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En+ Group (ENPG) RUB

En+ Group combines a controlling stake in aluminium producer Rusal with Siberian hydro and thermal power generation, forming a vertically integrated aluminium-and-energy holding.

At a glance: strengths & risks
✓Profit growing (+138% y/y, H1 2026)✓Margins improving (15%→22%, H1 2026)✓Cheaper than own history (EV/EBITDA 6.4 vs avg 8.1)✗High leverage (6.6x EBITDA)

Sector: Utilities

RU_ENPG

Price chart

316.7 RUBDay -0.24%

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
316.7 RUB · -0.24%
Market cap
202.3 bn RUB

Growth

Δ revenue y/y
-0.8%
Δ EBITDA y/y
45.8%

Multiples

P/E (LTM)
3.4x
3y avg: 7.1x
P/B (FY)
0.2x
P/E (ann.)
1.5x
EV/EBITDA (LTM)
6.4x
3y avg: 8.1x
EV/EBITDA (ann.)
4.5x

Cash return

Dividend yield
—
FCF yield (LTM)
34.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-90.0%
↓ details

Liquidity

Daily turnover (MOEX)
96.2 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
2026-06-30H1 2026 (6M)OK774.2
y/y -0.8%
130.8
y/y 67.7%
40.9
y/y 2.9%
171.7
y/y 45.8%
69.3
y/y 138.4%
124.3-76.82658.9
y/y 9.5%
770.3
y/y -30.6%
14.8%1349.2Report (PDF)
2025-12-31H2 2025 (6M)OK639.4
y/y -15.0%
35.4
y/y -27.1%
36.5
y/y -5.3%
72.0
y/y -17.4%
-10.2
y/y -124.9%
120.8-90.92582.1
y/y -7.6%
1104.2
y/y -11.6%
1.7%1244.5Report (PDF)
2025-06-30H1 2025 (6M)OK780.7
y/y 22.5%
78.0
y/y -17.3%
39.7
y/y 20.9%
117.7
y/y -7.4%
29.1
y/y -66.5%
152.9-84.12429.2
y/y 3.9%
1109.6
y/y 63.4%
4.9%1182.1Report (PDF)
2024-12-31H2 2024 (6M)OK752.6
y/y -6.9%
48.6
y/y -4.3%
38.6
y/y -9.8%
87.2
y/y -6.8%
41.0
y/y 158.4%
159.7-115.92793.4
y/y 17.2%
1248.7
y/y 99.7%
13.3%1371.2Report (PDF)
2024-06-30H1 2024 (6M)OK637.4
y/y 13.4%
94.3
y/y 106.7%
32.9
y/y 14.1%
127.2
y/y 70.9%
86.9
y/y 70.0%
32.4-62.32338.3
y/y -0.4%
679.1
y/y 9.7%
26.6%1207.7Report (PDF)
2023-12-31H2 2023 (6M)OK808.2
y/y —
50.7
y/y —
42.8
y/y —
93.5
y/y —
15.9
y/y —
-54.3-134.92384.4
y/y —
625.4
y/y —
10.8%1200.0Report (PDF)
2023-06-30H1 2023 (6M)OK562.3
y/y —
45.6
y/y —
28.8
y/y —
74.4
y/y —
51.1
y/y —
62.2-0.52346.8
y/y —
618.9
y/y —
—1253.6Report (PDF)

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0200 000400 000600 000800 0001 000 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-25%0%25%50%75%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

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

-150 000-100 000-50 000050 000100 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

0500 0001 000 0001 500 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.50x of reported net profit; after capex, 0.11x.
year202320242025
cash flow / profit0.12x1.50x14.52x
accruals, % of assets2.5%-2.3%-9.9%
Last twelve months (to H1 2026): 4.15x of profit came back as operating cash flow.
net debt / EBITDA 6.6x · capex 1.5x of depreciation
● Net debt / EBITDA 6.6x at the last full year.
Regulated utilities and networks run on long-dated debt against a tariff-set asset base; the leverage bar is set higher for them here.
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 −18% (factor 0.82)

