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Transneft (pref) (TRNFP) RUB

Preferred shares of Transneft, the state pipeline monopoly that transports most of Russia's crude oil and a large share of its petroleum products through its trunk pipeline system and ports.

At a glance: strengths & risks
✓Revenue growing (+6% y/y, Q2 2026)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 1.0 vs avg 1.3)✓Dividend yield above fair (19% vs 10%)✗Margins compressing (42%→37%, Q2 2026)

Sector: Oil & Gas

RU_TRNFP

Price chart

1 064.2 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
1 064.2 RUB · 0.00%
Market cap
771.5 bn RUB

Growth

Δ revenue y/y
5.8%
Δ EBITDA y/y
-5.7%

Multiples

P/E (LTM)
3.3x
3y avg: 3.5x
P/B (FY)
0.3x
P/E (ann.)
2.4x
EV/EBITDA (LTM)
1.0x
3y avg: 1.3x
EV/EBITDA (ann.)
0.8x

Cash return

Dividend yield
—
FCF yield (LTM)
11.5%

Liquidity

Daily turnover (MOEX)
626.1 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)OK378.8
y/y 5.8%
83.6
y/y -6.4%
56.7
y/y -4.6%
140.3
y/y -5.7%
80.2
y/y 3.8%
41.4-81.03762.1
y/y -1.8%
3004.8
y/y 1.7%
10.5%-307.4Report (PDF)
2026-03-31Q1 2026 (3M)OK361.2
y/y -0.1%
96.7
y/y -2.4%
58.2
y/y -2.3%
154.9
y/y -2.4%
77.0
y/y -8.6%
94.6-76.83728.9
y/y -1.2%
3080.3
y/y 2.1%
10.1%-325.8Report (PDF)
2025-12-31Q4 2025 (3M)OK360.5
y/y -0.4%
-21.2
y/y -152.0%
59.4
y/y 3.8%
38.2
y/y -61.4%
-3.4
y/y -109.3%
171.9-113.03702.4
y/y 0.3%
3003.2
y/y 2.6%
8.0%-284.9Report (PDF)
2025-09-30Q3 2025 (3M)OK360.3
y/y 4.5%
82.6
y/y 38.9%
59.0
y/y 2.5%
141.6
y/y 21.9%
83.1
y/y -2.5%
137.9-84.43715.2
y/y —
3035.5
y/y —
3.7%-202.4Report (PDF)
2025-06-30Q2 2025 (3M)OK357.9
y/y 2.8%
89.3
y/y 12.1%
59.5
y/y 1.7%
148.7
y/y 7.7%
77.2
y/y -2.9%
60.7-80.43831.0
y/y 1.6%
2954.4
y/y 5.2%
10.3%-263.6Report (PDF)
2025-03-31Q1 2025 (3M)OK361.6
y/y -2.0%
99.1
y/y -3.1%
59.5
y/y 3.4%
158.6
y/y -0.8%
84.2
y/y -14.3%
68.5-79.03775.6
y/y 1.0%
3016.3
y/y 5.3%
11.3%-233.7Report (PDF)
2024-12-31Q4 2024 (3M)OK362.1
y/y 3.2%
40.9
y/y -26.7%
57.2
y/y -14.6%
99.0
y/y -19.4%
37.0
y/y -38.3%
200.8-129.93691.0
y/y 1.0%
2928.0
y/y 6.5%
—-238.9Report (PDF)
2024-09-30Q3 2024 (3M)PARTIAL344.6
y/y 0.4%
59.4
y/y -12.5%
57.5
y/y -14.3%
116.2
y/y -14.0%
85.2
y/y 27.6%
62.8-81.9—
y/y —
—
y/y —
—-221.0Report (PDF)
2024-06-30Q2 2024 (3M)OK348.1
y/y 7.9%
79.7
y/y -12.0%
58.4
y/y 9.2%
138.1
y/y -4.1%
79.6
y/y -17.3%
110.5-76.73769.1
y/y 4.1%
2809.6
y/y 7.3%
11.2%-322.5Report (PDF)
2024-03-31Q1 2024 (3M)OK369.1
y/y 17.5%
102.3
y/y 7.1%
57.6
y/y 5.9%
159.8
y/y 6.7%
98.2
y/y 7.5%
75.2-63.13738.5
y/y 2.3%
2864.6
y/y 4.2%
14.0%-314.2Report (PDF)
2023-12-31Q4 2023 (3M)OK350.8
y/y —
55.8
y/y —
67.0
y/y —
122.8
y/y —
59.9
y/y —
195.4-20.83654.5
y/y —
2748.8
y/y —
11.5%-356.1Report (PDF)
2023-09-30Q3 2023 (3M)OK343.4
y/y —
67.9
y/y —
67.1
y/y —
135.1
y/y —
66.8
y/y —
90.1-56.53588.1
y/y —
2711.4
y/y —
3.3%-160.8Report (PDF)
2023-06-30Q2 2023 (3M)OK322.5
y/y —
90.5
y/y —
53.5
y/y —
144.0
y/y —
96.2
y/y —
68.4-55.03619.5
y/y —
2617.3
y/y —
14.3%-228.8Report (PDF)
2023-03-31Q1 2023 (3M)OK314.2
y/y —
95.4
y/y —
54.4
y/y —
149.8
y/y —
91.4
y/y —
71.2-136.23654.5
y/y —
2748.8
y/y —
—-136.5Report (PDF)

