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FGC UES (FEES) USD

Rosseti (formerly FGC UES) owns and operates Russia's high-voltage backbone transmission grid and holds controlling stakes in the regional distribution grid companies.

At a glance: strengths & risks
✓Revenue growing (+16% y/y, Q2 2026)✓Profit growing (+50% y/y, Q2 2026)✓Margins improving (31%→35%, Q2 2026)✓Cheaper than own history (P/E 0.7 vs avg 1.2)✗No dividends currently

Sector: Utilities

RU_FEES

Price chart

0.0586 RUBDay 0.89%

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
0.0586 RUB · 0.89%
Market cap
1.7 bn USD

Growth

Δ revenue y/y
24.4%
Δ EBITDA y/y
37.5%

Multiples

P/E (LTM)
0.7x
3y avg: 1.2x
P/B (FY)
0.1x
P/E (ann.)
0.4x
EV/EBITDA (LTM)
—
3y avg: 2.4x
EV/EBITDA (ann.)
1.5x

Cash return

Dividend yield
—
FCF yield (LTM)
—

Value creation

fundamental value/yr, % of market cap
Value created / year
+82.7%
↓ details

Liquidity

Daily turnover (MOEX)
268.2 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 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.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK6.0
y/y 24.4%
1.4
y/y 49.2%
0.7
y/y 17.7%
2.1
y/y 37.5%
1.0
y/y 60.7%
2.0-1.852.4
y/y 14.9%
27.7
y/y 19.2%
—10.4Report (PDF)
2026-03-31Q1 2026 (3M)PARTIAL6.7
y/y 38.0%
1.7
y/y 55.7%
0.6
y/y 27.6%
2.4
y/y 47.2%
1.2
y/y 64.8%
1.9-1.8—
y/y —
—
y/y —
—10.3Report (PDF)
2025-12-31Q4 2025 (3M)OK6.5
y/y 56.4%
0.9
y/y 306.5%
0.6
y/y 26.9%
1.5
y/y 84902.5%
0.6
y/y 233.0%
1.9-2.050.2
y/y 48.2%
24.4
y/y 43.8%
10.2%11.2Report (PDF)
2025-06-30Q2 2025 (3M)OK4.8
y/y 26.9%
0.9
y/y 104.2%
0.6
y/y 15.5%
1.5
y/y 58.7%
0.6
y/y 148.9%
1.5-1.445.6
y/y 14.1%
23.3
y/y 3.4%
—10.1Report (PDF)
2025-03-31Q1 2025 (3M)PARTIAL4.8
y/y —
1.1
y/y —
0.5
y/y —
1.6
y/y —
0.8
y/y —
1.3-1.3—
y/y —
—
y/y —
—9.6Report (PDF)
2024-12-31Q4 2024 (3M)OK4.2
y/y 11.9%
-0.5
y/y -186.1%
0.5
y/y 3.8%
0.0
y/y -100.2%
-0.5
y/y -225.8%
1.2-1.633.9
y/y -7.6%
16.9
y/y -17.9%
-6.4%8.0Report (PDF)
2024-06-30Q2 2024 (3M)OK3.8
y/y -4.7%
0.5
y/y -49.4%
0.5
y/y -0.2%
1.0
y/y -32.2%
0.3
y/y -63.0%
1.2-1.040.0
y/y 13.5%
22.5
y/y 10.2%
4.7%4.9Report (PDF)
2023-12-31Q4 2023 (3M)OK3.7
y/y —
0.5
y/y —
0.4
y/y —
1.0
y/y —
0.4
y/y —
1.3-1.436.7
y/y —
20.6
y/y —
9.4%8.2Report (PDF)
2023-06-30Q2 2023 (3M)OK4.0
y/y —
0.9
y/y —
0.5
y/y —
1.4
y/y —
0.7
y/y —
1.4-1.035.2
y/y —
20.4
y/y —
—7.7Report (PDF)

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)

-2 00002 0004 0006 0008 0002023 q22023 q42024 q22024 q42025 q12025 q22025 q42026 q12026 q2

Year-over-year change

-150%-100%-50%0%50%100%2023 q22023 q42024 q22024 q42025 q12025 q22025 q42026 q12026 q2

Cash flow

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

-400-20002004006002023 q22023 q42024 q22024 q42025 q12025 q22025 q42026 q12026 q2

Net debt / cash ($ mln)

02 5005 0007 50010 00012 5002023 H12023 FY2024 H12024 FY2025 q12025 q22025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2020–2025 operating cash flow came to 2.64x of reported net profit; after capex, -0.03x. Loss years (2024) are left out of the ratio.
year20202022202320242025
cash flow / profit2.04x2.43x2.92x—2.86x
accruals, % of assets-4.6%-6.5%-9.4%-16.8%-9.6%
Last twelve months (to - H1 2025): 2.47x of profit came back as operating cash flow.
net debt / EBITDA 1.8x · EBIT covers interest 3.8x · capex 2.9x 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 →

