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MOEX RUB

Moscow Exchange operates Russia's main trading venues for equities, bonds, derivatives, currencies and the money market, and owns the central depository and clearing house.

At a glance: strengths & risks
✓Revenue growing (+15% y/y, Q2 2026)✓Strong ROE (22%)✓Dividend yield above fair (14% vs 10%)

Sector: Financial Services

RU_MOEX

Price chart

154.31 RUBDay -0.60%

Key metrics

Market

Price
154.31 RUB · -0.60%
Market cap
351.3 bn RUB

Growth

Δ revenue y/y
15.2%
Δ EBITDA y/y
4.7%

Multiples

P/E (LTM)
5.5x
3y avg: 6.5x
P/B (FY)
1.3x
3y avg: 1.7x
P/E (ann.)
5.6x

Returns

Dividend yield
12.6%
ROE (annualized)
23.2%
ROI (ROE ÷ P/B)
17.8%

Value creation

annualized net income / market cap (return on equity value)
Banking potential
+18.6%
↓ details

Liquidity

Daily turnover (MOEX)
686.1 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 RUBNet profitB RUBAssetsB RUBEquityB RUBROE (annualized)Source
2026-06-30Q2 2026 (3M)OK35.6
y/y 15.2%
15.8
y/y 4.7%
13177.4
y/y 22.8%
258.1
y/y 9.5%
23.2%Report (PDF)
2026-03-31Q1 2026 (3M)OK33.2
y/y 16.3%
17.2
y/y 32.2%
—
y/y —
286.1
y/y 2.8%
24.7%Report (PDF)
2025-12-31Q4 2025 (3M)OK37.8
y/y 6.4%
14.2
y/y -18.3%
13027.8
y/y 7.7%
269.1
y/y 2.9%
22.7%Report (PDF)
2025-09-30Q3 2025 (3M)OK33.4
y/y -43.9%
17.3
y/y -24.6%
—
y/y —
253.8
y/y 4.4%
9.4%Report (PDF)
2025-06-30Q2 2025 (3M)OK30.9
y/y 144.8%
15.1
y/y -22.8%
10734.4
y/y 12.0%
235.7
y/y 6.4%
23.4%Report (PDF)
2025-03-31Q1 2025 (3M)OK28.6
y/y -16.0%
13.0
y/y -32.9%
—
y/y —
278.2
y/y 15.0%
19.2%Report (PDF)
2024-12-31Q4 2024 (3M)OK35.5
y/y 14.7%
17.4
y/y -13.4%
12092.6
y/y 27.8%
261.5
y/y 17.3%
31.4%Report (PDF)
2024-09-30Q3 2024 (3M)OK59.5
y/y 132.4%
22.9
y/y 60.3%
—
y/y —
243.2
y/y 21.7%
13.1%Report (PDF)
2024-06-30Q2 2024 (3M)OK12.6
y/y -37.7%
19.5
y/y 61.0%
9584.8
y/y 27.3%
221.5
y/y 15.7%
33.7%Report (PDF)
2024-03-31Q1 2024 (3M)OK34.0
y/y 46.5%
19.4
y/y 35.0%
—
y/y —
241.9
y/y 26.8%
33.3%Report (PDF)
2023-12-31Q4 2023 (3M)OK31.0
y/y —
20.0
y/y —
9464.3
y/y —
223.1
y/y —
28.7%Report (PDF)
2023-09-30Q3 2023 (3M)OK25.6
y/y —
14.3
y/y —
—
y/y —
199.8
y/y —
9.7%Report (PDF)
2023-06-30Q2 2023 (3M)OK20.2
y/y —
12.1
y/y —
7528.5
y/y —
191.5
y/y —
25.3%Report (PDF)
2023-03-31Q1 2023 (3M)OK23.2
y/y —
14.3
y/y —
—
y/y —
190.7
y/y —
—Report (PDF)

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Trading volumes by market

Moscow Exchange Group turnover by market, monthly — supplementary

PeriodTotal
трлн ₽		Equities
трлн ₽		Bonds
трлн ₽		Derivatives
трлн ₽		Money market (repo & deposits)
трлн ₽
Sep 2026205.22
+18.3%		2.63
+3.5%		2.19
+64.7%		19.41
+45.5%		178.18
+29.5%
Aug 2026183.84
+20.5%		2.76
−8.3%		0.78
−26.4%		16.53
+85.1%		161.53
+30.1%
Jul 2026204.67
+29.5%		3.48
+10.5%		1.36
−12.8%		16.86
+82.9%		180.55
+41.6%
Jun 2026190.70
+42.9%		2.81
+11.1%		1.39
+2.2%		16.32
+71.1%		166.74
+55.7%
May 2026156.44
+26.7%		1.88
−24.2%		1.11
+37.0%		12.66
+50.4%		138.48
+36.0%
Apr 2026191.952.671.8614.29170.41
Mar 2026216.433.531.5621.14170.42
Feb 2026171.232.421.5511.91141.82
Jan 2026136.292.140.6813.82106.97
Dec 2025199.612.741.4315.73157.88
Nov 2025158.722.172.4810.77128.32
Oct 2025182.993.051.6316.80145.53
Sep 2025173.532.541.3313.34137.59
Aug 2025152.553.011.068.93124.20
Jul 2025158.033.151.569.22127.47
Jun 2025133.422.531.369.54107.10
May 2025123.482.480.818.42101.82

ISS Московской биржи (iss/turnovers + per-engine markets, агрегация по торговым дням). Текущий незавершённый месяц исключён. Драгметаллы/валюта не публикуются в открытом ISS с 2024.