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

Short-term debt (incl. ST leases)78 141
Long-term debt (incl. LT leases)79 286
− Cash & equivalents464 840
Net debt-307 413

Net debt / LTM EBITDA: -0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

0100 000200 000300 000400 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-75%-50%-25%0%25%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

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

-100 0000100 000200 000300 000400 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

-400 000-300 000-200 000-100 00002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.58x of reported net profit; after capex, 0.42x.
year2022202320242025
cash flow / profit1.66x1.35x1.50x1.82x
accruals, % of assets-4.8%-3.0%-4.0%-5.3%
Last twelve months (to 2026-06-30): 1.88x of profit came back as operating cash flow.
net debt / EBITDA -0.4x · EBIT covers interest 7.4x · capex 1.1x of depreciation
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 decelerating ▼
Last-year revenue growth +1% vs +7% the year before — a -5.8 pp move. 3-year CAGR +6%.
revenue growth by year: 2023 +10% · 2024 +7% · 2025 +1%
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 1.0x · 3-year 75th pct 1.5x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Oil & Gas. 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
Aker BPglobal26.53.2x1.6x
LukoilRussia44.82.5x2.5x
Occidental Petroleumglobal63.35.2x2.6x
GazpromRussia33.72.9x2.9x
TatneftRussia18.23.0x3.0x
RosneftRussia51.13.3x3.3x
ConocoPhillipsglobal188.87.7x3.8x
Gazprom NeftRussia33.84.2x4.2x
Chevronglobal432.88.9x4.4x
SantosAustralia20.69.5x4.7x
Exxon Mobilglobal765.610.8x5.3x
NovatekRussia44.68.7x8.7x
Group median4.7x3.5x
Group average5.8x3.9x
This companyRussia9.61.0x1.0x

Group median 4.7x as traded, 3.5x adjusted; this company 1.0x — a 72% discount.

Group average 5.8x as traded, 3.9x adjusted; against the average this company is at a 75% discount.

At the adjusted group median the market cap would be +166% 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 20.4x, 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.

Dividend potential

Dividend-model upside: +87%

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)241 bn RUB
Payout ratio50%
Free cash flow (FY, OCF − capex) — not a cap (leverage -0.4x)82 bn RUB
Recent actual dividend (3-yr median)198.25 ₽
= Forecast dividend per share198.25 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-5.0 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price1063 ₽
Forecast dividend yield18.7%
Fair price (dividend-based)1987 ₽

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

Three-year model and IRR with caveats

Expected IRR: +6% (bear -4% … bull +24%)

price in 3 years 819 ₽ (-23% к 1 064 ₽); dividends along the way 417 ₽ (+39% цены); base — LTM на 2026-06-30 (H1)

