Mosenergo is the largest regional power generator in Russia, operating gas-fired combined heat and power plants that supply electricity and heat to Moscow and Moscow region; part of Gazprom Energoholding.
Sector: Utilities
RU_MSNG
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.
Shares: connector/market_inputs
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.
| Date | Period | Status | RevenueM USD | Operating profitM USD | D&AM USD | EBITDAM USD | Net profitM USD | Operating CFM USD | Capex + M&AM USD | AssetsM USD | EquityM USD | ROE (annualized) | Net debtM USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | Q2 2026 (3M) | OK | 806.5 y/y 23.4% | -41.6 y/y -1173.6% | 53.6 y/y 14.4% | 12.1 y/y -76.2% | -25.2 y/y -165.2% | 83.8 | -31.6 | 4695.0 y/y — | 3977.1 y/y — | -2.5% | -464.5 | Report (PDF) |
| 2026-03-31 | Q1 2026 (3M) | OK | 1496.8 y/y 52.6% | 203.3 y/y 50.9% | 51.2 y/y 24.1% | 254.4 y/y 44.6% | 173.6 y/y 40.3% | 78.6 | -45.3 | 4611.0 y/y — | 3960.3 y/y — | 15.8% | -328.0 | Report (PDF) |
| 2025-12-31 | FY 2025 (12M) | OK | — y/y 22.3% | — y/y — | — y/y -10.0% | — y/y 0.2% | — y/y -17.5% | — | — | 5716.3 y/y 29.7% | 4843.9 y/y 31.5% | — | -321.3 | Report (PDF) |
| 2025-06-30 | Q2 2025 (3M) | PARTIAL | 653.7 y/y — | 3.9 y/y — | 46.9 y/y — | 50.7 y/y — | 38.6 y/y — | 119.8 | -41.6 | — y/y — | — y/y — | — | -369.0 | Evidence |
| 2025-03-31 | Q1 2025 (3M) | PARTIAL | 980.7 y/y — | 134.7 y/y — | 41.3 y/y — | 175.9 y/y — | 123.7 y/y — | 66.2 | -32.2 | — y/y — | — y/y — | — | -355.0 | Evidence |
| 2024-12-31 | FY 2024 (12M) | OK | 2831.3 y/y -4.7% | -19.7 y/y -420.9% | 315.6 y/y -17.8% | 295.8 y/y -24.1% | 90.9 y/y 106.7% | 194.3 | -277.7 | 4407.8 y/y -15.1% | 3683.9 y/y -15.6% | 2.3% | -279.2 | Report (PDF) |
| 2023-12-31 | Q4 2023 (3M) | OK | 1281.1 y/y — | 57.0 y/y — | 86.3 y/y — | 143.2 y/y — | 50.8 y/y — | 127.9 | -101.0 | 5191.9 y/y — | 4364.4 y/y — | 1.0% | -406.3 | Report (PDF) |
| 2023-09-30 | Q3 2023 (3M) | OK | 415.3 y/y — | -79.7 y/y — | 85.4 y/y — | 5.8 y/y — | -124.1 y/y — | 132.3 | -42.3 | 4732.3 y/y — | 4061.3 y/y — | -3.8% | -435.3 | Report (PDF) |
| 2023-06-30 | Q2 2023 (3M) | OK | 1582.7 y/y — | 78.0 y/y — | 194.6 y/y — | 272.6 y/y — | 84.7 y/y — | 101.4 | -104.1 | 5446.1 y/y — | 4600.9 y/y — | — | -238.4 | Report (PDF) |
| Short-term debt (incl. ST leases) | 7 |
| Long-term debt (incl. LT leases) | 50 |
| − Cash & equivalents | 521 |
| Net debt | -464 |
|---|
Net debt / LTM EBITDA: -0.9x
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
Quarterly values ($ mln)
Year-over-year change
Operating and investing cash flow (OCF + ICF) ($ mln)
Net debt / cash ($ mln)
| year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| cash flow / profit | 11.81x | 1.96x | 11.01x | 2.14x | 2.76x |
| accruals, % of assets | -8.3% | — | -7.9% | -2.1% | -2.5% |
Our earnings breakdowns and investment notes on this issuer.
