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Rosseti Moscow Region (MSRS) RUB

Rosseti Moscow Region operates the electricity distribution grids of Moscow and Moscow region, delivering power to consumers and connecting new customers.

At a glance: strengths & risks
✓Revenue growing (+23% y/y, Q2 2026)✓Profit growing (+69% y/y, Q2 2026)✓Low leverage (0.7x EBITDA)

Sector: Utilities

RU_MSRS

Price chart

1.768 RUBDay 0.37%

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
1.768 RUB · 0.37%
Market cap
86.1 bn RUB

Growth

Δ revenue y/y
22.6%
Δ EBITDA y/y
28.2%

Multiples

P/E (LTM)
1.7x
3y avg: 2.7x
P/B (FY)
0.3x
P/E (ann.)
2.2x
EV/EBITDA (LTM)
1.5x
3y avg: 1.8x
EV/EBITDA (ann.)
1.6x

Cash return

Dividend yield
10.5%
FCF yield (LTM)
6.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+77.8%
↓ details

Liquidity

Daily turnover (MOEX)
19.3 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
2026-06-30Q2 2026 (3M)OK74.8
y/y 22.6%
15.7
y/y 41.5%
8.3
y/y 8.8%
24.1
y/y 28.2%
10.0
y/y 69.0%
18.5-24.4613.0
y/y 17.6%
273.2
y/y 17.6%
14.6%67.3Report (PDF)
2026-03-31Q1 2026 (3M)OK84.2
y/y 21.9%
21.4
y/y 31.6%
7.8
y/y 16.1%
29.2
y/y 27.0%
14.4
y/y 34.1%
35.1-28.3593.8
y/y 17.8%
272.0
y/y 16.3%
21.8%57.5Report (PDF)
2025-12-31Q4 2025 (3M)OK85.2
y/y 20.1%
20.2
y/y 542.4%
7.8
y/y 9.4%
28.0
y/y 991.0%
14.2
y/y 260.5%
29.0-23.6577.4
y/y 15.4%
257.4
y/y 15.3%
16.7%64.8Report (PDF)
2025-09-30Q3 2025 (3M)OK69.7
y/y 18.1%
15.4
y/y 35.7%
7.5
y/y 9.2%
22.9
y/y 25.7%
11.0
y/y 24.0%
24.2-24.8542.9
y/y 18.8%
243.3
y/y 4.8%
6.1%70.6Report (PDF)
2025-06-30Q2 2025 (3M)OK61.0
y/y 12.0%
11.1
y/y 45.2%
7.7
y/y 14.8%
18.8
y/y 31.1%
5.9
y/y 21.3%
22.4-22.6521.4
y/y 18.9%
232.2
y/y 4.0%
10.1%62.9Report (PDF)
2025-03-31Q1 2025 (3M)OK69.0
y/y 7.0%
16.2
y/y 40.2%
6.7
y/y 2.9%
23.0
y/y 26.7%
10.7
y/y 23.3%
22.6-30.3504.1
y/y 16.5%
233.9
y/y 3.9%
18.8%61.6Report (PDF)
2024-12-31Q4 2024 (3M)OK70.9
y/y 8.1%
-4.6
y/y -198.6%
7.1
y/y 15.3%
2.6
y/y -76.3%
-8.8
y/y -375.8%
17.28.0500.4
y/y 19.5%
223.2
y/y 3.2%
6.0%54.8Report (PDF)
2024-09-30Q3 2024 (3M)OK59.1
y/y 11.8%
11.4
y/y 9.4%
6.8
y/y 14.4%
18.2
y/y 11.3%
8.8
y/y 12.2%
26.9-53.2457.1
y/y 14.7%
232.1
y/y 8.9%
5.2%45.8Report (PDF)
2024-06-30Q2 2024 (3M)OK54.5
y/y 8.0%
7.7
y/y 48.2%
6.7
y/y 15.0%
14.3
y/y 30.6%
4.9
y/y 44.7%
15.7-18.1438.7
y/y 12.5%
223.2
y/y 8.8%
8.7%46.9Report (PDF)
2024-03-31Q1 2024 (3M)OK64.5
y/y 6.8%
11.6
y/y -22.5%
6.6
y/y 13.0%
18.1
y/y -12.6%
8.7
y/y -26.5%
24.0-16.2432.9
y/y 11.7%
225.1
y/y 11.3%
15.8%45.1Report (PDF)
2023-12-31Q4 2023 (3M)OK65.6
y/y —
4.6
y/y —
6.2
y/y —
10.8
y/y —
3.2
y/y —
16.1-34.8418.6
y/y —
216.3
y/y —
12.2%52.9Report (PDF)
2023-09-30Q3 2023 (3M)OK52.8
y/y —
10.4
y/y —
6.0
y/y —
16.4
y/y —
7.9
y/y —
17.8-13.5398.6
y/y —
213.1
y/y —
5.0%47.2Report (PDF)
2023-06-30Q2 2023 (3M)OK50.5
y/y —
5.2
y/y —
5.8
y/y —
11.0
y/y —
3.4
y/y —
9.4-0.5389.9
y/y —
205.1
y/y —
6.6%48.3Report (PDF)
2023-03-31Q1 2023 (3M)OK60.4
y/y —
15.0
y/y —
5.8
y/y —
20.8
y/y —
11.9
y/y —
20.5-12.1387.4
y/y —
202.3
y/y —
—47.2Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)69 859
Long-term debt (incl. LT leases)12 078
− Cash & equivalents14 675
Net debt67 262

