
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.
Sector: Oil & Gas
RU_TRNFP
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 | Q2 2026 (3M) | OK | 378.8 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 | -81.0 | 3762.1 y/y -1.8% | 3004.8 y/y 1.7% | 10.5% | -307.4 | Report (PDF) |
| 2026-03-31 | Q1 2026 (3M) | OK | 361.2 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 | -76.8 | 3728.9 y/y -1.2% | 3080.3 y/y 2.1% | 10.1% | -325.8 | Report (PDF) |
| 2025-12-31 | Q4 2025 (3M) | OK | 360.5 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 | -113.0 | 3702.4 y/y 0.3% | 3003.2 y/y 2.6% | 8.0% | -284.9 | Report (PDF) |
| 2025-09-30 | Q3 2025 (3M) | OK | 360.3 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 | -84.4 | 3715.2 y/y — | 3035.5 y/y — | 3.7% | -202.4 | Report (PDF) |
| 2025-06-30 | Q2 2025 (3M) | OK | 357.9 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 | -80.4 | 3831.0 y/y 1.6% | 2954.4 y/y 5.2% | 10.3% | -263.6 | Report (PDF) |
| 2025-03-31 | Q1 2025 (3M) | OK | 361.6 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 | -79.0 | 3775.6 y/y 1.0% | 3016.3 y/y 5.3% | 11.3% | -233.7 | Report (PDF) |
| 2024-12-31 | Q4 2024 (3M) | OK | 362.1 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 | -129.9 | 3691.0 y/y 1.0% | 2928.0 y/y 6.5% | — | -238.9 | Report (PDF) |
| 2024-09-30 | Q3 2024 (3M) | PARTIAL | 344.6 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 — | — | -221.0 | Report (PDF) |
| 2024-06-30 | Q2 2024 (3M) | OK | 348.1 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 | -76.7 | 3769.1 y/y 4.1% | 2809.6 y/y 7.3% | 11.2% | -322.5 | Report (PDF) |
| 2024-03-31 | Q1 2024 (3M) | OK | 369.1 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 | -63.1 | 3738.5 y/y 2.3% | 2864.6 y/y 4.2% | 14.0% | -314.2 | Report (PDF) |
| 2023-12-31 | Q4 2023 (3M) | OK | 350.8 y/y — | 55.8 y/y — | 67.0 y/y — | 122.8 y/y — | 59.9 y/y — | 195.4 | -20.8 | 3654.5 y/y — | 2748.8 y/y — | 11.5% | -356.1 | Report (PDF) |
| 2023-09-30 | Q3 2023 (3M) | OK | 343.4 y/y — | 67.9 y/y — | 67.1 y/y — | 135.1 y/y — | 66.8 y/y — | 90.1 | -56.5 | 3588.1 y/y — | 2711.4 y/y — | 3.3% | -160.8 | Report (PDF) |
| 2023-06-30 | Q2 2023 (3M) | OK | 322.5 y/y — | 90.5 y/y — | 53.5 y/y — | 144.0 y/y — | 96.2 y/y — | 68.4 | -55.0 | 3619.5 y/y — | 2617.3 y/y — | 14.3% | -228.8 | Report (PDF) |
| 2023-03-31 | Q1 2023 (3M) | OK | 314.2 y/y — | 95.4 y/y — | 54.4 y/y — | 149.8 y/y — | 91.4 y/y — | 71.2 | -136.2 | 3654.5 y/y — | 2748.8 y/y — | — | -136.5 | Report (PDF) |
| Short-term debt (incl. ST leases) | 78 141 |
| Long-term debt (incl. LT leases) | 79 286 |
| − Cash & equivalents | 464 840 |
| Net debt | -307 413 |
|---|
Net debt / LTM EBITDA: -0.6x
Quarterly values (₽ mln)
Year-over-year change
Operating and investing cash flow (OCF + ICF) (₽ mln)
Net debt / cash (₽ mln)
| year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| cash flow / profit | 1.66x | 1.35x | 1.50x | 1.82x |
| accruals, % of assets | -4.8% | -3.0% | -4.0% | -5.3% |
Our earnings breakdowns and investment notes on this issuer.
Current 1.0x · 3-year 75th pct 1.5x
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.
