TGK-14 generates electricity and heat at combined heat and power plants in Zabaykalsky Krai and Buryatia.
Sector: Utilities
RU_TGKN
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 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.
| Date | Period | Status | RevenueB RUB | Operating profitB RUB | D&AB RUB | EBITDAB RUB | Net profitB RUB | Operating CFB RUB | Capex + M&AB RUB | AssetsB RUB | EquityB RUB | ROE (annualized) | Net debtB RUB | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | H1 2026 (6M) | OK | 13.0 y/y 19.2% | 1.8 y/y 97.0% | 0.8 y/y 20.3% | 2.6 y/y 64.6% | 0.8 y/y 109.3% | 0.9 | -1.8 | 29.8 y/y -14.9% | 7.3 y/y 10.5% | 24.6% | 13.9 | Report (PDF) |
| 2025-12-31 | H2 2025 (6M) | OK | 10.7 y/y 9.5% | 0.8 y/y -56.3% | 0.7 y/y 32.4% | 1.5 y/y -36.7% | -0.2 y/y -114.7% | 1.8 | -2.5 | 34.0 y/y 43.0% | 6.4 y/y -9.6% | 3.7% | 11.2 | Report (PDF) |
| 2025-06-30 | H1 2025 (6M) | OK | 10.9 y/y 14.6% | 0.9 y/y 4.7% | 0.7 y/y 29.4% | 1.6 y/y 13.9% | 0.4 y/y -37.1% | -0.2 | -2.6 | 35.0 y/y 83.0% | 6.6 y/y 1.6% | 11.8% | 10.9 | Report (PDF) |
| 2024-12-31 | H2 2024 (6M) | OK | 9.8 y/y 6.2% | 1.9 y/y 57.0% | 0.5 y/y 18.4% | 2.4 y/y 46.5% | 1.1 y/y 42.8% | 3.5 | -3.0 | 23.8 y/y 8.7% | 7.1 y/y -6.3% | 26.0% | 5.9 | Report (PDF) |
| 2024-06-30 | H1 2024 (6M) | OK | 9.5 y/y 11.3% | 0.9 y/y -13.1% | 0.5 y/y 21.2% | 1.4 y/y -2.8% | 0.6 y/y -25.7% | 0.8 | -0.7 | 19.2 y/y 27.8% | 6.5 y/y 32.8% | 18.2% | 4.2 | Report (PDF) |
| 2023-12-31 | H2 2023 (6M) | OK | 9.2 y/y — | 1.2 y/y — | 0.4 y/y — | 1.6 y/y — | 0.8 y/y — | 3.1 | -1.1 | 21.9 y/y — | 7.6 y/y — | 26.5% | 3.3 | Report (PDF) |
| 2023-06-30 | H1 2023 (6M) | OK | 8.5 y/y — | 1.0 y/y — | 0.4 y/y — | 1.4 y/y — | 0.9 y/y — | 1.8 | -0.7 | 15.0 y/y — | 4.9 y/y — | — | 4.0 | Report (PDF) |
| Short-term debt (incl. ST leases) | 999 |
| Long-term debt (incl. LT leases) | 13 633 |
| − Cash & equivalents | 750 |
| Net debt | 13 882 |
|---|
Net debt / LTM EBITDA: 3.4x
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 | 12.40x | 5.58x | 2.94x | 2.40x | 6.67x |
| accruals, % of assets | -11.7% | -19.3% | -14.6% | -10.4% | -4.0% |
Our earnings breakdowns and investment notes on this issuer.
Current 4.7x · 3-year 75th pct 6.4x
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 | 0.1 | 4.6x | 4.6x |
Group median 6.4x as traded, 3.5x adjusted; this company 4.6x — a 32% premium.
Group average 8.4x as traded, 4.5x adjusted; against the average this company is at a 3% premium. The average sits 28% above the median: Energisa (12.4x) skews the group.
