FSK UES company. Investment review-PJSC FGC UES. Russian Chess Federation

(Chairman of the Board)

"Federal Grid Company" (PJSC FGC UES) is a Russian energy company whose main activity is the transmission of electricity through the Unified National Electric Network (UNEG) of Russia. In this type of activity, the company is a subject of a natural monopoly. The company's power grid facilities are located in 77 regions with a total area of ​​15.1 million square meters. km. Half of Russia’s total energy consumption is provided by electricity transmitted through the networks of PJSC FGC UES [ ] .

Full name - Public Joint Stock Company "Federal network company Unified energy system.” It is a subsidiary of OJSC Rosseti. Headquarters - in Moscow.

Encyclopedic YouTube

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✪ FGC UES - Film about the company (2017)

✪ I conference “Digital Network”

✪ Smart Grid networks

✪ Operational switching and outfits. Errors, Report

✪ Film about the UES System Operator

Subtitles

The Federal Grid Company was created in 2002 to manage and develop the Unified National electrical network(UNEG) Today it is 140 thousand kilometers of main power transmission lines and 939 substations in 77 regions of Russia. The company ensures the export of electricity to 11 states. FGC UES is the connecting link between producers and consumers of electricity. FGC UES is the infrastructural basis of the country’s economy. Vladimir Putin: “Electric power industry has been and remains the most important component of the domestic economy. Without electricity, without the development of the grid economy, the growth of industrial production is impossible.” The company participates in the largest projects of national importance. Among them: Integration of systems of the East and Siberia, Strengthening energy communications between the North-West and the Center Expansion of the Baikal-Amur and Trans-Siberian Railways Creation of the ESPO and "Power of Siberia" pipelines Development of the Far East Consumers of FGC UES are mining enterprises, metallurgical plants, agricultural complexes, engineering production, airports, port terminals and shipyards. All of them receive energy from dozens of power units of nuclear, thermal and hydroelectric power plants, the output of which is provided by FGC UES Andrey Murov: “For 15 years, the Federal Grid Company UNES of Russia has become a reliable business partner and states in implementation key projects in the real sector of the economy A company has been built that guarantees our consumers high quality provision of services and, most importantly, develops synchronously with them." The company's investments in the development of backbone networks until 2020 amount to more than 500 billion rubles. 11.5 thousand kilometers of power transmission lines will be built and 45 thousand megavolt-amperes of transformer capacity will be introduced. The main requirement is requirements for the work of FGC UES - reliable and uninterrupted power supply to consumers. The company has significantly reduced the accident rate, reaching indicators comparable to the best world analogues. This result is based on advanced solutions, modern technology and personnel training Important conditions for stable work and development are financial stability and economic efficiency Andrey Murov: “Increasing operational efficiency and reducing costs is a natural task for the company’s management, regardless of the external environment. Thanks to this work, our company has become more financially stable, funds have been freed up for the reconstruction and development of electrical networks, and for paying dividends to shareholders.” FGC UES is one of the largest consumers of Russian power engineering products Today, 3/4 of the purchased capital equipment is domestically produced By 2030, its share will reach 95% FGC UES traditionally pays attention to corporate social responsibility The programs being implemented include the issue of impact on environment, industry education, support for veterans and, of course, the creation favorable conditions for 22 thousand company employees, because they are the main value of FGC UES Federal Grid Company 15 years together with the country

Story

To implement the government program for reforming the electric power industry in terms of the electric grid complex related to the UNEG, in November the Board of Directors of JSC RAO UES of Russia determined the stages of creating the Federal Grid Company and the basic management standards of the Federal Grid Company.

Owners and management

As of 2017, 80.13% of the shares of PJSC FGC UES are owned by the parent company JSC Rosseti. Another 0.59% of shares belong to the Federal Property Management Agency. The remaining 19.28% of shares are held by minority shareholders.

As of March 2009, 77.66% of the shares of JSC FGC UES belonged to Russian Federation represented by the Federal Agency for State Property Management. 22.34% of the outstanding shares of JSC FGC UES are owned by minority shareholders.

