Frontierby eninvs

Language: EN / RU

← Region

TNS Energo Kuban (KBSB) RUB

TNS Energo Kuban is the guaranteed electricity supplier for Krasnodar Krai and Adygea, buying power on the wholesale market and selling it to households and businesses.

At a glance: strengths & risks
✓Revenue growing (+16% y/y, H1 2026)✓Net cash balance sheet

Sector: Utilities

RU_KBSB

Price chart

867 RUBDay 0.12%

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
867 RUB · 0.12%
Market cap
15.5 bn RUB

Growth

Δ revenue y/y
15.9%
Δ EBITDA y/y
-9.2%

Multiples

P/E (LTM)
2.8x
3y avg: 2.8x
P/B (FY)
1.2x
P/E (ann.)
2.8x
EV/EBITDA (LTM)
1.1x
3y avg: 1.3x
EV/EBITDA (ann.)
1.3x

Cash return

Dividend yield
—
FCF yield (LTM)
22.8%

Liquidity

Daily turnover (MOEX)
0.4 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)PARTIAL45.0
y/y 15.9%
2.2
y/y -10.2%
0.1
y/y 45.6%
2.3
y/y -9.2%
2.8
y/y 6.7%
1.4-0.227.4
y/y 34.7%
13.9
y/y 44.1%
41.2%-9.7Report (PDF)
2025-12-31H2 2025 (6M)OK46.0
y/y 13.3%
3.0
y/y 1085.7%
0.1
y/y 17.6%
3.0
y/y 1293.8%
2.8
y/y 309.4%
298.4-39.526.0
y/y 42.1%
13.1
y/y 70.7%
47.3%-9.2Report (PDF)
2025-06-30H1 2025 (6M)OK38.8
y/y 12.8%
2.5
y/y 34.4%
0.1
y/y 17.5%
2.6
y/y 34.3%
2.6
y/y 40.8%
0.9-0.220.3
y/y 10.1%
9.7
y/y 7.4%
60.2%-6.2Report (PDF)
2024-12-31H2 2024 (6M)OK40.6
y/y -99.1%
-0.3
y/y 99.9%
0.0
y/y -100.0%
-0.3
y/y -100.0%
0.7
y/y 100.3%
298.5-33.418.3
y/y 17.4%
7.6
y/y 11.6%
30.3%-4.7Report (PDF)
2024-06-30H1 2024 (6M)OK34.4
y/y -98.7%
1.9
y/y -98.9%
0.0
y/y -100.0%
1.9
y/y -99.7%
1.8
y/y -98.7%
1.1—18.5
y/y 42.5%
9.0
y/y 182.3%
46.7%-3.7Report (PDF)
2023-12-31H2 2023 (6M)PARTIAL4300.7
y/y —
-229.7
y/y —
1773.3
y/y —
1543.6
y/y —
-251.1
y/y —
——15.6
y/y —
6.9
y/y —
-2055.9%-2.3Report (PDF)
2023-06-30H1 2023 (6M)OK2549.8
y/y —
171.1
y/y —
555.4
y/y —
726.5
y/y —
147.9
y/y —
1.0—13.0
y/y —
3.2
y/y —
—0.9Report (PDF)

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)188
− Cash & equivalents9 429
Net debt-9 241

Net debt / LTM EBITDA: -1.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-1 000 00001 000 0002 000 0003 000 0004 000 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-150%-100%-50%0%50%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (₽ mln)

0100 000200 000300 000400 000500 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

-10 000-7 500-5 000-2 50002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Worth a look
net debt / EBITDA -1.7x · capex 0.0x of depreciation
● Capex is 2% of depreciation - the asset base is being consumed faster than replaced.
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 →

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +13% vs -99% the year before — a +112.0 pp move. 3-year CAGR -72%.
revenue growth by year: 2023 +84% · 2024 -99% · 2025 +13%
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 1.1x · 3-year 75th pct 2.6x

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 RAORussia2.30.1x0.1x
FGC UESRussia1.61.8x1.8x
LenenergoRussia2.11.9x1.9x
NEXTERA ENERGY INCUS157.817.0x2.9x
CPFL EnergiaBrazil10.15.8x3.3x
CemigBrazil6.06.0x3.4x
RushydroRussia2.43.5x3.5x
DEWA (Dubai Electricity & Water)UAE37.010.1x3.8x
Manila Electric (Meralco)Philippines7.59.3x4.9x
Equatorial EnergiaBrazil9.89.8x5.5x
En+ GroupRussia2.66.3x6.3x
EnergisaBrazil25.618.8x10.6x
Group median6.2x3.5x
Group average7.5x4.0x
This companyRussia0.21.1x1.1x

Group median 6.2x as traded, 3.5x adjusted; this company 1.1x — a 69% discount.

Group average 7.5x as traded, 4.0x adjusted; against the average this company is at a 73% discount.

At the adjusted group median the market cap would be +88% 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 22.2x, Russia 3.8x, South Africa 5.1x, Kazakhstan 6.6x, India 18.5x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-01; 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
202550.37 ₽
202420.15 ₽
202315.39 ₽
202218.19 ₽
20194.14 ₽
201813.66 ₽
20174.27 ₽
201260.49 ₽
Payments by period
PeriodLast day to buy/sh
2025 q32025-07-0350.37 ₽
2024 q42024-10-0320.15 ₽
2023 q22023-05-3015.39 ₽
2022 q32022-07-1218.19 ₽
2019 q22019-06-134.14 ₽
2018 q32018-07-1213.66 ₽
2017 q42017-10-264.27 ₽
2012 q22012-05-1760.49 ₽

Dividends

No dividend rows found for this issuer.

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 TNS Energo Kuban (KBSB) — from primary filings.

Frequently asked questions

What is TNS Energo Kuban (KBSB)'s P/E ratio?
TNS Energo Kuban (KBSB) trades at a P/E of 2.8x (price to trailing 12-month earnings).
What is TNS Energo Kuban (KBSB)'s EV/EBITDA?
TNS Energo Kuban (KBSB) trades at 1.1x EV/EBITDA.
What is TNS Energo Kuban (KBSB)'s P/B ratio?
TNS Energo Kuban (KBSB) trades at a P/B of 1.2x.
What is TNS Energo Kuban (KBSB)'s return on equity (ROE)?
TNS Energo Kuban (KBSB)'s ROE is 41.2%.
What is TNS Energo Kuban (KBSB)'s market capitalization?
TNS Energo Kuban (KBSB)'s market cap is 15.5 bn RUB.

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