Metric, RUB mlnLTM, actual
12m to 30.06.2026
2027
12m to 30.06
2028
12m to 30.06
2029
12m to 30.06
Revenue1.46 trn1.53 trn1.61 trn1.70 trn
Revenue growth—+4%+5%+6%
EBITDA474.9 bn412.4 bn439.7 bn470.7 bn
EBITDA margin32.5%27.0%27.4%27.7%
less D&A233.7 bn239.9 bn247.4 bn255.7 bn
EBIT241.2 bn172.4 bn192.3 bn215.0 bn
less net interest-81.7 bn-28.9 bn-10.8 bn-4.3 bn
less tax142.9 bn50.3 bn50.8 bn54.8 bn
Net profit236.8 bn151.0 bn152.3 bn164.5 bn
Capex355.1 bn362.5 bn381.4 bn403.1 bn
Capex to revenue24.3%23.7%23.7%23.7%
Free cash flow90.7 bn
operating cash flow less capex
22.6 bn14.5 bn13.6 bn
Net debt-228.6 bn-186.3 bn-124.6 bn-55.9 bn
Net debt / EBITDA-0.5x-0.5x-0.3x-0.1x
Dividend per share198 ₽198 ₽105 ₽113 ₽
Yield on current price18.6%18.6%9.9%10.7%
Where the growth comes from
Revenue-growth sourceweightgrowth: yr 1 · 2 · 3
Realised pace (acceleration/deceleration)
LTM YoY +2%; acceleration +1.4pp
LTM г/г по отчётности		43%+5% · +6% · +6%
Analyst forecast of financial results (Консенсус, houses: 6)
Терминал «Андромеда» (АО «Эйлер Аналитические Технологии»), модуль FA, источник «Консенсус», выгрузка 15.09.2026. Дата обновления прогноза в терминале — плейсхолдер 01.01.2100, поэтому свежесть консенсуса не подтверждена		57%+4% · +5% · +6%
Model assumptions
Exit multipleEV/EBITDA 1.14x (1.00x…1.67x)
No re-rating: min(current 1.1x, three-year median 1.4x). Re-rating to 1.7x on a falling rate is the bull case
Second valuation: discounted cash flow204 ₽ (discount 13.1%, terminal growth 4.0%)
72% of that value sits beyond the three-year horizon
Key rate by year13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year)
Cost inflation6.2% · 5.6% · 5.3%
Dividend policy50% of net profit
EBITDA calibration×0.82
Year-3 EBITDA margin target33.8%
Current CPI (actual)6.3%, на 2026-09-30
Capexcapex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does
D&Agrows slower than revenue — elasticity 0.6: assets outlive the sales they carry
Interestgross 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
Tax25% of pre-tax profit when positive; losses earn no tax credit
Working capitalneutral: FCF = EBITDA − capex − interest − tax
Governanceno flags: the dividend has not faded against profit, payouts were not suspended, no audit qualification and no manual penalty — quality multiplier 1.00
Model versus analyst forecasts
Linemodelanalystsgap
2027 Консенсус, houses: 6.0 · blended from 50% 2026 + 50% 2027
Revenue1.53 trn1.52 trn1.00x
EBITDA412.4 bn602.0 bn0.69x
Net profit151.0 bn267.9 bn0.56x
2028 Консенсус, houses: 3.0 · blended from 50% 2027 + 50% 2028
Revenue1.61 trn1.58 trn1.02x
EBITDA439.7 bn624.9 bn0.70x
Net profit152.3 bn258.7 bn0.59x

The comparison runs on financial results, not target prices: a target depends on the multiple and horizon, while revenue and EBITDA forecasts compare directly.

Forecast accuracy measured on history
Historical forecast checkobsmedian errorbias±20%
Revenue105%1.03x100%
EBITDA1022%1.22x40%
Net profit106%1.02x70%

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: eninvs Company_Forecast — 1 655 ₽; Frontier див-модель — 1 987 ₽. Ours on the same horizon — 907 ₽. Dropped as broken: eninvs DividendPrediction (1.458e-06)