Initially, 87.56% of the shares of JSC FGC UES belonged to JSC RAO UES of Russia (during the reform, these shares were proportionally divided between the shareholders of RAO UES of Russia), 12.44% belonged to the state represented by the Federal Property Management Agency. In the future, according to current legislation, the state's share in the company's authorized capital should be increased to 75% plus one share.

Structure

The structure of the Federal Grid Company includes nine branches:

• MES East
• MES of the Urals
• MES North-West
• MES Volga
• MES South
• Technical Supervision Center

At the same time, each of the MES (Main Electric Networks) includes from four to eight MES enterprises.

Activity

As of the end of 2014, the length of FGC UES power transmission lines, including overhead, cable and air-cable power lines, is 138.8 thousand km. The number of substations managed by FGC UES is 924. Transformer capacity is 332.1 GVA. The total number of FGC UES employees is more than 24 thousand people.

The supply of electricity from the UNEG network to consumers of services (in balanced terms) in 2014 amounted to 518.093 billion kWh.

Long-term development program

In November 2014, the Board of Directors of FGC UES approved the development program of FGC UES for the period 2015-2019. with a forecast until 2030. According to the document, the company plans to reduce specific operating expenses by 25% and investment expenses by 30% compared to 2012.

According to Andrey Murov, at the end of 2014, FGC UES reduced specific investment expenses by 17%, and operating expenses for the year decreased by 21.7%.

The draft long-term development program for the Federal Grid Company presents the expected financial and economic indicators of the Federal Grid Company's activities in 2014 and the results for 2010-2013. In addition, the company presented an analysis of prospects economic development for 2015-2019 and until 2030

Investment program

The second main document of FGC UES is the Investment Program.

On December 29, 2015, it became known that the Ministry of Energy of the Russian Federation approved the investment program of FGC UES for 2016-2020. The company's total investment will amount to 471.12 billion rubles. During this period, FGC UES plans to commission 44.3 thousand MVA of transformer capacity and 11.8 thousand km of power lines. Sources of financing are own funds, taking into account fees for technical connection.

The largest projects until 2020 will be the development of the electrical grid infrastructure in Eastern Siberia and the Far East, including external power supply of the Baikal-Amur Mainline and Trans-Siberian Railway, the ESPO oil pipeline, strengthening electrical connections between the Unified Energy System of the Center and the Unified Energy System of the North-West, technological connection of the largest consumers in the country, construction generation power delivery facilities.

Both documents take into account current realities: the cost of attracting credit resources, the possibility of changing the timing of commissioning of facilities, the dynamics of electricity consumption, the need to maintain financial stability and, of course, ensuring reliable energy supply to consumers.

Repair campaign

Part of the investment program is a renovation campaign. In 2015, FGC UES allocated about 10 billion rubles for its implementation.

The implementation of repair campaigns in previous years allowed us to demonstrate high reliability indicators in the transmission of electricity. At the end of 2014, the level of technological losses reached 4.13%, which is comparable to the indicators of developed countries. In general, over the past five years, the accident rate at FGC UES power facilities has been reduced by 40%.

In 2015, the accident rate at power facilities of the backbone network complex decreased by 17.3% compared to the same period last year. On power lines, the number of technological violations decreased by more than 20%, in systems dispatch control twice.

BAM and Transsib

On April 23, 2015, at a briefing for representatives of the federal media on the results of the activities of FGC UES in 2014, Andrei Murov noted that FGC UES was awaiting a decision on an application for funds from the National Welfare Fund to finance a project for the energy supply of the BAM and Trans-Siberian railways. The amount of funds under the application is 50.5 billion rubles. If the money is not provided, the company will only be able to complete part of the work.

“We also understand that if no funds are allocated from the National Welfare Fund, then we will own funds We will only be able to complete part of our investment program. We currently have 34 billion rubles worth of such work planned until 2019.”