Investment programme (Minenergo)

approved by order № 18@ от 24.12.2025 · period 2025–2029 · download order + appendix

ИПР financial plan (Form 19), ₽bn:

20232024202520262027202820292030
Net profit (ИПР)320.4-294.8100.3145.6294.4308.6238.8236.3
Dividends (ИПР)0.00.00.00.022.625.328.231.7
div, % cur. MCap0.0%0.0%0.0%0.0%16.7%18.7%20.8%23.4%

Capex & funding sources, ₽bn:

20252026202720282029
Capex (funding)278.4390.7375.2255.5197.6
of which profit to investment122.2174.6118.6115.3125.7
depreciation18.82.752.257.328.9
attracted funds94.8142.9151.948.110.0

Investment-programme execution: plan vs actual, ₽bn:

2021202220232025
ИПР plan (prior-year order)129.3226.8286.9347.8
revised plan (same-year order)131.1240.7—278.4

Plan for a year = the order approved late in the prior year; actual = IFRS cash paid for PP&E (incl. VAT, approximately comparable).

Source — Minenergo ИПР order + Form 19 financial plan (МРСК consolidated). Net profit and dividends are the ИПР's own planned figures (correction proposal preferred), not actuals.

Transmission tariff: indexation

Regulated indexation (plan, RF average). Transmission (UNEG/FGC) tariff indexation: 2026 from Oct +16.0% · 2027 from Jul +16.7% · 2028 from Jul +12.7% · 2029 from Jul +9.1%

Russian MinEc socio-economic forecast 2027–2029 (24 Sep 2026): 1prime.ru/20260924/indeksatsija-873658230.html, energo-news.ru/archives/201504

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.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +82.7%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (2 078 − 1 512) × 3.59
410
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 662 + 10 358) ÷ 7 464
1.6x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (1.6 + 6.5) ÷ 2
4.1x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -283 + 0 + 0 − 4
-287
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (410 × 4.1 + -287) ÷ 1 662
+82.7%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • EBITDA growth from 3-yr FY trend, min of avg & latest YoY (anomalous latest-period delta)
  • EBITDA-growth term clamped to ±market cap

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +22% vs +9% the year before — a +12.6 pp move. 3-year CAGR +16%.
revenue growth by year: 2023 +17% · 2024 +9% · 2025 +22%
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 1.7x · 3-year 75th pct 6.9x

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
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
En+ GroupRussia2.56.4x6.4x
Manila Electric (Meralco)Philippines7.812.5x8.1x
EnergisaBrazil33.023.1x12.4x
Group median6.4x3.5x
Group average8.3x4.5x
This companyRussia1.61.7x1.7x

Group median 6.4x as traded, 3.5x adjusted; this company 1.7x — a 52% discount.

Group average 8.3x as traded, 4.5x adjusted; against the average this company is at a 63% discount. The average sits 28% above the median: Energisa (12.4x) skews the group.

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.

Dividend — grid ИПР model

No dividend expected

no dividend in the ИПР plan this year Last actual payout: 2021.

YearИПР plan, mlnActual, mln
20250—
20260—
202722582—
202825347—
202928197—
203031699—

For grids the dividend is judged from the ИПР plan, discounted by actual payment practice and board decisions (the ИПР plan is often not executed).

Dividend potential

Dividends suspended (~5.2 yr without a payout)

The company has not paid a dividend for over 18 months — profit is going to capex or deleveraging (e.g. Nornickel, NLMK, RusHydro, FSK). The forecast payout is zeroed until distributions resume; profit and cash flow may still be healthy.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)232 bn RUB
Payout ratio37%
Free cash flow (FY, OCF − capex) — not a cap (leverage 1.8x)-17 bn RUB
Recent actual dividend (3-yr median)0.02 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
= Fair dividend yield12.0%
3 · Valuation → upside
Current price0.059 ₽
Forecast dividend yield—
Fair price (dividend-based)—

Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.