| Company | Market | Cap, $bn | EV/EBITDA | EV/EBITDA, adjusted |
|---|---|---|---|---|
| Aker BP | global | 26.5 | 3.2x | 1.6x |
| Lukoil | Russia | 44.8 | 2.5x | 2.5x |
| Occidental Petroleum | global | 63.3 | 5.2x | 2.6x |
| Gazprom | Russia | 33.7 | 2.9x | 2.9x |
| Tatneft | Russia | 18.2 | 3.0x | 3.0x |
| Rosneft | Russia | 51.1 | 3.3x | 3.3x |
| ConocoPhillips | global | 188.8 | 7.7x | 3.8x |
| Gazprom Neft | Russia | 33.8 | 4.2x | 4.2x |
| Chevron | global | 432.8 | 8.9x | 4.4x |
| Santos | Australia | 20.6 | 9.5x | 4.7x |
| Exxon Mobil | global | 765.6 | 10.8x | 5.3x |
| Novatek | Russia | 44.6 | 8.7x | 8.7x |
| Group median | 4.7x | 3.5x | ||
| Group average | 5.8x | 3.9x | ||
| This company | Russia | 9.6 | 1.0x | 1.0x |
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-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 ratio | 50% |
| 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 share | 198.25 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.0% |
| Historical yield spread to rate (3-yr median) | -5.0 pp |
| = Fair dividend yield | 10.5% |
| 3 · Valuation → upside | |
| Current price | 1063 ₽ |
| Forecast dividend yield | 18.7% |
| Fair price (dividend-based) | 1987 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
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 mln | LTM, actual 12m to 30.06.2026 | 2027 12m to 30.06 | 2028 12m to 30.06 | 2029 12m to 30.06 |
|---|---|---|---|---|
| Revenue | 1.46 trn | 1.53 trn | 1.61 trn | 1.70 trn |
| Revenue growth | — | +4% | +5% | +6% |
| EBITDA | 474.9 bn | 412.4 bn | 439.7 bn | 470.7 bn |
| EBITDA margin | 32.5% | 27.0% | 27.4% | 27.7% |
| less D&A | 233.7 bn | 239.9 bn | 247.4 bn | 255.7 bn |
| EBIT | 241.2 bn | 172.4 bn | 192.3 bn | 215.0 bn |
| less net interest | -81.7 bn | -28.9 bn | -10.8 bn | -4.3 bn |
| less tax | 142.9 bn | 50.3 bn | 50.8 bn | 54.8 bn |
| Net profit | 236.8 bn | 151.0 bn | 152.3 bn | 164.5 bn |
| Capex | 355.1 bn | 362.5 bn | 381.4 bn | 403.1 bn |
| Capex to revenue | 24.3% | 23.7% | 23.7% | 23.7% |
| Free cash flow | 90.7 bn operating cash flow less capex | 22.6 bn | 14.5 bn | 13.6 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 share | 198 ₽ | 198 ₽ | 105 ₽ | 113 ₽ |
| Yield on current price | 18.6% | 18.6% | 9.9% | 10.7% |
| Revenue-growth source | weight | growth: 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% |
| Exit multiple | EV/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 flow | 204 ₽ (discount 13.1%, terminal growth 4.0%) |
| 72% 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 |
| EBITDA calibration | ×0.82 |
| Year-3 EBITDA margin target | 33.8% |
| 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 |
| Line | model | analysts | gap |
|---|---|---|---|
| 2027 Консенсус, houses: 6.0 · blended from 50% 2026 + 50% 2027 | |||
| Revenue | 1.53 trn | 1.52 trn | 1.00x |
| EBITDA | 412.4 bn | 602.0 bn | 0.69x |
| Net profit | 151.0 bn | 267.9 bn | 0.56x |
| 2028 Консенсус, houses: 3.0 · blended from 50% 2027 + 50% 2028 | |||
| Revenue | 1.61 trn | 1.58 trn | 1.02x |
| EBITDA | 439.7 bn | 624.9 bn | 0.70x |
| Net profit | 152.3 bn | 258.7 bn | 0.59x |
The comparison runs on financial results, not target prices: a target depends on the multiple and horizon, while revenue and EBITDA forecasts compare directly.
| Historical forecast check | obs | median error | bias | ±20% |
|---|---|---|---|---|
| Revenue | 10 | 5% | 1.03x | 100% |
| EBITDA | 10 | 22% | 1.22x | 40% |
| Net profit | 10 | 6% | 1.02x | 70% |
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)
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 | 198.25 ₽ | |
| 2024 | 177.20 ₽ | |
| 2023 | 166.65 ₽ | |
| 2022 | 147.18 ₽ | |
| 2021 | 129.09 ₽ | |
| 2020 | 105.24 ₽ | |
| 2019 | 107.06 ₽ | |
| 2018 | 75.78 ₽ |
| Period | Last day to buy | /sh |
|---|---|---|
| 2025 q3 | 2025-07-16 | 198.25 ₽ |
| 2024 q3 | 2024-07-18 | 177.20 ₽ |
| 2023 q3 | 2023-07-18 | 166.65 ₽ |
| 2022 q3 | 2022-07-18 | 147.18 ₽ |
| 2021 q3 | 2021-07-20 | 129.09 ₽ |
| 2020 q3 | 2020-07-21 | 105.24 ₽ |
| 2019 q3 | 2019-07-17 | 107.06 ₽ |
| 2018 q3 | 2018-07-06 | 75.78 ₽ |
| 2017 q3 | 2017-09-15 | 81.72 ₽ |
| 2016 q3 | 2016-07-18 | 8.23 ₽ |
No dividend rows found for this issuer.
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.
| 17.07.26 | Filing | ★ ▲ 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. |
| 17.07.26 | Filing | ★ ▲ 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. |
| 22.06.26 | AGM / Board | Решения 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.
Disclosed in the top-10 of 2 of 17 funds, ≈70 млн ₽ combined.
| Fund | Manager | Weight | ≈Position | Δ weight m/m | Disclosure |
|---|---|---|---|---|---|
| DIVD ДОХОДЪ Индекс дивидендных акций | ДОХОДЪ | 5.99% | 61 млн ₽ | — | 31.08.2026 |
| GROD ДОХОДЪ Индекс акций роста | ДОХОДЪ | 4.95% | 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.
| Issue | YTM | Coupon | Price, % | 1D | Volume today, ₽ | Avg vol. 20D, ₽ | Maturity |
|---|---|---|---|---|---|---|---|
| ТрнфБО1P13 | 11.7% | 6.85% | 99.95 | -0.05% | 1.3M | 2.2M | 10.2026 |
Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.
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