Following the approval of the investment program until 2020, it became known that FGC UES, as additional sources of financing in 2016-2020, planned borrowed funds from the National Welfare Fund in the form of bonds for the power supply project of the BAM and Trans-Siberian Railway - 36.6 billion rubles.

Power supply of Bystrinsky GOK

The energy supply project for the Bystrinsky GOK is a joint project of FGC UES and the Norilsk Nickel company. Under an agreement with FGC UES, the main amount of financing for the construction of energy infrastructure is provided by Norilsk Nickel as part of an SPV. In the future, energy facilities will be acquired by the Federal Grid Company from SPV on terms of payment in installments.

In October 2015, it became known about the start of construction of energy networks for the mining and processing plant, namely the construction of a 220 kV power transmission line “Kharanorskaya GRES - Bugdainskaya - Bystrinskaya” with a total length of 234 km.

As part of the project, it is also planned to build a 220 kV substation "Bystrinskaya" with a transformer capacity of 250 MVA.

Russian Geographical Society

At the end of October 2014, it became known that FGC UES will take part in supporting the project “Complex Expedition “Gogland”. Federal Grid Company acts official partner project.

As part of the expedition, an annual student camp will be launched on the island of the same name, where students will undergo summer practice in several academic disciplines. Also, specialists in geography, geology, archeology, ornithology, biology and botany will be involved in this project, who will undertake a large-scale study and description of all fourteen islands of the bay.

According to the head of the company Andrey Murov, the unique military equipment, left over from the Great Patriotic War on an island in the Gulf of Finland, will be examined and fully taken into account by an expedition of the Russian Geographical Society. Part of it can be transported to Russian museums.

In addition, in 2015, FGC UES will become a partner of the Leningrad regional branch of the Russian Geographical Society in creating an Internet portal under the working title “Virtual trip to the Outer Islands of the Gulf of Finland,” which will be available for visiting in the spring of next year. In addition, the company will take part in preparing the celebrations of the 70th anniversary of the Great Victory, which will include meetings with veteran geographers, hydrographers and power engineers who made a huge contribution to the fight against the Nazis during the Siege and on the path to Victory after its breakthrough.

Russian Chess Federation

On December 16, 2015, FGC UES became the general sponsor of the Russian national chess teams. The agreement between FGC UES and the Russian Chess Federation was signed by the heads of the organizations - Andrey Murov and Andrey Filatov.

With the support of FGC UES, official events of the Russian Chess Federation will be held - a series of Russian and international tournaments, including children's competitions.

Cooperation with educational institutions

As of 2015, FGC UES interacted with 105 higher and 24 secondary educational institutions in all regions of the company’s operations. From 60 educational institutions Cooperation agreements were signed.

Every year, students have the opportunity to undergo industrial and pre-graduate practice at FGC UES facilities. In 2015, 800 students used this opportunity.

One of the key partners of FGC UES is, with whom the company has had a multi-level agreement since 2010. The head of FGC UES is a member of the university's Board of Trustees.

Violation of antimonopoly legislation

For more than 10 years, FGC UES has had a paid confirmation procedure technical characteristics products supplied for the needs of FGC UES, and mandatory requirement was included in construction contracts and procurement procedures [ ] .