P/B — daily history

Current 1.38x · 3-year median 1.72x

P/B3-year median

P/E — daily history

Current 5.5x · 3-year median 6.2x

P/E3-year median

P/B is market cap ÷ equity of the latest reported quarter, P/E is ÷ profit of the last four quarters. EV/EBITDA is not computed for financials: EBITDA is not a meaningful line for them and their net debt is operating liquidity, not leverage.

Peer comparison

Group: Financial Services. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnP/E
MTS BankRussia0.41.9x
MosgorlombardRussia0.02.2x
Bank VTBRussia15.22.8x
SovcombankRussia2.82.9x
SberbankRussia79.73.5x
DOM.RFRussia4.63.5x
ZaymerRussia0.23.7x
Bank Sankt-PeterburgRussia1.43.9x
TBankRussia8.83.9x
CarMoneyRussia0.04.6x
EuroplanRussia1.010.6x
Credit Bank of MoscowRussia4.215.3x
Group median3.6x
Group average4.9x
This companyRussia4.35.5x

Group median 3.6x; this company 5.5x — a 51% premium.

Group average 4.9x; against the average this company is at a 11% premium. The average sits 36% above the median: Credit Bank of Moscow (15.3x) skews the group.

At the adjusted group median the market cap would be -34% 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 28.1x, Russia 6.3x, South Africa 11.2x, Kazakhstan 9.2x, India 27.1x, Indonesia 7.3x); 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

Dividend-model upside: +37%

The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)64 bn RUB
Payout ratio75%
Free cash flow (FY, OCF − capex)98 bn RUB
Recent actual dividend (3-yr median)19.57 ₽
= Forecast dividend per share21.27 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-9.0 pp
= Fair dividend yield (bank floor ≈ rate−3.5)10.5%
3 · Valuation → upside
Current price156 ₽
Forecast dividend yield13.7%
Fair price (dividend-based)213 ₽

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

Three-year model and IRR withheld

The number is withheld — here is why

Historical check (18 observations): median profit miss 14.8 pp of revenue, within ±5 pp in 11% of cases, relative error 53% at bias 0.77x — poor on both scales, the model's number is withheld

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
Assets————
Asset growth—+1%+3%+5%
Return on assets————
Opening equity258.1 bn258.1 bn274.6 bn292.3 bn
ROE24.9%25.7%26.0%26.5%
Net profit64.4 bn66.4 bn71.3 bn77.4 bn
Closing equity—274.6 bn292.3 bn311.5 bn
Equity to assets————
Dividend per share19.57 ₽21.92 ₽23.55 ₽25.57 ₽
Where the growth comes from
Revenue-growth sourceweightgrowth: yr 1 · 2 · 3
Realised pace (acceleration/deceleration)
LTM YoY -1%; acceleration -3.3pp
LTM г/г по отчётности		100%+1% · +3% · +5%
Model assumptions
Exit multipleP/B 1.54x (1.23x…2.26x)
Partial re-rating: the mean of today's P/B 1.37 and the three-year median 1.72. For banks this base is measurably better — on our daily series (14 names, 5,163 observations) the median three-year error is 0.42 against 0.45 for today's multiple and 0.50 for the median alone, and the odds of ending above today's are 48%. Full re-rating to 2.26 is the bull case
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%
Dividend policy75% of net profit
Year-3 EBITDA margin target48.0%
Current CPI (actual)6.3%, на 2026-09-30
Governanceno flags: the dividend has not faded against profit, payouts were not suspended, no audit qualification and no manual penalty — quality multiplier 1.00
Model versus analyst forecasts
Linemodelanalystsgap
2027 Консенсус, houses: 5.0 · blended from 50% 2026 + 50% 2027
Net profit66.4 bn64.4 bn1.03x
2028 Консенсус, houses: 3.0 · blended from 50% 2027 + 50% 2028
Net profit71.3 bn68.8 bn1.04x

The comparison runs on financial results, not target prices: a target depends on the multiple and horizon, while revenue and EBITDA forecasts compare directly.

Forecast accuracy measured on history
Historical forecast checkobsmedian errorbias±20%
Net profit1753%0.77x29%

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.