At the adjusted group median the market cap would be -77% 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-model upside: +71%
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) | 1 bn RUB |
| Payout ratio | 50% |
| Free cash flow (FY, OCF − capex) | -3 bn RUB |
| = Forecast dividend per share | 0.00 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.0% |
| Historical yield spread to rate (3-yr median) | -3.1 pp |
| = Fair dividend yield | 10.9% |
| 3 · Valuation → upside | |
| Current price | 0.004 ₽ |
| Forecast dividend yield | 17.8% |
| Fair price (dividend-based) | 0.010 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
The number is withheld — here is why
Holding prices flat with current cost inflation wipes out modelled equity — read it as a risk signal, not a valuation
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 mln | LTM, actual 12m to 30.06.2026 | 2027 12m to 30.06 | 2028 12m to 30.06 | 2029 12m to 30.06 |
|---|---|---|---|---|
| Revenue | 23.7 bn | 26.7 bn | 29.4 bn | 31.8 bn |
| Revenue growth | — | +13% | +10% | +8% |
| EBITDA | 4.1 bn | 4.7 bn | 5.1 bn | 5.5 bn |
| EBITDA margin | 17.4% | 17.4% | 17.4% | 17.4% |
| less D&A | 1.5 bn | 1.6 bn | 1.7 bn | 1.8 bn |
| EBIT | 2.6 bn | 3.0 bn | 3.4 bn | 3.7 bn |
| less net interest | — | 2.1 bn | 1.9 bn | 2.0 bn |
| less tax | — | 244 | 368 | 439 |
| Net profit | — | 731 | 1.1 bn | 1.3 bn |
| Capex | 4.3 bn | 4.2 bn | 4.6 bn | 5.0 bn |
| Capex to revenue | 18.3% | 15.8% | 15.8% | 15.8% |
| Free cash flow | -1.6 bn operating cash flow less capex | -1.9 bn | -1.8 bn | -1.9 bn |
| Net debt | 13.9 bn | 17.1 bn | 20.6 bn | 24.4 bn |
| Net debt / EBITDA | 3.4x | 3.7x | 4.0x | 4.4x |
| Dividend per share | 0.000 ₽ | 0.000 ₽ | 0.000 ₽ | 0.000 ₽ |
| Revenue-growth source | weight | growth: yr 1 · 2 · 3 |
|---|---|---|
| Realised pace (acceleration/deceleration) LTM YoY +15%; acceleration +4.1pp LTM г/г по отчётности | 100% | +13% · +10% · +8% |
| Exit multiple | EV/EBITDA 4.64x (3.71x…6.78x) |
| No re-rating: min(current 4.6x, three-year median 5.0x). Re-rating to 6.8x on a falling rate is the bull case | |
| Second valuation: discounted cash flow | 0.000 ₽ (discount 13.1%, terminal growth 4.0%) |
| 77% of that value sits beyond the three-year horizon | |
| Key rate by year | 13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year) |
| Cost inflation | 6.2% · 5.6% · 5.3% |
| Dividend policy | 50% of net profit |
| Year-3 EBITDA margin target | 17.4% |
| Current CPI (actual) | 6.3%, на 2026-09-30 |
| Capex | capex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does |
| D&A | grows slower than revenue — elasticity 0.6: assets outlive the sales they carry |
| Interest | gross debt × (that year's key rate + 1.5pp) less cash yield at 0.85 of the rate. Debt is refinanced at par; free cash after dividends accumulates and cuts net debt |
| Tax | 25% of pre-tax profit when positive; losses earn no tax credit |
| Working capital | neutral: FCF = EBITDA − capex − interest − tax |
| Governance | no flags: the dividend has not faded against profit, payouts were not suspended, no audit qualification and no manual penalty — quality multiplier 1.00 |
| Historical forecast check | obs | median error | bias | ±20% |
|---|---|---|---|---|
| Revenue | 9 | 6% | 0.96x | 100% |
| EBITDA | 9 | 20% | 0.95x | 44% |
| Net profit | 7 | 55% | 0.53x | 29% |
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: Frontier див-модель — 0.010 ₽. Ours on the same horizon — 0.000 ₽. Dropped as broken: eninvs DividendPrediction (8.973e-12)
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.
| Pay year | Dividend /sh | |
|---|---|---|
| 2025 | 0.00 ₽ | |
| 2024 | 0.00 ₽ | |
| 2023 | 0.00 ₽ |
| Period | Last day to buy | /sh |
|---|---|---|
| 2025 q2 | 2025-05-23 | 0.00 ₽ |
| 2024 q3 | 2024-09-16 | 0.00 ₽ |
| 2024 q2 | 2024-06-03 | 0.00 ₽ |
| 2023 q3 | 2023-08-10 | 0.00 ₽ |
| 2023 q2 | 2023-06-14 | 0.00 ₽ |
No dividend rows found for this issuer.
| 08.10.26 | Filing | ★ ▼ Присвоение или изменение рейтинга эмитента рейтинговым агентством на основании договора ПАО 'ТГК-14' получило кредитный рейтинг BBB-.ru с прогнозом стабильный, что является снижением по сравнению с предыдущими рейтингами. Дата изменения рейтинга - 07.10.2026. |
| 02.10.26 | AGM / Board | Решения совета директоров (наблюдательного совета) На заседании совета директоров ПАО «ТГК-14» 30 сентября 2026 года были приняты решения, включая утверждение отчётов об исполнении бизнес-плана и инвестиционной программы за I полугодие 2026 года. Также было принято решение о внесении изменений в состав Правления и Центральной закупочной комиссии. Акционерам доступны обыкновенные акции с идентификатором ISIN RU000AOH1ES3. |
| 29.05.26 | AGM / Board | Решения общих собраний участников (акционеров) На годовом собрании акционеров ПАО 'ТГК-14', состоявшемся 27 мая 2026 года, утверждены годовой отчет и финансовая отчетность за 2025 год. Дивиденды по результатам 2025 года не будут выплачены. Также назначена аудиторская организация на 2026 год и утвержден новый Устав, но последний вопрос не был принят. |
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 TGK-14 (TGKN) — from primary filings.
| Issue | YTM | Coupon | Price, % | 1D | Volume today, ₽ | Avg vol. 20D, ₽ | Maturity |
|---|---|---|---|---|---|---|---|
| ТГК-14 1Р4 | float | float | 101.10 | +0.00% | 73K | 316K | 06.2027 |
| ТГК-14 1Р2 | 28.7% | 12.85% | 91.28 | +0.23% | 30K | 5.2M | 07.2027 |
| ТГК-14 1Р3 | 20.1% | 26.5% | 111.11 | -0.71% | 4K | 640K | 06.2028 |
| ТГК-14 1Р6 | float | float | 100.26 | -0.58% | 1K | 779K | 01.2029 |
| ТГК-14 1Р5 | 24.4% | 24.75% | 104.72 | -0.41% | 270K | 15.9M | 01.2029 |
| ТГК-14 1Р7 | 23.9% | 21.5% | 98.77 | +0.00% | 149K | 21.0M | 05.2030 |
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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