PJSC Federal Grid Company of the Unified Energy System (PJSC FGC UES) A state monopoly whose responsibilities include managing one of the world's largest electricity transmission systems - the Unified National Electric Grid (UNEG). PJSC FGC UES (FSK) was created on June 25, 2002 in accordance with the electric power industry reform program as a monopoly operator for managing the Unified National (All-Russian) Electric Grid (UNEG) for the purpose of its preservation and development. The main consumers of services are distribution companies, sales companies and large industrial enterprises. PJSC FGC UES is included in the list of systemically important organizations of strategic importance for the country. The main activities of the company: provision of services to subjects wholesale market electrical energy for transmission of electrical energy and connection to the electrical network; management of the Unified National (All-Russian) Electric Grid; investment activities in the development of the Unified National (All-Russian) Electric Network; maintaining electrical networks in proper condition; technical supervision of the condition of network facilities. Work at PJSC FGC UES involves solving large-scale problems that require appropriate education, skills, and experience. The significance of the activities of PJSC FGC UES for Russia, the development potential of the Company, the scale of changes, innovations - this is what attracts highly qualified managers and specialists. Solving the tasks assigned to us requires the concerted efforts, independence and responsibility of each employee of the Company. You can join us if you are: result-oriented; strive for professional growth; are able to overcome difficulties on the way to achieving a goal; You can effectively build communications both with colleagues and with representatives of partner organizations. Electric grid facilities of PJSC FGC UES are located in 79 regions of the Russian Federation with a total area of ​​more than 15.1 million square meters. km. The company ensures the operation of 145.9 km. power lines and 958 substations with a total transformer capacity of more than 351.9 thousand MVA with voltage up to 1150 kV. Currently, PJSC FGC UES has 43 branches, including 8 branches of main electric networks (MES), 34 enterprises of main electric networks (PMES) and the specialized production base "Bely Rast". In addition, the company is a shareholder in more than 10 subsidiaries that ensure the functioning of the electrical grid. The company's staff at the beginning of 2019: about 22,000 people. The authorized capital of PJSC FGC UES is 637,332,661,531 rubles 50 kopecks and is divided into 1,274,665,323,063 ordinary shares with a par value of 50 kopecks each. Rosseti PJSC (87.90% state ownership) owns 80.13% of the outstanding shares of FGC UES PJSC, minority shareholders own 19.28% of the shares of the Federal Grid Company, and Rosimushchestvo - 0.59%. Shares of PJSC FGC UES are included in the quotation list of the First (highest) level of the Moscow Exchange (ticker: FEES) and are included in the calculation base of key domestic and a number of foreign indices (MICEXINDEXCF, MICEXBMI, MICEXPWR, RTX NRG). FSK Global Depositary Receipts (GDRs) are traded on the Main Market of the London Stock Exchange (ticker: FEES)

PJSC FGC UES– one of the largest public power grid companies in the world in terms of line length and transformer capacity. It is the largest SDC of the Rosseti group of companies. In the area of ​​responsibility of FGC UES there are 143.6 thousand km of high-voltage main power transmission lines and 947 substations with a total installed capacity of more than 347.3 thousand MVA.

Service area: the company provides reliable energy supply to consumers in 77 regions of Russia, serving an area of ​​about 15.1 million square meters. km.

History of development

FGC UES was created as part of a large-scale reform of the Russian electricity sector. When creating the Federal Grid Company UES, the sole founder, RAO UES of Russia, transferred the backbone electric grid complex to the authorized capital of the new company. State registration of the company took place in June 2002.

In 2007, the shareholders decided to reorganize FGC UES in the form of joining the following companies: RAO UES of Russia, State Holding, Minority Holding FGC UES, as well as 56 MSK and seven MMSK. In 2008, backbone grid companies were merged, which meant the completion of the consolidation of the assets of the Federal Grid Company.

In 2012, JSC FGC UES was appointed as the sole executive body of JSC IDGC Holding. In June 2013, the state-owned stake in JSC FGC UES was transferred to the authorized capital of JSC Rosseti.

Later the Company was renamed PJSC FGC UES.

Assets/capacities

Number of substations 35 kV and above – 947 pcs.

Substation power 35 kV and above – 347.3 thousand MVA

Number of transformer substations (RP) 6-35 kV – 303 pcs.

Length of power lines (along circuits) – 143.6 thousand km

The total volume of electrical networks is 1362 thousand conventional units. units

Key indicators activities, 09.2018:

• Supply from the network – 411.68 billion kWh
• Net profit – 33.3 billion rubles.
• EBITDA – RUB 99.8 billion.
• Revenue – 160.6 billion rubles.
• The average number of employees is 22.05 thousand people.
• Capitalization – 211.1 billion rubles
• Investment program for 2018-2020 – 289.12 billion rubles.

In 2017, the volume of electricity supplied from the network amounted to 547,351 million kWh, while losses amounted to 24,307 million kWh (4.44% of the supply from the network via the UNEG).

