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TGK-14 (TGKN) RUB

TGK-14 generates electricity and heat at combined heat and power plants in Zabaykalsky Krai and Buryatia.

At a glance: strengths & risks
✓Revenue growing (+19% y/y, H1 2026)✓Profit growing (+109% y/y, H1 2026)✓Margins improving (15%→20%, H1 2026)✓Dividend yield above fair (22% vs 11%)✗High leverage (3.6x EBITDA)

Sector: Utilities

RU_TGKN

Price chart

0.00376 RUBDay -1.05%

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
0.00376 RUB · -1.05%
Market cap
5.1 bn RUB

Growth

Δ revenue y/y
19.2%
Δ EBITDA y/y
64.6%

Multiples

P/E (LTM)
7.5x
3y avg: 15.2x
P/B (FY)
0.8x
P/E (ann.)
3.0x
EV/EBITDA (LTM)
4.6x
3y avg: 5.4x
EV/EBITDA (ann.)
3.6x

Cash return

Dividend yield
—
FCF yield (LTM)
-41.5%

Liquidity

Daily turnover (MOEX)
11.5 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)OK13.0
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%
0.9-1.829.8
y/y -14.9%
—
y/y —
—13.9Report (PDF)
2025-12-31H2 2025 (6M)OK10.7
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%
1.8-2.534.0
y/y 43.0%
6.4
y/y -9.6%
—11.2Report (PDF)
2025-06-30H1 2025 (6M)OK10.9
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%
-0.2-2.635.0
y/y 83.0%
—
y/y —
—10.9Report (PDF)
2024-12-31H2 2024 (6M)OK9.8
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%
3.5-3.023.8
y/y 8.7%
7.1
y/y -6.3%
26.0%5.9Report (PDF)
2024-06-30H1 2024 (6M)OK9.5
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%
0.8-0.719.2
y/y 27.8%
6.5
y/y 32.8%
18.2%4.2Report (PDF)
2023-12-31H2 2023 (6M)OK9.2
y/y —
1.2
y/y —
0.4
y/y —
1.6
y/y —
0.8
y/y —
3.1-1.121.9
y/y —
7.6
y/y —
26.5%3.3Report (PDF)
2023-06-30H1 2023 (6M)OK8.5
y/y —
1.0
y/y —
0.4
y/y —
1.4
y/y —
0.9
y/y —
1.8-0.715.0
y/y —
4.9
y/y —
—4.0Report (PDF)

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

Short-term debt (incl. ST leases)999
Long-term debt (incl. LT leases)13 633
− Cash & equivalents750
Net debt13 882

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

05 00010 00015 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

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

Cash flow

FCF (₽ mln)

-4 000-2 00002 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

05 00010 00015 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 5.58x of reported net profit; after capex, 1.85x.
year20212022202320242025
cash flow / profit12.40x5.58x2.94x2.40x6.67x
accruals, % of assets-11.7%-19.3%-14.6%-10.4%-4.0%
Last twelve months (to 2026-06-30): 3.96x of profit came back as operating cash flow.
net debt / EBITDA 3.6x · capex 2.4x of depreciation · dividends 181% of free cash flow
● Dividends were 181% of the free cash flow earned over the window.
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 +12% vs +9% the year before — a +3.4 pp move. 3-year CAGR +15%.
revenue growth by year: 2023 +24% · 2024 +9% · 2025 +12%
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).

Dividend potential

Dividend-model upside: +96%

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 ratio66%
Free cash flow (FY, OCF − capex)-3 bn RUB
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-3.0 pp
= Fair dividend yield11.0%
3 · Valuation → upside
Current price0.004 ₽
Forecast dividend yield21.6%
Fair price (dividend-based)0.010 ₽

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

Dividend history

Pay yearDividend /sh
20250.00 ₽
20240.00 ₽
20230.00 ₽
Payments by period
PeriodEx-date/sh
2025 q22025-05-230.00 ₽
2024 q32024-09-160.00 ₽
2024 q22024-06-030.00 ₽
2023 q32023-08-100.00 ₽
2023 q22023-06-140.00 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

16.07.26AGM / BoardРешения совета директоров (наблюдательного совета)
15 июля 2026 года Совет директоров ПАО 'ТГК-14' принял решения о выборах нового Председательствующего и согласии на сделки с НПО 'ЭЛСИБ' по поставке оборудования для Улан-Удэнской ТЭЦ-2. Все решения были приняты единогласно с 6 голосами 'За'.
29.05.26AGM / BoardРешения 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.

Frequently asked questions

What is TGK-14 (TGKN)'s P/E ratio?
TGK-14 (TGKN) trades at a P/E of 7.5x (price to trailing 12-month earnings).
What is TGK-14 (TGKN)'s EV/EBITDA?
TGK-14 (TGKN) trades at 4.6x EV/EBITDA.
What is TGK-14 (TGKN)'s P/B ratio?
TGK-14 (TGKN) trades at a P/B of 0.8x.
What is TGK-14 (TGKN)'s return on equity (ROE)?
TGK-14 (TGKN)'s ROE is -5.1%.
What is TGK-14 (TGKN)'s market capitalization?
TGK-14 (TGKN)'s market cap is 5.1 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
ТГК-14 1Р4floatfloat101.5284K06.2027
ТГК-14 1Р221.7%12.85%94.22.0M07.2027
ТГК-14 1Р317.3%26.5%115.6931K06.2028
ТГК-14 1Р6floatfloat100.8546K01.2029
ТГК-14 1Р522.5%24.75%107.811.2M01.2029
ТГК-14 1Р722.5%21.5%101.723.2M05.2030

YTM and turnover from MOEX; floaters have no fixed YTM. Not investment advice.

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