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

Key-commodity price — Aluminum

Current 3 014spot vs LTM -1%

Commodity price upside

The same staged build as the commodity players: revenue → costs → EBITDA → conservative EBITDA (min of the spot case and the spot/3-yr average) → target market cap at the company's 3-YEAR MEDIAN EV/EBITDA (clamped to 1-10x). Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 81 vs LTM-avg 79 → ×1.03 (ruble weaker → more RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): -90% · spot -90% · 3-yr -90%

How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap

1 · Reported baseline (LTM to 2026-06-30)
Revenue1.41 trn RUB
EBITDA243.7 bln RUB
Cash costs (revenue − EBITDA)1.17 trn RUB
2 · Revenue projection
Multiplier — spot×1.01 (+1%)
= Spot revenue1.43 trn RUB
Multiplier — 3-yr prices×0.97 (-3%)
= 3-yr-price revenue1.37 trn RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs1.23 trn RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA199.5 bln RUB
= 3-yr-price EBITDA142.6 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/2171.1 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))171.1 bln RUB
5 · Valuation → target market cap
EV/EBITDA (3y hist. p75)6.4x
Target EV = EV/EBITDA × conservative EBITDA1.09 trn RUB
Net debt (as of 2026-06-30)1.35 trn RUB
Target market cap = EV − net debt0 mln RUB
Current market cap202.5 bln RUB

Upside = target market cap ÷ current − 1 = -90%

Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.

CommodityRevenue shareSpotLTM avg$ vs LTMRUB vs LTM (FX)RUB 3-yr (FX)
Aluminum60%3 013.753 045.15-1%+2%-5%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +2% vs +1% the year before — a +0.7 pp move. 3-year CAGR +12%.
revenue growth by year: 2023 +35% · 2024 +1% · 2025 +2%
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 6.4x · 3-year 75th pct 8.2x

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
NEXTERA ENERGY INCUS163.117.5x3.1x
CPFL EnergiaBrazil11.46.3x3.4x
CemigBrazil6.56.4x3.4x
RushydroRussia2.43.6x3.6x
DEWA (Dubai Electricity & Water)UAE36.29.9x3.8x
Equatorial EnergiaBrazil12.210.9x5.8x
Manila Electric (Meralco)Philippines7.812.5x8.1x
EnergisaBrazil33.023.1x12.4x
Group median6.3x3.4x
Group average7.9x4.1x
This companyRussia2.56.4x6.4x

Group median 6.3x as traded, 3.4x adjusted; this company 6.4x — a 88% premium.

Group average 7.9x as traded, 4.1x adjusted; against the average this company is at a 56% premium.

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 20.9x, 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.

Three-year model and IRR withheld

The number is withheld — here is why

Holding prices flat with current cost inflation wipes out modelled equity — read it as a risk signal, not a valuation

The path below is computed and shown in full, so you can see what the model rests on and where it breaks. Only the headline price and upside are hidden — those are what we do not trust.

base — LTM на 2026-06-30 (H1)

