Frontierby eninvs

Language: EN / RU

← Region

Unipro (UPRO) USD

Unipro is a thermal power generator operating five large gas- and coal-fired plants in Russia, including Surgutskaya GRES-2; formerly owned by Uniper, now under temporary state management.

At a glance: strengths & risks
✓Net cash balance sheet✓Cheaper than own history (P/E 1.8 vs avg 4.2)✗No dividends currently

Sector: Utilities

RU_UPRO

Price chart

1.139 RUBDay 0.97%

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
1.139 RUB · 0.97%
Market cap
886 mln USD

Growth

Δ revenue y/y
13.4%
Δ EBITDA y/y
13.4%

Multiples

P/E (LTM)
1.8x
3y avg: 4.2x
P/B (FY)
0.3x
P/E (ann.)
1.6x
EV/EBITDA (LTM)
—
3y avg: 2.0x

Cash return

Dividend yield
—
FCF yield (LTM)
28.1%

Liquidity

Daily turnover (MOEX)
95.5 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 M USD, 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30H1 2026 (6M)OK838.0
y/y 13.4%
226.1
y/y 13.4%
48.2
y/y 13.4%
274.3
y/y 13.4%
273.0
y/y 13.4%
——3071.0
y/y 10.0%
2877.4
y/y 10.2%
19.0%≈ -1165.6Evidence
2025-12-31H2 2025 (6M)OK877.6
y/y 28.8%
174.4
y/y 217.9%
26.2
y/y 23.1%
200.6
y/y 163.5%
231.3
y/y 125.5%
——3052.4
y/y 57.4%
2860.0
y/y 57.9%
17.1%-1165.6Report (PDF)
2025-06-30H1 2025 (6M)OK739.1
y/y 5.7%
199.4
y/y -18.2%
42.5
y/y 3.7%
241.9
y/y -15.1%
240.8
y/y -0.2%
——2792.2
y/y 27.3%
2612.1
y/y 28.6%
21.8%-1162.0Report (PDF)
2024-12-31H2 2024 (6M)OK695.1
y/y 5.2%
61.7
y/y 52.4%
22.3
y/y -49.5%
84.0
y/y -0.8%
108.8
y/y 76.5%
164.9-90.51938.9
y/y 4.6%
1810.8
y/y 6.5%
17.9%-890.7Report (PDF)
2024-06-30H1 2024 (6M)OK699.5
y/y -8.1%
243.8
y/y 0.9%
41.0
y/y -23.1%
284.8
y/y -3.4%
241.2
y/y 19.0%
226.0-52.02193.5
y/y 17.9%
2031.2
y/y 21.3%
25.9%-818.0Report (PDF)
2023-12-31H2 2023 (6M)OK650.0
y/y —
54.1
y/y —
43.6
y/y —
97.7
y/y —
70.3
y/y —
153.1-135.41853.7
y/y —
1700.3
y/y —
15.7%-564.7Report (PDF)
2023-06-30H1 2023 (6M)OK761.5
y/y —
241.6
y/y —
53.3
y/y —
294.9
y/y —
202.7
y/y —
224.9-34.81860.3
y/y —
1674.8
y/y —
—-508.1Report (PDF)

Net debt structure (leases included, IFRS 16) 2024-12-31

Short-term debt (incl. ST leases)8
Long-term debt (incl. LT leases)6
− Cash & equivalents905
Net debt-891

Net debt / LTM EBITDA: -1.9x

Conversion to USD. Balance sheet: rate effective on 2026-06-30, fixing date 2026-06-30. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-01-01 — 2026-06-30. Source: Bank of Russia R01235. Rates

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008001 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-50%0%50%100%150%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

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

-200-10001002002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash ($ mln)

-1 250-1 000-750-500-25002023 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 1.53x of reported net profit; after capex, 1.07x.
year2021202220232024
cash flow / profit3.36x1.63x1.43x1.12x
accruals, % of assets-15.3%-9.2%-5.7%-2.0%
Last twelve months (to 2026-06-30): 0.91x of profit came back as operating cash flow.
net debt / EBITDA -2.5x · capex 1.3x 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 →

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 decelerating ▼
Last-year revenue growth +5% vs +8% the year before — a -3.4 pp move. 3-year CAGR +8%.
revenue growth by year: 2023 +12% · 2024 +8% · 2025 +5%
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 0.1x · 3-year 75th pct 2.4x

EV/EBITDA3-year 75th pct

Dividend potential

Dividends suspended (~4.8 yr without a payout)

The company has not paid a dividend for over 18 months — profit is going to capex or deleveraging (e.g. Nornickel, NLMK, RusHydro, FSK). The forecast payout is zeroed until distributions resume; profit and cash flow may still be healthy.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)39 bn RUB
Payout ratio79%
Recent actual dividend (3-yr median)0.32 ₽
= Forecast dividend per share0.00 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
= Fair dividend yield12.0%
3 · Valuation → upside
Current price1.13 ₽
Forecast dividend yield—
Fair price (dividend-based)—

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

Dividend history

Pay yearDividend /sh
20210.32 ₽
20200.22 ₽
20190.22 ₽
20180.22 ₽
20170.22 ₽
20160.31 ₽
20150.28 ₽
20140.38 ₽
Payments by period
PeriodLast day to buy/sh
2021 q42021-12-150.19 ₽
2021 q22021-06-180.13 ₽
2020 q42020-12-160.11 ₽
2020 q22020-06-180.11 ₽
2019 q42019-12-110.11 ₽
2019 q22019-06-210.11 ₽
2018 q42018-12-140.11 ₽
2018 q22018-06-290.11 ₽
2017 q42017-12-140.11 ₽
2017 q22017-06-300.11 ₽

Dividends

No dividend rows found for this issuer.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 1 (1 negative) across tracked channels, broker research and shows.

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

16.06.26AGM / Board★ ▼ Решения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Юнипро» 9 июня 2026 года было утверждено годовое отчёт и бухгалтерская отчетность за 2025 год. Решение о распределении прибыли и дивидендах не принято. Назначена аудиторская организация ООО «Б1 – Аудит».
30.04.26Filing★ ▲ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня
01.09.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО 'Юнипро' 1 сентября 2026 года одобрил сделки поставки и утвердил новую редакцию Положения о дивидендной политике. Дивиденды будут выплачиваться в соответствии с обновленной политикой, детали которой указаны в приложении к протоколу.

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 Unipro (UPRO) — from primary filings.

Frequently asked questions

What is Unipro (UPRO)'s P/E ratio?
Unipro (UPRO) trades at a P/E of 1.8x (price to trailing 12-month earnings).
What is Unipro (UPRO)'s P/B ratio?
Unipro (UPRO) trades at a P/B of 0.3x.
What is Unipro (UPRO)'s return on equity (ROE)?
Unipro (UPRO)'s ROE is 19.0%.
What is Unipro (UPRO)'s market capitalization?
Unipro (UPRO)'s market cap is 886 mln USD.

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