In 2017, 17 large technological connections were carried out.

Investment program

The total volume planned for 2016-2020. investments amount to 479.07 billion rubles. Financing of the investment program for the period 2016-2020. provided at the expense of the own funds of PJSC FGC UES, bond issues, loans from organizations and federal budget funds. The program provides for an even distribution of investment costs within a five-year period, which will allow the Company to maintain a balanced structure of its funding sources.

The company's investment program assumes in 2016-2020. commissioning of 40 GVA of capacity and 10.9 thousand km of power lines into the company's fixed assets.

Shareholders and management

The authorized capital of PJSC FGC UES is 637,332,661,531 rubles 50 kopecks and is divided into 1,274,665,323,063 ordinary shares with a par value of 50 kopecks each.

Rosseti PJSC owns 80.13% of the outstanding shares of FGC UES PJSC, minority shareholders own 19.28% of the shares of the Federal Grid Company, and Rosimushchestvo owns 0.59%.

Chairman of the Board - Murov Andrey Evgenievich, Chairman of the Board of Directors - Livinsky Pavel Anatolyevich.

Open joint-stock company "Federal Grid Company of the Unified Energy System" (Federal Grid Company, FSK) was formed on June 25, 2002 in accordance with the electric power industry reform program as a monopoly operator for managing the Unified National (All-Russian) Electric Grid (UNEG) with the aim of its preservation and development .

Assets

2017: FOCL

The length of the basic technological communication network of FGC UES - fiber-optic lines (FOCL) - in 2017 increased to 73.6 thousand km. By 2025, it is planned to expand to 105 thousand km, which, along with other modern telecommunication technologies (spectrum multiplexing (WDM), packet data transmission (Ethernet), will cover about 90% of the company’s substations digital channels communications. This will improve the quality of infrastructure management, the reliability of power supply to consumers, and will contribute to the optimization of operating costs.

Digital communication channels are necessary for the transfer of key corporate and technological information, including metering data, real-time performance indicators of the energy infrastructure, etc. An opportunity is being created for the implementation of smart grid technologies and digital substation solutions. The fiber-optic line directly serves as the basis for the development of telecontrol of objects in remote mode - one of the key areas of digitalization of FGC UES.

By 2021, telecontrol will be implemented at 93 substations of FGC UES. Also, by 2025 it is planned to complete 32 digital project related to the comprehensive implementation of digital solutions at energy facilities.

2010

FSK's power grid facilities are located in 73 regions of the Russian Federation with a total area of ​​more than 13.6 million square meters. km. The company ensures the operation of 121 thousand km of power lines and 797 substations with a total installed transformer capacity of more than 305 thousand MVA of voltage class 35-1150 kV.

FGC has 51 branches, including 8 branches of main electric networks (MES), 41 enterprises of main electric networks (PMES), 1 motor transport enterprise and 1 specialized production base.

Main activities

• Management of the Unified National (All-Russian) Electric Grid;
• Providing services to subjects of the wholesale electrical energy market for the transmission of electrical energy and connection to the electrical grid;
• Investment activities in the development of the Unified National (All-Russian) Electric Network;
• Maintaining electrical networks in proper condition;
• Technical supervision of the condition of network facilities.

Performance indicators

2009

The Company's gross revenue according to RAS for 2009 amounted to RUB 85.1 billion. The value of the net assets of the Federal Grid Company as of December 31, 2010 amounted to 579.746 billion rubles. Loans and credits were at the level of 13 billion rubles.

In 2009, the supply of electricity from the UNEG to the network of distribution grid companies, direct consumers-participants of the Wholesale Electric Power Market and independent JSC-energos amounted to 452,662 million kWh, the supply of electricity to neighboring states - 13,628 million kWh. At the same time, the total actual losses of electricity for 2009 were at the level of 22,121 million kWh.

The number of employees is 21,500 people.