Current 0.7x · 3-year 75th pct 2.7x
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.
| Company | Market | Cap, $bn | EV/EBITDA | EV/EBITDA, adjusted |
|---|---|---|---|---|
| Inter RAO | Russia | 2.3 | 0.2x | 0.2x |
| FGC UES | Russia | 1.6 | 1.7x | 1.7x |
| Lenenergo | Russia | 1.9 | 1.9x | 1.9x |
| NEXTERA ENERGY INC | US | 163.1 | 17.5x | 3.1x |
| CPFL Energia | Brazil | 11.4 | 6.3x | 3.4x |
| Cemig | Brazil | 6.5 | 6.4x | 3.4x |
| Rushydro | Russia | 2.4 | 3.6x | 3.6x |
| DEWA (Dubai Electricity & Water) | UAE | 36.2 | 9.9x | 3.8x |
| Equatorial Energia | Brazil | 12.2 | 10.9x | 5.8x |
| En+ Group | Russia | 2.5 | 6.4x | 6.4x |
| Manila Electric (Meralco) | Philippines | 7.8 | 12.5x | 8.1x |
| Energisa | Brazil | 33.0 | 23.1x | 12.4x |
| Group median | 6.4x | 3.5x | ||
| Group average | 8.4x | 4.5x | ||
| This company | Russia | 0.7 | 0.7x | 0.7x |
Group median 6.4x as traded, 3.5x adjusted; this company 0.7x — a 81% discount.
Group average 8.4x as traded, 4.5x adjusted; against the average this company is at a 85% discount. The average sits 28% above the median: Energisa (12.4x) skews the group.
At the adjusted group median the market cap would be +213% 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 20.9x, 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.
High yield on falling profit
The forecast yield is high but full-year profit fell >20% — the payout rests on past earnings and is likely to be cut. Upside is suppressed to avoid flagging a yield trap as a buy.
| 1 · Forecast dividend (per policy) | |
| Smoothed net profit (median YTD-ann./LTM/FY) | 9 bn RUB |
| Payout ratio | 96% |
| Free cash flow (FY, OCF − capex) — not a cap (leverage -1.1x) | -6 bn RUB |
| Recent actual dividend (3-yr median) | 0.23 ₽ |
| = Forecast dividend per share | 0.23 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.0% |
| Historical yield spread to rate (3-yr median) | -10.5 pp |
| = Fair dividend yield | 10.5% |
| 3 · Valuation → upside | |
| Current price | 1.34 ₽ |
| Forecast dividend yield | 16.8% |
| Fair price (dividend-based) | 2.27 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
Paid, trailing 12-mo: 0.23 RUB/sh · 16.8%
| Pay year | Dividend /sh | |
|---|---|---|
| 2026 | 0.23 ₽ | |
| 2024 | 0.16 ₽ | |
| 2023 | 0.19 ₽ | |
| 2022 | 0.22 ₽ | |
| 2021 | 0.18 ₽ | |
| 2020 | 0.12 ₽ | |
| 2019 | 0.21 ₽ | |
| 2018 | 0.17 ₽ |
| Period | Last day to buy | /sh |
|---|---|---|
| 2026 q1 | 2026-03-02 | 0.23 ₽ |
| 2024 q3 | 2024-07-08 | 0.16 ₽ |
| 2023 q2 | 2023-06-30 | 0.19 ₽ |
| 2022 q3 | 2022-07-07 | 0.22 ₽ |
| 2021 q3 | 2021-07-01 | 0.18 ₽ |
| 2020 q3 | 2020-07-06 | 0.12 ₽ |
| 2019 q2 | 2019-06-28 | 0.21 ₽ |
| 2018 q2 | 2018-06-14 | 0.17 ₽ |
| 2017 q2 | 2017-06-12 | 0.08 ₽ |
| 2016 q2 | 2016-06-15 | 0.06 ₽ |
No dividend rows found for this issuer.
Substantive mentions last 7 days: 1 (1 negative), last 30 days: 2 (2 negative) across tracked channels, broker research and shows.
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.
| 01.07.26 | Filing | ★ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента ПАО 'Мосэнерго' установило дату фиксации лиц, имеющих право на получение дивидендов по обыкновенным акциям за 2025 год на 14 июля 2026 года. Дивиденды будут выплачиваться из нераспределенной прибыли прошлых лет. |
| 01.07.26 | AGM / Board | ★ ▲ Решения общих собраний участников (акционеров) На годовом общем собрании акционеров ПАО 'Мосэнерго' 30.06.2026 было утверждено распределение прибыли за 2025 год в размере 10,8 млрд. руб. и объявлены дивиденды на уровне 0,2717 руб. на акцию. Также избран новый Совет директоров и утверждены изменения в Уставе компании. |
| 06.10.26 | AGM / Board | Решения совета директоров (наблюдательного совета) Совет директоров ПАО 'Мосэнерго' утвердил изменения в Годовую комплексную программу закупок на 2026 год и программу на 2027 год. Также был утвержден отчет о выполнении бизнес-плана за 6 месяцев 2026 года и план работы Совета директоров на 2026-2027 годы. |
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 Mosenergo (MSNG) — from primary filings.
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