Dividend history

Pay yearDividend /sh
20210.02 ₽
20200.02 ₽
20190.02 ₽
20180.01 ₽
20170.02 ₽
20160.01 ₽
20150.00 ₽
20140.00 ₽
Payments by period
PeriodLast day to buy/sh
2021 q32021-07-140.02 ₽
2020 q22020-05-270.01 ₽
2020 q12020-01-090.01 ₽
2019 q32019-07-120.02 ₽
2018 q32018-07-160.01 ₽
2017 q32017-07-170.02 ₽
2016 q32016-07-070.01 ₽
2015 q32015-07-140.00 ₽
2014 q32014-07-140.00 ₽
2011 q22011-05-120.00 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 2 (2 negative), last 30 days: 3 (3 negative) 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

25.09.26Buyback★ ▼ Итоги осуществления преимущественного права приобретения ценных бумаг
ПАО 'Федеральная сетевая компания - Россети' осуществляет размещение 902,96 млрд акций по цене 0,5 руб. за акцию через закрытую подписку. Акционеры имеют преимущественное право на приобретение акций в течение 45 дней с момента уведомления, начиная с 6 августа 2026 года.
06.08.26Filing★ ▼ Начало размещения ценных бумаг
ПАО «Федеральная сетевая компания – Россети» объявляет о размещении 902,96 млрд акций по цене 50 коп. за акцию через закрытую подписку, начиная с 06.08.2026. Акционеры, голосовавшие против размещения, имеют преимущественное право на приобретение акций.
14.07.26AGM / Board★ ▼ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО «Россети» принял решение о цене размещения дополнительных обыкновенных акций в размере 0,5 руб. за акцию. Кворум для заседания был соблюдён.
09.07.26Filing★ ▼ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня
Совет директоров ПАО «Россети» проведет заседание 13 июля 2026 года, на котором рассмотрят отчет об исполнении инвестиционной программы за 1 квартал 2026 года и утвердят условия размещения ценных бумаг. Также будет определена цена размещения дополнительных обыкновенных акций.
26.06.26Filing★ ▼ Принятие решения о размещении ценных бумаг
ПАО «Россети» планирует увеличить уставный капитал путем размещения 902,96 млрд дополнительных обыкновенных акций по номинальной цене 0,50 руб. каждая, что составит 451,48 млрд руб. Решение о размещении было принято на годовом собрании акционеров 26 июня 2026 года с кворумом 77,51%.
26.06.26Filing★ ▼ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
26 июня 2026 года будет фиксироваться право голоса акционеров ПАО «Федеральная сетевая компания – Россети» для принятия решений на общем собрании, в том числе по размещению дополнительных обыкновенных акций. Дата фиксации лиц, имеющих право на осуществление прав по ценным бумагам, установлена на 1 июня 2026 года.
23.10.26Material eventСобытия (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «Федеральная сетевая компания - Россети» назначила «Газпромбанк» в качестве андеррайтера для размещения биржевых облигаций. Событие ожидается 23.10.2026, что может оказать влияние на стоимость ценных бумаг компании.
26.06.26AGM / BoardРешения общих собраний участников (акционеров)
26 июня 2026 года состоится годовое собрание акционеров ПАО «Россети», на котором не будут выплачиваться дивиденды по результатам 2025 года. Также было принято решение об увеличении уставного капитала компании путем размещения дополнительных акций на сумму 451,5 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 FGC UES (FEES) — from primary filings.

Frequently asked questions

What is FGC UES (FEES)'s P/E ratio?
FGC UES (FEES) trades at a P/E of 0.7x (price to trailing 12-month earnings).
What is FGC UES (FEES)'s P/B ratio?
FGC UES (FEES) trades at a P/B of 0.1x.
What is FGC UES (FEES)'s return on equity (ROE)?
FGC UES (FEES)'s ROE is 15.7%.
What is FGC UES (FEES)'s market capitalization?
FGC UES (FEES)'s market cap is 1.7 bn USD.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
ФСК РС1Р5—0.01%102.94—1K—put 04.2026
ФСК РС Б414.8%12%99.79-0.21%14K98Kput 12.2026
ФСК РС БО710.1%9.7%————put 05.2027
Россет1Р12—12.8%————05.2027
Россет1Р1714.7%16%101.29-0.15%1.4M2.4M06.2027
Россети1Р715.4%10%97.15+0.07%4K107Kput 06.2027
Россет1Р13floatfloat100.00-0.12%367K4.2M07.2027
ФСК РС-2211.5%10%99.16+0.00%3K34K07.2027
ФСК РС1Р615.3%10%96.51+0.00%965148Kput 08.2027
ФСК РС Б514.5%10%96.83+1.93%15K76Kput 09.2027
ФСК РС1Р2—6.6%————put 10.2027
ФСК РС БО610.4%9.7%99.60—2K—put 11.2027
ФСК РС Б2—8.45%————put 11.2027
Россети1Р8floatfloat100.19+0.00%2K58.9Mput 02.2028
Россети1Р9—10.44%————04.2028
ФСК РС1Р315.4%7.5%————put 06.2028
Россет1Р23——————07.2028
Россет1Р19floatfloat100.20+0.01%112K1.9M09.2028
Россет1Р2216.2%—100.10-0.12%83K3.8M08.2029
sРоссе1Р2116.1%—100.29+0.00%12K3.5M08.2029

and 15 more issue(s)

Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.

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