The structure of the company

Stock

The authorized capital of the Federal Grid Company is 616,780,666,776 rubles. and divided into 1,233,561,333,552 ordinary shares with a par value of 50 kopecks each. Largest shareholder The company is the state with an ownership share of 79.11%. 20.89% of the Company's outstanding shares are owned by more than 470 thousand minority shareholders.

Trading in FSK shares on the exchanges of CJSC MICEX Stock Exchange (MICEX) and OJSC RTS Stock Exchange (RTS) began on July 16, 2008. Due to legal restrictions on the minimum share of state ownership of 75% plus 1 share, shares of the Federal Grid Company cannot be quoted on the “A” list of both levels. Since December 2008, shares of the main issue (state registration number 1-01-65018-D dated September 10, 2002) have been included in the list of securities admitted for circulation in the quotation list “B” stock exchanges MICEX and RTS. They have been assigned the trade code FEES, the ISIN number is RU000A0JPNN9. On August 27, 2009, trading of ordinary shares of the Federal Grid Company began on the RTS Standard stock market; they were assigned the trading code FEES.

On June 24, 2008, the Federal Grid Company received permission from the Federal Financial Markets Service of Russia to place and circulate outside Russia the issue-grade securities of all issues of the Company's ordinary shares registered to date in an amount not exceeding 287,269,492,431 ordinary shares of the Company.

The launch of the Reg S and Rule 144A non-listed depositary receipt (GDR) program representing rights to the Company's common shares took place on June 30, 2008. One depositary receipt is represented by 500 ordinary registered uncertificated shares of FSK. The depository bank for the program is Deutsche Bank.

As of June 30, 2010, the volume of the FSK depositary receipts program is approximately 0.2% of the Company's authorized capital. The total number of ordinary registered shares of the Federal Grid Company included in the GDR program is 2,070,576,000, which corresponds to 4,141,152 GDR.

Information Technology

About development information systems Read “FSK UES” in a separate article on.

Story

2016-2017

In 2016-2017, FGC UES completed several large projects to implement fiber-optic communication lines: in the Far East - on power transmission line sections from the Nizhny Kuranakh substation to Maya and Olekminsk (890 km), in the South - from the Rostov NPP to the substation " Tikhoretskaya" (340 km). Also, fiber-optic communication lines were introduced on the Urengoy - Mangazeya lines (305 km) in Western Siberia, “Kostroma – Kirov” (350 km) in the Center and Volga region, “Nalchik – Vladikavkaz-2” (210 km) in the North Caucasus.