Metric, RUB mlnLTM, actual
12m to 30.06.2026
2027
12m to 30.06
2028
12m to 30.06
2029
12m to 30.06
Revenue1.41 trn1.40 trn1.42 trn1.44 trn
Revenue growth—-1%+1%+1%
EBITDA243.7 bn185.4 bn150.0 bn112.9 bn
EBITDA margin17.2%13.2%10.6%7.9%
less D&A77.5 bn77.1 bn77.7 bn78.2 bn
EBIT166.2 bn108.3 bn72.3 bn34.7 bn
less net interest—142.5 bn119.2 bn113.8 bn
less tax—000
Net profit—-34.3 bn-46.9 bn-79.1 bn
Capex167.8 bn158.2 bn160.2 bn161.9 bn
Capex to revenue11.9%11.3%11.3%11.3%
Free cash flow77.3 bn
operating cash flow less capex
-115.3 bn-129.4 bn-162.8 bn
Net debt1.35 trn1.06 trn1.19 trn1.35 trn
Net debt / EBITDA5.5x5.7x7.9x11.9x
Dividend per share—0.000 ₽0.000 ₽0.000 ₽
Where the growth comes from
Revenue-growth sourceweightgrowth: yr 1 · 2 · 3
Related-market prices (Aluminium)
Aluminum 60% → +2%; FX ×1.030; 30% of costs follow price
EI1 Commodities_D_Values + курс		82%-1% · 0% · 0%
Realised pace (acceleration/deceleration)
LTM YoY -8%; acceleration -13.9pp
LTM г/г по отчётности		18%-1% · +2% · +4%
Model assumptions
Exit multipleEV/EBITDA 6.37x (5.09x…9.31x)
No re-rating: min(current 6.4x, three-year median 7.5x). Re-rating to 9.3x on a falling rate is the bull case
Second valuation: discounted cash flow0.000 ₽ (discount 13.1%, terminal growth 4.0%)
80% of that value sits beyond the three-year horizon
Key rate by year13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year)
Cost inflation6.2% · 5.6% · 5.3%
Current CPI (actual)6.3%, на 2026-09-30
Capexcapex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does
D&Agrows slower than revenue — elasticity 0.6: assets outlive the sales they carry
Interestgross debt × (that year's key rate + 1.5pp) less cash yield at 0.85 of the rate. Debt is refinanced at par; free cash after dividends accumulates and cuts net debt
Tax25% of pre-tax profit when positive; losses earn no tax credit
Working capitalneutral: FCF = EBITDA − capex − interest − tax
Governancequality multiplier 0.82 — flags: no_distributions; the model's dividend is cut 18% by penalties measured on distributions
Forecast accuracy measured on history
Historical forecast checkobsmedian errorbias±20%
Revenue85%0.99x75%
EBITDA744%0.62x0%
Net profit287%1.03x0%

The model is anchored at each past reporting date with only the data available then, and its one-year-ahead forecast is compared with the actual. Rates and inflation are actuals, so this checks the operating forecast, not macro guessing.

Checks and caveats
  • ✗ Holding prices flat with current cost inflation wipes out modelled equity — read it as a risk signal, not a valuation
  • ⚠ Year-3 margin 8% is below the worst year on record (12%), though inside tolerance
  • ⚠ Year-3 net debt/EBITDA 11.9x — the model does not carry the debt
  • ⚠ IRR not computable (no price or exit value)
  • ⚠ Historical check (7 observations): median EBITDA miss 6.7 pp of margin, within ±5 pp in 29% of cases, relative error 44% at bias 0.62x, revenue 5%
  • ⚠ The miss is one-sided: across 7 measurements the median EBITDA forecast came to 0.62 of actual — the model consistently FAILS TO KEEP UP with this business. So the IRR here is more a floor than a ceiling; erring this way is safer, but the precision cannot be relied on
  • ⚠ The growth is bought, not earned: for every rouble of EBITDA added over three years, net debt grew by 5.1 roubles. The model carries the historical EBITDA pace forward but only funds maintenance capex — acquisitions are not in the outflows. If growth keeps costing the same, free cash flow and dividends here are overstated
  • ⚠ The reporting-period series needed repair: 1 rows discarded as incompatible with the cumulative convention (years 2018). The database carries quarters labelled as halves and nine-month periods; LTM and year-on-year growth computed on those are wrong, so they are dropped
  • ⚠ There was no free cash flow in any of the last 3 years: by our own formula it came out negative, and the cash-flow statement shows a median of 13,949 mln. The model still projects positive cash flow, drawn from EBITDA growth that historically covered only interest and capex. The forecast dividends and debt repayment rest on that assumption
  • ⚠ Leverage at entry: the market cap is 13% of enterprise value, so a move in business value is multiplied roughly 7.7x in the shares. It cuts both ways: the IRR here is bought with debt, not with business quality
  • ✓ Growth sources: market, momentum
  • ✓ Revenue CAGR +1%
  • ✓ Base is fresh: report 4 months old
  • ✓ Governance: quality multiplier 0.82 (flags: no_distributions). Penalties measured on distributions cut the model's dividend by 18%
  • The price move passes into revenue to the power of 0.51 (общая оценка по нефтяникам), not one for one. The tax part of costs still follows the full price move — mineral tax is levied on price, not revenue.
  • Volume is taken separately, not from revenue momentum — объёмов нет — рост объёма принят нулевым. A commodity producer's revenue is mostly price, so using revenue growth as volume would count the price twice.
  • Commodity prices held at spot; 30% of cash costs follow the output price (mineral tax, energy, freight), the rest follows inflation. FX drifts with the inflation differential (PPP), so USD revenue still grows in roubles at a flat commodity price.

