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TNS energy (TNSE) RUB

TNS Energo is a holding of guaranteed electricity supply companies in several Russian regions, buying power on the wholesale market and selling it to end consumers.

At a glance: strengths & risks
✓Revenue growing (+16% y/y, H1 2026)✓Profit growing (+14% y/y, H1 2026)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 0.3 vs avg 1.9)

Sector: Utilities

RU_TNSE

Price chart

3 490 RUBDay 0.00%

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
3 490 RUB · 0.00%
Market cap
47.7 bn RUB

Growth

Δ revenue y/y
16.3%
Δ EBITDA y/y
6.9%

Multiples

P/E (LTM)
2.2x
3y avg: 3.7x
P/B (FY)
1.1x
P/E (ann.)
2.0x
EV/EBITDA (LTM)
0.3x
3y avg: 1.9x
EV/EBITDA (ann.)
0.3x

Cash return

Dividend yield
—
FCF yield (LTM)
13.5%

Liquidity

Daily turnover (MOEX)
0.2 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)OK189.9
y/y 16.3%
13.0
y/y 5.5%
0.6
y/y 50.3%
13.6
y/y 6.9%
11.9
y/y 14.1%
6.1-1.1107.6
y/y 27.1%
55.2
y/y 65.6%
48.2%-39.9Report (PDF)
2025-12-31H2 2025 (6M)OK184.4
y/y 14.9%
12.5
y/y 704.3%
0.5
y/y 44.5%
13.0
y/y 583.6%
10.2
y/y 587.8%
—-2.2104.0
y/y 27.5%
43.5
y/y 88.9%
53.7%-32.0Report (PDF)
2025-06-30H1 2025 (6M)PARTIAL163.4
y/y 10.8%
12.3
y/y 7.1%
0.4
y/y 11.5%
12.7
y/y 7.2%
10.4
y/y —
1.2-1.184.7
y/y 7.6%
33.3
y/y 57.7%
74.0%-21.6Report (PDF)
2024-12-31H2 2024 (6M)OK160.5
y/y 14.0%
1.6
y/y -63.5%
0.3
y/y 43.1%
1.9
y/y -57.7%
-2.1
y/y -174.6%
-2.1-1.381.5
y/y 8.1%
23.0
y/y 115.4%
-51.3%-16.6Report (PDF)
2024-06-30H1 2024 (6M)OK147.4
y/y 4.2%
11.5
y/y 57.5%
0.3
y/y 33.6%
11.9
y/y 56.7%
-9.2
y/y -240.6%
11.9-0.578.7
y/y 7.8%
21.1
y/y 195.6%
-116.2%-13.1Report (PDF)
2023-12-31H2 2023 (6M)OK140.8
y/y —
4.3
y/y —
0.2
y/y —
4.5
y/y —
2.8
y/y —
5.6-1.175.4
y/y —
10.7
y/y —
105.1%-9.2Report (PDF)
2023-06-30H1 2023 (6M)OK141.4
y/y —
7.3
y/y —
0.3
y/y —
7.6
y/y —
6.6
y/y —
7.6-0.473.0
y/y —
7.1
y/y —
—6.1Report (PDF)

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

Short-term debt (incl. ST leases)147
Long-term debt (incl. LT leases)102
− Cash & equivalents40 161
Net debt-39 912

Net debt / LTM EBITDA: -1.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

050 000100 000150 000200 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-100%-50%0%50%100%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

Cash flow (OCF + ICF; OCF − capex when ICF is unavailable) (₽ mln)

-5 00005 00010 00015 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (₽ mln)

-40 000-30 000-20 000-10 000010 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.41x of reported net profit; after capex, 1.24x. Loss years (2024) are left out of the ratio.
year20232024
cash flow / profit1.41x—
accruals, % of assets-5.1%-25.9%
net debt / EBITDA -1.1x · capex 2.8x of depreciation · dividends 1% 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 →

Quality / corporate governance

Potential discount −18% (factor 0.82)

This company's ranking potential is scaled down by a quality/governance factor from the signals below — de-prioritising 'cheap but problematic' names.

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +13% vs +9% the year before — a +3.9 pp move. 3-year CAGR +9%.
revenue growth by year: 2023 +6% · 2024 +9% · 2025 +13%
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 0.3x · 3-year 75th pct 1.8x

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 RAORussia2.50.3x0.3x
FGC UESRussia1.81.7x1.7x
LenenergoRussia1.91.9x1.9x
NEXTERA ENERGY INCUS171.018.0x3.3x
CPFL EnergiaBrazil11.46.3x3.3x
CemigBrazil6.66.4x3.4x
RushydroRussia2.63.6x3.6x
DEWA (Dubai Electricity & Water)UAE36.510.0x3.8x
Equatorial EnergiaBrazil12.210.9x5.8x
En+ GroupRussia2.66.4x6.4x
Manila Electric (Meralco)Philippines7.412.1x7.8x
EnergisaBrazil33.123.2x12.2x
Group median6.4x3.5x
Group average8.4x4.5x
This companyRussia0.60.3x0.3x

Group median 6.4x as traded, 3.5x adjusted; this company 0.3x — a 92% discount.

Group average 8.4x as traded, 4.5x adjusted; against the average this company is at a 93% discount. The average sits 27% above the median: Energisa (12.2x) skews the group.

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 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-25; the company's own is live.

Dividends

No dividend rows found for this issuer.

Corporate events

23.10.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО ГК «ТНС энерго» единогласно принял решение о приостановлении реализации приоритетного направления деятельности по замене биллингового программного обеспечения до отдельного решения. Также утверждено Положение о предоставлении акционерам доступа к информации. Дата голосования - 21.10.2026.
18.06.26AGM / BoardРешения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО ГК «ТНС энерго», состоявшемся 11 июня 2026 года, было решено не распределять прибыль за 2025 год и не выплачивать дивиденды. Также был избран новый Совет директоров и Ревизионная комиссия, а аудитором на 2026 год назначено АО «Кэпт». Кворум для голосования составил 69,9%.

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 TNS energy (TNSE) — from primary filings.

Frequently asked questions

What is TNS energy (TNSE)'s P/E ratio?
TNS energy (TNSE) trades at a P/E of 2.2x (price to trailing 12-month earnings).
What is TNS energy (TNSE)'s EV/EBITDA?
TNS energy (TNSE) trades at 0.3x EV/EBITDA.
What is TNS energy (TNSE)'s P/B ratio?
TNS energy (TNSE) trades at a P/B of 1.1x.
What is TNS energy (TNSE)'s return on equity (ROE)?
TNS energy (TNSE)'s ROE is 48.2%.
What is TNS energy (TNSE)'s market capitalization?
TNS energy (TNSE)'s market cap is 47.7 bn RUB.

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