Net debt / LTM EBITDA: 0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

020 00040 00060 00080 000100 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%-50%0%50%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

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

-10 000-5 00005 00010 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

020 00040 00060 00080 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 4.20x of reported net profit; after capex, 0.31x.
year20212022202320242025
cash flow / profit4.20x5.01x2.42x6.17x2.35x
accruals, % of assets-8.7%-13.9%-8.9%-14.0%-9.8%
Last twelve months (to 2026-06-30): 2.16x of profit came back as operating cash flow.
net debt / EBITDA 0.7x · EBIT covers interest 6.3x · capex 1.9x of depreciation · dividends 23% of free cash flow
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 № 19@ от 24.12.2025 · period 2025–2030 · download order + appendix

ИПР financial plan (Form 19), ₽bn:

20232024202520262027202820292030
Net profit (ИПР)19.419.240.046.169.285.695.8106.1
Dividends (ИПР)7.07.39.011.513.815.417.018.3
div, % cur. MCap8.0%8.5%10.4%13.3%15.9%17.9%19.7%21.1%

Capex & funding sources, ₽bn:

202520262027202820292030
Capex (funding)124.5120.6160.8133.7121.0114.3
of which profit to investment47.651.389.671.658.749.8
depreciation31.336.437.639.542.445.6
attracted funds14.50.00.00.00.00.0

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

20212022202320242025
ИПР plan (prior-year order)35.843.164.967.3116.8
revised plan (same-year order)42.344.767.988.9124.5
Actual capex (IFRS cash flow)——60.879.5101.4
actual vs plan——94%118%87%

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). Distribution grid transmission-tariff indexation (other consumers): 2026 from Oct +15.2% · 2027 from Jul +15.2% (households 17.5%) · 2028 from Jul +9.7% (households 12.0%) · 2029 from Jul +7.2%

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

Fundamental value creation

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

Value created per year: +77.8%

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)
= (24 065 − 18 776) × 4.33
16 885
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (86 114 + 67 262) ÷ 104 172
1.5x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (1.5 + 6.5) ÷ 2
4.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -4 412 + 4 074 + 0 − 0
-339
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (16 885 × 4.0 + -339) ÷ 86 114
+77.8%

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

Caveats:

  • EBITDA growth from 3-yr FY trend, min of avg & latest YoY (anomalous latest-period delta)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +14% vs +9% the year before — a +5.9 pp move. 3-year CAGR +13%.
revenue growth by year: 2023 +15% · 2024 +9% · 2025 +14%
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 1.5x · 3-year 75th pct 2.1x

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
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
En+ GroupRussia2.56.4x6.4x
Manila Electric (Meralco)Philippines7.812.5x8.1x
EnergisaBrazil33.023.1x12.4x
Group median6.4x3.5x
Group average8.4x4.5x
This companyRussia1.11.5x1.5x

Group median 6.4x as traded, 3.5x adjusted; this company 1.5x — a 58% discount.

