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Independent Power Producers & Sector Link to Midlincoln Rural Investment Banking Ideas

From Water into Utilities Sector

Heating, Water, ElectrInstallation and Repair


Rural Investment Banking Craft News

  • Open University scientists testing 'Moon dust' for water BBC News
  • Residents of bushfire-ravaged Bega Valley rely on carted water after flooding The Guardian
  • Arsenic contamination leaves small town left without clean drinking water for THREE MONTHS Daily Mail
  • Water Stations Fight Obesity by Curbing San Francisco's Thirst for ... UCSF News Services

    OGK-2 PJSC

    Utilities

    RUSSIA


    DCF Model Assumptions

    Risk Free Rate

    4.79%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    3.17%

    Cost of Debt

    3.17%

    Long Term Growth

    2.00%

    Beta Assumption

    1.11

    Current Market Cap mln$

    1,297.78

    Net Debt mln$

    447.61

    WACC Estimate

    9.33%

    Ordinary Current Price $

    0.01

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    PTP55.8074.55174.01166.22164.68170.14185.91204.72225.97246.52268.10290.76314.54339.49365.67
    Operating Profit64.65140.93265.75223.37243.64251.75275.19303.17334.79365.23397.15430.60465.64502.35540.79
    Pretax Costs1795.891942.672249.142124.562184.752202.922255.432318.082388.882454.312521.522590.582661.522734.412809.30
    Operating Costs1787.041876.302157.412067.402105.802121.312166.142219.632280.072335.602392.472450.742510.422571.552634.18
    EBITDA Costs1684.851733.191964.231859.961908.581919.941952.791991.992036.292076.622117.752159.692202.472246.092290.57
    EBITDA166.83284.03458.93430.82440.85453.11488.54530.81578.57624.21671.87721.64773.60827.82884.39
    Revenue less FCF2202.611964.272261.931998.672124.612126.662132.612139.702147.712154.782161.862168.972176.112183.262190.44
    FCF-350.9252.95161.23292.10224.83246.40308.73383.10467.14546.05627.76712.36799.95890.64984.52
    Revenue Less Capex2293.832239.562596.032432.882503.082516.132553.832598.822649.662695.732742.612790.302838.812888.172938.39
    Capex-442.14-222.34-172.88-142.11-153.65-143.07-112.50-76.02-34.815.0947.0191.04137.25185.73236.57
    Net Income Costs1796.391963.002290.022290.782274.872296.882360.502436.412522.182602.102684.562769.622857.382947.923041.33
    Net Income55.3054.22133.140.0074.5676.1880.8386.3992.6798.72105.06111.71118.68125.98133.63
    FCF to Revenue-18.952.636.6512.759.5710.3812.6515.1917.8620.2222.5024.7226.8828.9731.01
    Capex to Revenues-23.88-11.02-7.13-6.20-6.54-6.03-4.61-3.01-1.330.191.693.164.616.047.45
    Net Margin2.992.695.490.003.173.213.313.423.543.663.773.883.994.104.21
    Pretax Margin3.013.707.187.267.017.177.618.118.649.139.6110.0910.5711.0411.52
    Operating Margin3.496.9910.979.7510.3710.6111.2712.0212.8013.5214.2414.9415.6516.3417.03
    EBITDA Margin9.0114.0818.9418.8118.7619.0920.0121.0422.1323.1124.0825.0525.9926.9327.86
    Revenue1851.692017.222423.162290.782349.432373.062441.332522.802614.862700.822789.622881.332976.063073.903174.97