Checks and caveats
  • ⚠ Year-3 margin 28% is below the worst year on record (33%), though inside tolerance
  • ⚠ Historical check (10 observations): median EBITDA miss 8.0 pp of margin, within ±5 pp in 40% of cases, relative error 22% at bias 1.22x, revenue 5%
  • ⚠ The two valuations of the same cash flow differ 4.0x: exit multiple 819 vs discounted cash flow 204 — the target rests on the multiple assumption rather than on the flow; in the DCF 72% of value sits in the terminal value
  • ⚠ The miss is one-sided and in the dangerous direction: across 10 measurements the median EBITDA forecast came to 1.22 of actual — the model consistently OVERSTATES this name. The IRR here is more a ceiling than a floor
  • ⚠ Less reaches actual cash than the formula implies: over 4 reported years free cash flow came to 0.79 of 'EBITDA less capex, interest and tax'. The gap is lease principal (IFRS 16 keeps it out of EBITDA but it still has to be paid) and working capital. The forecast cash flow is scaled by this factor — otherwise debt repayment and dividends come out of cash the company never has
  • ⚠ One-year value 907: nearest independent is eninvs Company_Forecast (0.55x), median 1,821. Compared with: eninvs Company_Forecast, Frontier див-модель
  • ✓ Growth sources: consensus, momentum
  • ✓ Revenue CAGR +5%
  • ✓ Year-3 net debt/EBITDA -0.1x
  • ✓ Three-year dividends — 39% of the current price
  • ✓ IRR +6%
  • ✓ Base is fresh: report 4 months old
  • ✓ Versus the analyst forecast for 2027 (6 houses): revenue 1.00x, EBITDA 0.69x, profit 0.56x
  • The model historically overstated this name's EBITDA by 1.22x (10 observations), so the path is trimmed by 18%.

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.

Dividend history

Pay yearDividend /sh
2025198.25 ₽
2024177.20 ₽
2023166.65 ₽
2022147.18 ₽
2021129.09 ₽
2020105.24 ₽
2019107.06 ₽
201875.78 ₽
Payments by period
PeriodLast day to buy/sh
2025 q32025-07-16198.25 ₽
2024 q32024-07-18177.20 ₽
2023 q32023-07-18166.65 ₽
2022 q32022-07-18147.18 ₽
2021 q32021-07-20129.09 ₽
2020 q32020-07-21105.24 ₽
2019 q32019-07-17107.06 ₽
2018 q32018-07-0675.78 ₽
2017 q32017-09-1581.72 ₽
2016 q32016-07-188.23 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 2 (2 positive), last 30 days: 6 (2 positive, 2 negative) across tracked channels, broker research and shows. 5 passing mentions (digests, calendars) hidden.

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.

Corporate events

17.07.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
ПАО «Транснефть» объявило о дате фиксации прав акционеров на получение дивидендов 20.07.2026. Дивиденды будут выплачены по привилегированным и обыкновенным акциям, зарегистрированным с 1996 по 2018 годы.
17.07.26Filing★ ▲ Решения единственного акционера (участника)
ПАО «Транснефть» утвердило годовой отчет и финансовую отчетность за 2025 год, распределив чистую прибыль в размере 145,2 млрд. руб., из которых 145,2 млрд. руб. направлено на дивиденды. Дивиденды составят 148 млрд. руб., по 204,17 руб. на акцию для обоих типов акций. Также выбраны новые члены совета директоров и ревизионной комиссии.
22.06.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Транснефть» принял решение дать согласие на сделку с заинтересованностью. Кворум для принятия решения имелся. Заседание состоялось 17.06.2026.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

RU equity fund ownership

Disclosed in the top-10 of 2 of 17 funds, ≈70 млн ₽ combined.

FundManagerWeight≈PositionΔ weight m/mDisclosure
DIVD ДОХОДЪ Индекс дивидендных акцийДОХОДЪ5.99%61 млн ₽—31.08.2026
GROD ДОХОДЪ Индекс акций ростаДОХОДЪ4.95%9 млн ₽—31.08.2026

Source: monthly fund portfolio disclosures (investfunds); NAV is daily. Disclosures list each fund's top-10 only, so absence does not mean no position. Weight changes mix revaluation with trading. Fund flows and betas live in the fund monitor on the RU region page.

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 Transneft (pref) (TRNFP) — from primary filings.

Frequently asked questions

What is Transneft (pref) (TRNFP)'s P/E ratio?
Transneft (pref) (TRNFP) trades at a P/E of 3.3x (price to trailing 12-month earnings).
What is Transneft (pref) (TRNFP)'s EV/EBITDA?
Transneft (pref) (TRNFP) trades at 1.0x EV/EBITDA.
What is Transneft (pref) (TRNFP)'s P/B ratio?
Transneft (pref) (TRNFP) trades at a P/B of 0.3x.
What is Transneft (pref) (TRNFP)'s return on equity (ROE)?
Transneft (pref) (TRNFP)'s ROE is 10.5%.
What is Transneft (pref) (TRNFP)'s market capitalization?
Transneft (pref) (TRNFP)'s market cap is 771.5 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
ТрнфБО1P1311.7%6.85%99.95-0.05%1.3M2.2M10.2026

Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map