Independent one-year estimates: eninvs Company_Forecast — 167 ₽; Frontier див-модель — 213 ₽. Ours on the same horizon — 186 ₽. Dropped as broken: eninvs DividendPrediction (1.926e-07)

Checks and caveats
  • ✗ Historical check (18 observations): median profit miss 14.8 pp of revenue, within ±5 pp in 11% of cases, relative error 53% at bias 0.77x — poor on both scales, the model's number is withheld
  • ⚠ Growth rests on a single source (momentum)
  • ⚠ No balance sheet to drive the model: profit runs off equity, so growth is hard-capped at ROE x (1 − payout) and understates a growing bank
  • ⚠ The miss is one-sided: across 17 measurements the median profit forecast came to 0.77 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 forecast cash flow cannot be checked against the statement: the group holds a bank or fintech, so client money inflows land in operating cash flow — Ozon's 'actual' comes to +216bn where the formula gives minus 42. No conversion correction is applied here
  • ✓ Year-3 ROE 26%
  • ✓ Three-year dividends — 46% of the current price
  • ✓ IRR +25%
  • ✓ Base is fresh: report 4 months old
  • ✓ Versus the analyst forecast for 2027 (5 houses): profit 1.03x
  • ✓ One-year value agrees with an independent estimate: eninvs Company_Forecast (1.11x). Compared with: eninvs Company_Forecast, Frontier див-модель
  • The balance sheet is not used as a driver here: an exchange earns fees and interest on client balances, not a spread on its own assets. Profit runs off equity.

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.

Dividend history

Paid, trailing 12-mo: 19.57 RUB/sh · 12.6%

Pay yearDividend /sh
202619.57 ₽
202526.11 ₽
202417.35 ₽
20234.84 ₽
20219.45 ₽
20207.93 ₽
20197.70 ₽
20185.47 ₽
Payments by period
PeriodLast day to buy/sh
2026 q32026-07-0819.57 ₽
2025 q32025-07-0926.11 ₽
2024 q22024-06-1317.35 ₽
2023 q22023-05-104.84 ₽
2021 q22021-05-129.45 ₽
2020 q22020-05-137.93 ₽
2019 q22019-05-107.70 ₽
2018 q22018-05-115.47 ₽
2017 q32017-09-272.49 ₽
2017 q22017-05-127.68 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 45% buy — sellers5d: 49% buy — balanced20d: 52% buy — balanced

Iceberg levels last session: 1 bid / 0 ask; largest — bid 155.35 (filled ×5.9 of displayed, 151 refills).
Robot clips (recurring characteristic order size): 16 bid / 24 ask; largest — ask 3 lots ×4383 appearances across 212 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×1114, ask ×2057.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
21.1045%1/016/2420,620
20.1054%0/018/147,694
19.1048%1/018/2412,431
16.1058%0/016/129,544
15.1043%1/012/1510,420

Source: L2 order book + trade tape (TQBR main session, ~23 liquid names). Trade side = the aggressor crossing the spread. Iceberg = level filled a multiple of its displayed size with regular refills. Robot clip = a non-round order size recurring hundreds of times across dozens of price levels (an algo's fingerprint migrating with price); ping = 1-2 lot probe orders. Updated nightly.

Investment-community mentions

Substantive mentions last 7 days: 2 (1 positive), last 30 days: 15 (7 positive, 1 negative) across tracked channels, broker research and shows. 22 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

25.06.26Filing★ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
На 9 июля 2026 года будет определена дата для фиксирования лиц, имеющих право на получение дивидендов по обыкновенным акциям Московской Биржи. Соответствующее решение было принято 25 июня 2026 года.
25.06.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На общем собрании акционеров ПАО Московская Биржа, проведенном 25.06.2026, были приняты решения, включая утверждение годового отчета за 2025 год и распределение прибыли с выплатой дивидендов в размере 19,57 руб. на акцию. Общая сумма дивидендов составила 44,5 млрд. руб.
14.07.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО Московская Биржа избрал нового члена Правления на срок с 02.10.2026 по 01.10.2031. Также одобрено заключение трудового договора с заинтересованным лицом, причем цена сделки определена в Приложении 5.

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

RU equity fund ownership

Disclosed in the top-10 of 4 of 17 funds, ≈101 млн ₽ combined.

FundManagerWeight≈PositionΔ weight m/mDisclosure
GROD ДОХОДЪ Индекс акций ростаДОХОДЪ8.29%16 млн ₽—31.08.2026
DIVD ДОХОДЪ Индекс дивидендных акцийДОХОДЪ7.79%79 млн ₽—31.08.2026
SBRI Первая - Фонд Ответственные инвестицииПервая3.86%6 млн ₽—31.08.2026
SCFT Технологии будущегоДоверительная3.68%0 млн ₽—31.08.2026

Source: monthly fund portfolio disclosures (investfunds); NAV is daily. Disclosures list each fund's top-10 only, so absence does not mean no position. Weight changes mix revaluation with trading. Fund flows and betas live in the fund monitor on the RU region page.

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

Financial results, valuation multiples (P/E, P/B), profitability and dividend yield of MOEX — from primary filings.

Frequently asked questions

What is MOEX's P/E ratio?
MOEX trades at a P/E of 5.5x (price to trailing 12-month earnings).
What is MOEX's P/B ratio?
MOEX trades at a P/B of 1.3x.
What is MOEX's dividend yield?
MOEX's trailing 12-month dividend yield is 12.6%.
What is MOEX's return on equity (ROE)?
MOEX's ROE is 23.2%.
What is MOEX's market capitalization?
MOEX's market cap is 351.3 bn RUB.

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