    RUSSIA Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    IRAO RMInter RAO UES PJSCRUSSIA 10544.276.145.883.593.530.663.1813.170.8415.7823.76
    RSTI RMROSSETI PJSCRUSSIA 5325.8233.033.623.60.332.0130.710.217.132.31
    HYDR RMRusHydro PJSCRUSSIA 5051.1413.397.814.974.350.865.224.940.553.9413.99
    HYDR LIRusHydro PJSCRUSSIA 4825.5912.837.5000.825.4724.940.523.9422.83
    FEES RMFederal Grid Co Unified Energy System PJSCRUSSIA 4711.383.493.713.433.481.188.1256.280.339.6718.95
    FEES LIFederal Grid Co Unified Energy System PJSCRUSSIA 4690.773.483.72001.198.0556.280.329.6738.74
    UPRO RMUniproRussia 3119.6710.377.836.514.942.428.9736.251.6315.779.56
    MSNG RMMosenergo PJSCRUSSIA 1560.26.426.212.1520.517.2416.690.355.4714.97
    OGKB RMOGK-2 PJSCRUSSIA 1297.785.865.593.323.240.66.4524.430.5910.2373.29
    IRGZ RMIrkutskenergo PJSCRUSSIA 1079.91------#????!--17.15
    MSRS RMMoscow United Electric Grid Co PJSCRUSSIA 989.196.775.253.643.470.374.0524.620.355.3246.29
    ENRU RMENEL RUSSIA PJSCRUSSIA 632.0312.317.164.15.580.5711.8321.050.939.767.84
    MRKK RMIDGC of the North Caucasus PJSCRUSSIA 468.14----1.43--16.6-91.76147.34
    MRKP RMIDGC of Centre and Volga Region PJSCRUSSIA 411.982.892.892.352.280.2815.9922.860.4514.8811.01
    MRKS RMIDGC of Siberia PJSCRUSSIA 381.212.7312.735.455.320.411.5718.591.3410.25-15.16
    MRKV RMIDGC of Volga PJSCRUSSIA 271.474.564.561.981.910.2610.960.080.4310.086.87
    MRKU RMMRSK Urala PJSCRUSSIA 235.655.6917.062.443.950.155.8613.040.316.03-3.55
    MRKC RMIDGC of Centre PJSCRUSSIA 200.0954.293.0830.13719.340.275.52-0.73
    MRKZ RMIDGC of the North-West PJSCRUSSIA 87.775.7611.42.983.320.093.480.050.275.7626.66
    AOMD LIMosenergo PJSCRUSSIA --00--15.11-75#N/A N/A
    EONR RMUnipro PJSCRUSSIA --00--36.25-15.77#N/A N/A
    IRAO LIInter RAO UES PJSCRUSSIA #N/A Field Not Applicable-0.990#N/A Field Not Applicable#N/A Field Not Applicable11.83#N/A Field Not Applicable15.01#N/A N/A
    VRAO RMRAO Energy System of East PJSCRUSSIA ------#????!--#N/A N/A
    VTGK RMT Plus PJSCRUSSIA ------#????!--#N/A N/A