Group average 8.4x as traded, 4.5x adjusted; against the average this company is at a 67% discount. The average sits 28% above the median: Energisa (12.4x) skews the group.

At the adjusted group median the market cap would be +241% 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.

Dividend — grid ИПР model

Expected dividend: 11498 mln RUB · 13.3% · upside -5%

ИПР-planned dividend (company pays) Last actual payout: 2026.

YearИПР plan, mlnActual, mln
202589937332
2026114989084
202713773—
202815442—
202917003—
203018251—

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

Dividend-model upside: +5%

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)49 bn RUB
Payout ratio40%
Free cash flow (FY, OCF − capex) — not a cap (leverage 0.7x)-3 bn RUB
Recent actual dividend (3-yr median)0.19 ₽
= Forecast dividend per share0.19 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-7.5 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price1.78 ₽
Forecast dividend yield10.5%
Fair price (dividend-based)1.87 ₽

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

Dividend history

Paid, trailing 12-mo: 0.19 RUB/sh · 10.5%

Pay yearDividend /sh
20260.19 ₽
20250.15 ₽
20240.14 ₽
20230.10 ₽
20220.10 ₽
20210.05 ₽
20200.07 ₽
20190.06 ₽
Payments by period
PeriodLast day to buy/sh
2026 q32026-07-020.19 ₽
2025 q32025-07-070.15 ₽
2024 q32024-07-040.14 ₽
2023 q22023-06-280.01 ₽
2023 q12023-01-040.08 ₽
2022 q22022-06-290.10 ₽
2021 q22021-05-280.05 ₽
2020 q22020-06-050.03 ₽
2020 q12020-01-100.04 ₽
2019 q22019-06-210.06 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

25.06.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
Определена дата фиксации прав акционеров на получение дивидендов по обыкновенным акциям 'Россети Московский регион' за 2025 год, которая состоится 3 июля 2026 года. Протокол о данном решении был составлен 24 июня 2026 года.
20.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Россети Московский регион» утвердил ключевые показатели эффективности на 2026-2028 годы и изменения в порядок их расчета. Принятые решения касаются целевых и пороговых значений показателей, а также мониторинга достижения этих значений. Дата окончания приема голосов - 18.08.2026, а результаты голосования зафиксированы в протоколе от 19.08.2026.
25.06.26AGM / BoardРешения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Россети Московский регион» 19 июня 2026 года было утверждено распределение прибыли за 2025 год с выплатой дивидендов в размере 0,1865 руб. на акцию. Кворум по всем вопросам повестки дня составил более 91%. Также избран новый Совет директоров и Ревизионная комиссия.

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 Rosseti Moscow Region (MSRS) — from primary filings.

Frequently asked questions

What is Rosseti Moscow Region (MSRS)'s P/E ratio?
Rosseti Moscow Region (MSRS) trades at a P/E of 1.7x (price to trailing 12-month earnings).
What is Rosseti Moscow Region (MSRS)'s EV/EBITDA?
Rosseti Moscow Region (MSRS) trades at 1.5x EV/EBITDA.
What is Rosseti Moscow Region (MSRS)'s P/B ratio?
Rosseti Moscow Region (MSRS) trades at a P/B of 0.3x.
What is Rosseti Moscow Region (MSRS)'s dividend yield?
Rosseti Moscow Region (MSRS)'s trailing 12-month dividend yield is 10.5%.
What is Rosseti Moscow Region (MSRS)'s return on equity (ROE)?
Rosseti Moscow Region (MSRS)'s ROE is 14.6%.
What is Rosseti Moscow Region (MSRS)'s market capitalization?
Rosseti Moscow Region (MSRS)'s market cap is 86.1 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
РСетиМР1Р5floatfloat100.10+0.11%81K1.8M11.2026
РСетиМР1P8floatfloat100.13-0.13%594K3.9M12.2026
РСетиМР1P6floatfloat100.10+0.00%35K2.6M05.2027

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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