First, let's figure out what kind of company FSK is and what does it do? Let's look at the history of the company's creation.
The decision to create the Federal Grid Company was made by the Russian Government in the summer of 2001 as part of the reform of the electric power industry. The Federal Grid Company was created as an organization to manage the Unified National Electric Grid (UNEG). State registration The company took place on June 25, 2002. OAO RAO UES of Russia, which acted as the sole founder, transferred the backbone electric grid complex related to the UNEG to the authorized capital of the Company.
At the same time, as part of the reform of the electric power industry, a process of consolidation of electric grid facilities related to the UNEG took place under the management of the Federal Grid Company. In 2007, 56 trunk grid companies (MSCs) were created on the basis of the reorganized JSC-energos (subsidiaries and dependent companies of OAO RAO UES of Russia). MSK shares belonging to RAO UES of Russia were transferred as payment for an additional issue of shares in the Federal Grid Company. On July 1, 2008, RAO UES of Russia OJSC and 54 MSKs were merged into the Federal Grid Company. Another 2 MSKs (JSC Tomsk Backbone Networks and OJSC Kuban Backbone Networks) remained its subsidiaries. As a result, more than 470 thousand former shareholders of RAO UES of Russia and MSK became shareholders of the Federal Grid Company.
Today, the Federal Grid Company represents a unique infrastructure that forms the physical framework of the state’s economy. FSK's area of ​​responsibility includes 139 thousand km of high-voltage main power transmission lines and 924 substations with a total capacity of more than 332 thousand MVA. The company provides reliable energy supplies to consumers in 77 regions of Russia, serving an area of ​​about 15.1 million km. Electricity transmitted through the networks of PJSC FGC UES covers about half of the total energy consumption of the entire country. It is part of Rosseti PJSC, the country's largest energy holding company, which owns 80.13% of the company's shares.
There is no FSK only in the Far East.
Next, first of all, I want to consider the main (possible) drivers for the revaluation of the company’s shares:
1-Dividends
Order of the Government of the Russian Federation dated May 29, 2017 N 1094, which states (the amount allocated for the payment of dividends is at least 50 percent of net profit joint stock company determined according to financial statements, including consolidated ones, compiled in accordance with International standards financial statements, as amended as specified in subparagraph “a” of paragraph 1 of this order, the amount is calculated taking into account the exclusion from the amount of net profit used to calculate dividends: income and expenses associated with the revaluation of shares of subsidiaries traded on the securities market and related tax at a profit; share of net profit allocated to provide financial support for development plans of subsidiaries related to ensuring their financial stability and development, approved by the board of directors of the public joint stock company "Russian Grids"; actual investments made at the expense of net profit received from regulated activities as part of the implementation of investment programs approved by the Ministry of Energy of Russia in the prescribed manner; share of net profit received from the activity of technological connection to electric networks (including interest income for installment payments for technological connection in accordance with the Decree of the Government of the Russian Federation of November 30, 2016 N 1265 “On the procedure for establishing fees for technological connection of newly introduced operation of facilities for the production of electrical energy from nuclear power plants and hydroelectric power stations (including pumped storage power plants) to the facilities of the unified national (all-Russian) electrical network"), with the exception of funds actually received in the reporting period.
We all remember how at the end of 2016 everyone was expecting a miracle of 0.025 rubles per share, but in the end we received significantly less, namely 0.0154. Management made an adjustment to the state of emergency for depreciation and profit from technical connection.
2-Deleveraging.
The company has a net debt of 297,353 million rubles. In principle, this is not so much. If you look at the NetDebt/Ebitda ltm multiplier, it is equal to 1.5. It would be cool if the company directed its cash flow to reduce debt (the upside would be 150% of the current ones, with an MCap of 210,000 million rubles), but the company has large capex until 2020, so we will not play this option in the short term.
Everyone knows about the government decree on the sale of non-professional assets by state-owned companies. FSK has, as everyone already knows, a stake in IRAO equal to 66,692 million rubles today. Let's imagine if FSK sells this stake. What can this give us? Well, firstly, this is an increase in the state of emergency almost twice, respectively. And the growth of divas. FSK shares would immediately be overvalued by 70-90% at a minimum. Also, part of this money could be used to pay off debt, which would also be appreciated by investors. But no news has been heard about these plans yet. Why? Perhaps for FSK this is not such a non-professional asset, after all, it is one industry. Maybe the company’s management is expecting IRAO’s quotes even higher, we don’t know.
3-The company is undervalued by the market
Let's look at the multipliers
NetDebt/Ebitda LTM=1.5
EV/Ebitda=2.5
P/B=0.3
P/E ltm=4
Doesn’t it remind you of anything?) It somehow reminds me of Gazprom. FSK also has large capex and FSK is very cheap.
Let's remember who the main shareholder is in FSK - Through Rosseti, this is our beloved state. And it seems to me that here, as with Gazrom, we should not expect that management will share all the profits with minors. They will most likely hide part of the profit in all sorts of different ways.
RESULTS
If you are a passive investor and you have long-term money, then you can easily afford to have part of your capital bring you 10% per annum for 2-3 years. Now, in principle, there is a unique opportunity to buy FSK shares cheap. After all, this investment essentially has some kind of growth option. If you roughly calculate, then taking into account dividends, this investment will bring you from 100-150% within 3 years, that’s 30-50% per annum. The capex will run out and the business will be overvalued. But there are risks in the face of such a major as our state.
P.S. I don’t have FSK in my portfolio, because I think that it will be possible to jump on this train, even if not in the first carriage.
Next time I will analyze the MRSK CPU.