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    NEE USNextEra Energy IncUNITED STATES 136186.7832.0930.716.8116.744.922.0651.193.210.5916.81
    ENEL IMEnel SpAITALY 91238.1917.4915.798.678.321.053.9922.342.6212.6620.84
    IBE SMIberdrola SASPAIN 75903.2920.4519.1212.0111.261.873.5226.81.768.8421.34
    DUK USDuke Energy CorpUNITED STATES 74238.2418.0219.5612.912.532.491.0440.91.498.367
    D USDominion Energy IncUNITED STATES 72504.3418.5919.95-12.973.54.4633.862.145.554.39
    SO USSouthern Co/TheUNITED STATES 72383.6222.2821.7313.7713.483.273.5739.32.5211.7418.27
    AEP USAmerican Electric Power Co IncUNITED STATES 51252.4424.5923.6114.2413.133.162.6134.492.5910.711.51
    EXC USExelon CorpUNITED STATES 48264.8214.6716.128.229.751.213.1829.481.379.32-2.74
    SRE USSempra EnergyUNITED STATES 45373.9725.8522.517.1915.753.782.4136.672.619.9816.98
    EDF FPElectricite de France SAFRANCE 44059.335.9915.785.35.090.63.3221.160.6610.04-18.61
    XEL USXcel Energy IncUNITED STATES 36843.5124.0525.17-12.922.182.5533.56-10.7813.11
    3 HKHong Kong & China Gas Co LtdHONG KONG 33254.3231.429.522725.486.292.3526.853.9212.54-3.71
    WEC USWEC Energy Group IncUNITED STATES 32133.4225.7627.2417.0616.242.852.5632.672.8811.417.69
    EOAN GRE.ON SEGERMANY 32042.4117.2416.8711.198.350.94.1115.833.522.33-6.34
    ED USConsolidated Edison IncUNITED STATES 31348.1921.9320.9212.0311.32.473.1434.061.738.078.15
    PEG USPublic Service Enterprise Group IncUNITED STATES 29574.8818.0117.1512.0511.12.893.2136.711.9711.164.49
    FE USFirstEnergy CorpUNITED STATES 28241.4918.9620.9512.4112.41.643.1534.223.7713.2417.59
    EIX USEdison InternationalUNITED STATES 27662.4916.1716.8611.179.432.133.233.012.0612.715.65
    PPL USPPL CorpUNITED STATES 27137.0314.6414.0312.0811.012.564.653.032.1214.17-3.08
    2 HKCLP Holdings LtdHONG KONG 26836.9918.5117.4812.8311.122.473.7825.281.898.14-9.62
    ETR USEntergy CorpUNITED STATES 26705.5625.0123.8113.9212.472.492.7430.392.711.2322.52
    DTE USDTE Energy CoUNITED STATES 25745.9220.6320.2313.8912.61.42.9624.242.1410.674.99
    AWK USAmerican Water Works Co IncUNITED STATES 25185.7438.5635.8518.6317.366.941.4150.594.0810.8616.09
    SSE LNSSE PLCBRITAIN 22229.598.7819.469.7313.790.478.2131.522.6632.27-4.57
    RWE GRRWE AGGERMANY 22174.1619.8219.929.576.541.542.4115.851.49.1619.72
    AEE USAmeren CorpUNITED STATES 21352.9326.4225.0913.2512.263.412.2237.422.6610.236.08
    FTS CNFortis Inc/CanadaCANADA 20432.8321.1621.8111.6612.692.33.4449.781.4810.416.05
    384 HKChina Gas Holdings LtdHONG KONG 20224.6416.9316.214.6613.182.681.5920.014.0825.797.79
    CMS USCMS Energy CorpUNITED STATES 19448.7725.2525.6513.8313.32.042.4332.753.5613.9212.49
    EDP GREDP - Energias de Portugal SAPORTUGAL 18836.221.320.74001.07421.881.946.87.73

    EV, Debt, Cash

    Fields2018
    EV1745.39
    Cash138.1
    Debt678.71
    Debt/Equity63.12
    Pref Equity0
    Shares Out106067.2
    minorities0

    Last Price

    Fields2018
    Last Price0.01
    Next DVD Ex Date#N/A N/A
    DVD Announcement Date13.11.2019
    Last Ex Date27.06.2019

    CashflowSummary

    Fields201520162017201820192020
    Revenue1851.6861352017.2223662423.1554872290.7754362169.8012228.44
    Operating Profit64.64934042140.9262972265.7491903223.3726496320.977341.838
    PTP55.7967892374.55196857174.013973166.2160183266.613281.599
    Net Income55.3007596154.21773635133.1379453216.719226.135
    EPS0.0005230040.0005122380.0012566640.0020.002
    DPS00.0001238720.000279840.0010.001
    EBITDA166.8319068284.0323222458.9297243430.8202147530.064557.954
    BPS0.0146597910.0177018350.0198302160.0173073590.0190.021
    Capex-442.13984-222.3364646-172.8771079-142.1072774-161.739-158.251
    FCF-350.922947752.95248422161.2265171292.1045069262.354265.842
    EV TO T12M EBIT23.1812.36.555.095.095.09
    EV/EBITDA8.986.13.792.643.323.24
    CUR RATIO0.70.591.391.291.291.29

    Ratios

    Fields201520162017201820192020
    Market Cap1297.781297.781297.781297.781297.781297.78
    PE RATIO7.4316.686.383.965.865.59
    EV/EBITDA8.986.13.792.643.323.24
    P/S0.210.390.230.330.60.58
    DIVIDEND YIELD01.653.65-6.457.66
    EBITDA Margin9.0114.0818.9418.8124.430.15
    P/B0.210.460.390.260.590.56
    ROE2.982.786.116.6910.239.76
    6 month return73.2973.2973.2973.2973.2973.29