26.9
y/y -0.1%
55.2-21.8870.6
y/y 14.9%
438.0
y/y 26.8%
27.8%277.7Report (PDF)
2024-12-31Q4 2024 (3M)OK206.1
y/y 10.2%
14.3
y/y -40.4%
-8.4
y/y -187.2%
5.9
y/y -82.4%
8.7
y/y -25.1%
-167.5-21.4725.2
y/y -2.9%
336.1
y/y 1.8%
14.1%249.3Report (PDF)
2024-09-30Q3 2024 (3M)OK174.9
y/y 7.9%
22.0
y/y 18.0%
26.0
y/y 219.0%
48.0
y/y 79.2%
5.8
y/y -37.2%
245.2-23.7751.0
y/y 15.0%
357.6
y/y 23.1%
2.1%274.4Report (PDF)
2024-06-30Q2 2024 (3M)OK146.1
y/y -5.4%
19.2
y/y 33.4%
9.0
y/y -13.4%
28.3
y/y 13.8%
8.1
y/y 44.6%
47.6-16.2819.1
y/y 11.7%
380.6
y/y 20.8%
8.9%291.7Report (PDF)
2024-03-31Q1 2024 (3M)OK214.3
y/y -5.0%
48.3
y/y 4.9%
9.4
y/y -9.1%
57.7
y/y 2.4%
26.9
y/y -7.3%
47.4-11.8757.7
y/y -12.1%
345.4
y/y -1.2%
31.8%276.9Report (PDF)
2023-12-31Q4 2023 (3M)OK178.3
y/y —
25.0
y/y —
9.1
y/y —
34.1
y/y —
12.8
y/y —
34.8-29.4746.8
y/y —
330.1
y/y —
17.9%323.9Report (PDF)
2023-09-30Q3 2023 (3M)OK162.1
y/y —
18.6
y/y —
8.2
y/y —
26.8
y/y —
9.3
y/y —
99.9-32.9653.2
y/y —
290.4
y/y —
4.1%266.6Report (PDF)
2023-06-30Q2 2023 (3M)OK154.4
y/y —
14.4
y/y —
10.4
y/y —
24.8
y/y —
5.6
y/y —
-40.5-15.3733.4
y/y —
315.0
y/y —
6.7%309.2Report (PDF)
2023-03-31Q1 2023 (3M)OK225.6
y/y —
46.0
y/y —
10.3
y/y —
56.3
y/y —
29.0
y/y —
45.3—861.9
y/y —
349.4
y/y —
—356.7Report (PDF)

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

Short-term debt (incl. ST leases)187
Long-term debt (incl. LT leases)264
− Cash & equivalents74
Net debt377

Net debt / LTM EBITDA: 1.3x

Conversion to USD. Balance sheet: rate effective on 2026-06-30, fixing date 2026-06-30. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-04-01 — 2026-06-30. Source: Bank of Russia R01235. Rates

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%0%200%400%600%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

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

-200-10001002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01002003004002024 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 RAORussia2.40.3x0.3x
FGC UESRussia1.71.8x1.8x
LenenergoRussia1.91.9x1.9x
NEXTERA ENERGY INCUS164.317.5x3.3x
CPFL EnergiaBrazil11.56.3x3.6x
RushydroRussia2.53.6x3.6x
CemigBrazil6.76.5x3.6x
DEWA (Dubai Electricity & Water)UAE35.99.9x3.9x
Equatorial EnergiaBrazil12.411.0x6.2x
En+ GroupRussia2.56.4x6.4x
Manila Electric (Meralco)Philippines8.012.7x8.7x
EnergisaBrazil33.823.5x13.3x
Group median6.4x3.6x
Group average8.4x4.7x
This companyRussia0.32.3x2.3x

Group median 6.4x as traded, 3.6x adjusted; this company 2.3x — a 37% discount.

Group average 8.4x as traded, 4.7x adjusted; against the average this company is at a 52% discount. The average sits 30% above the median: Energisa (13.3x) skews the group.

At the adjusted group median the market cap would be +110% 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 20.7x, Russia 3.9x, South Africa 5.1x, Kazakhstan 4.6x, India 18.8x, Indonesia 4.9x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-21; 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 0.9x.
What is EL5-Energo (ELFV)'s return on equity (ROE)?
EL5-Energo (ELFV)'s ROE is -6.0%.
What is EL5-Energo (ELFV)'s market capitalization?
EL5-Energo (ELFV)'s market cap is 292 mln USD.

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