A forecast, not investment advice. Related-market prices are held at today's level, so the model answers what the business earns and is worth if markets stay here — it does not predict prices.

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 0 across tracked channels, broker research and shows. 9 passing mentions (digests, calendars) hidden.

Sources: Telegram channels (bloggers — blue chip, broker research — green), YouTube shows via transcripts (orange). Tone (▲/▼) is an automatic assessment in the stock's context. Quotes are fragmentary; authors' views are not our recommendations.

Corporate events

26.08.26Filing★ ▼ Совершение подконтрольной эмитенту организацией существенной сделки
Акционерное общество «РУССКИЙ АЛЮМИНИЙ» заключило крупную сделку, связанную с кредитованием на сумму 150 млрд. руб., с максимальной процентной ставкой 24% годовых. Срок погашения кредитов составляет 2 555 дней с момента вступления соглашения в силу.
21.08.26Filing★ ▲ Финансовые результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические)
В первой половине 2026 года выручка компании ЭН+ составила 10 106 млн долл. США, увеличившись на 13,1% благодаря росту цен на алюминий и электроэнергию. Чистая прибыль достигла 905 млн долл. США, что на 171,8% больше по сравнению с аналогичным периодом 2025 года. Средняя цена реализации алюминия выросла на 23,6% до 3 227 долл. США за тонну.
26.06.26AGM / Board★ ▼ Решения общих собраний участников (акционеров)
На годовом собрании акционеров компании «ЭН+ ГРУП», состоявшемся 26.06.2026, был утвержден годовой отчет и годовая бухгалтерская отчетность за 2025 год. Решено не выплачивать дивиденды за 2025 год. Также избран новый состав совета директоров из 12 членов и утвержден аудитор для аудита финансовой отчетности.
08.06.26Filing★ ▲ Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора
Международная компания «ЭН+ ГРУП» присвоила новый кредитный рейтинг AА-(RU) с прогнозом «стабильный», изменив его с предыдущего уровня A(RU). Изменение рейтинга произошло 05.06.2026.
05.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
04.08.2026 совет директоров компании «ЭН+ ГРУП» утвердил Концепцию финансирования зеленых и социальных проектов. Все 12 членов совета проголосовали 'ЗА'.

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 En+ Group (ENPG) — from primary filings.

Frequently asked questions

What is En+ Group (ENPG)'s P/E ratio?
En+ Group (ENPG) trades at a P/E of 3.4x (price to trailing 12-month earnings).
What is En+ Group (ENPG)'s EV/EBITDA?
En+ Group (ENPG) trades at 6.4x EV/EBITDA.
What is En+ Group (ENPG)'s P/B ratio?
En+ Group (ENPG) trades at a P/B of 0.2x.
What is En+ Group (ENPG)'s return on equity (ROE)?
En+ Group (ENPG)'s ROE is 14.8%.
What is En+ Group (ENPG)'s market capitalization?
En+ Group (ENPG)'s market cap is 202.3 bn RUB.

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