Vtoraya Generiruyushchaya Kompaniya Optovogo Rynka Elektroenergii PAO (MOEX:OGKB)

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Price: 0.3207 RUB 7.01%

Market Cap: 81.9B RUB

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Section:

Relative Value

The Relative Value of one OGKB stock under the Base Case scenario is 0.3911 RUB. Compared to the current market price of 0.3207 RUB, Vtoraya Generiruyushchaya Kompaniya Optovogo Rynka Elektroenergii PAO is Undervalued by 18%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is Relative Valuation?

How is Relative Value calculated?

OGKB Relative Value

Base Case

Worst Case

Base Case

Best Case

Valuation Multiples

1.1

P/S

vs History	25
vs Industry	62

Median 5Y

0.8

Industry

1.6

More Details

9.9

P/E

vs History	53
vs Industry	57

Median 5Y

12.6

Industry

15.1

More Details

4.6

P/OCF

vs History	36
vs Industry	61

Median 5Y

4.3

Industry

More Details

Negative

P/FCFE

vs History
vs Industry	39

Median 5Y

4.9

Industry

13.9

More Details

0.5

P/B

vs History	79
vs Industry	81

Median 5Y

0.7

Industry

1.4

More Details

1.6

EV/S

vs History	25
vs Industry	63

Median 5Y

1.1

Industry

2.7

More Details

1.7

EV/GP

vs History	25
vs Industry	83

Median 5Y

1.2

Industry

7.5

More Details

7.2

EV/EBITDA

vs History	25
vs Industry	61

Median 5Y

Industry

10.3

More Details

10.2

EV/EBIT

vs History	25
vs Industry	58

Median 5Y

6.8

Industry

14.6

More Details

6.8

EV/OCF

vs History	34
vs Industry	64

Median 5Y

Industry

11.1

More Details

9.3

EV/FCFF

vs History	49
vs Industry	39

Median 5Y

9.7

Industry

16.8

More Details

0.6

EV/IC

vs History	77
vs Industry	79

Median 5Y

0.7

Industry

0.9

More Details

Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

			Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
RU		Vtoraya Generiruyushchaya Kompaniya Optovogo Rynka Elektroenergii PAO MOEX:OGKB	81.9B RUB	1.1	9.9	7.2	10.2
DE		Uniper SE XETRA:UN01	562.9B EUR	2.1	-29.7	-142.5	-87.5
SA		ACWA Power Co SAU:2082	284.5B SAR	46.1	149.4	114.5	139.2
US		Vistra Corp NYSE:VST	47.7B USD	2.9	25.7	10.3	17.2
IN		NTPC Ltd NSE:NTPC	3.2T INR	1.8	14.6	9.9	14.7
CN		CGN Power Co Ltd SZSE:003816	202.5B CNY	2.4	18.4	15.1	15.1
CN		China National Nuclear Power Co Ltd SSE:601985	184.1B CNY	2.4	18.1	16.4	16.4
IN		Adani Power Ltd NSE:ADANIPOWER	1.9T INR	3.5	15.1	10.2	12.7
TH	G	Gulf Energy Development PCL SET:GULF	695.2B THB	5.7	36.5	37.9	46.7
CN		SDIC Power Holdings Co Ltd SSE:600886	120.1B CNY	2.1	17	14.2	14.2
IN		JSW Energy Ltd NSE:JSWENERGY	1.2T INR	10.3	59.8	25.7	36.5

				Revenue Growth	P/S to Growth
RU		Vtoraya Generiruyushchaya Kompaniya Optovogo Rynka Elektroenergii PAO MOEX:OGKB	Average P/S: 7.3 1.1	N/A	N/A
DE		Uniper SE XETRA:UN01	2.1	-1%	N/A
SA		ACWA Power Co SAU:2082	46.1	63%	0.7
US		Vistra Corp NYSE:VST	2.9	42%	0.1
IN		NTPC Ltd NSE:NTPC	1.8	24%	0.1
CN		CGN Power Co Ltd SZSE:003816	2.4	20%	0.1
CN		China National Nuclear Power Co Ltd SSE:601985	2.4	24%	0.1
IN		Adani Power Ltd NSE:ADANIPOWER	3.5	N/A	N/A
TH	G	Gulf Energy Development PCL SET:GULF	5.7	30%	0.2
CN		SDIC Power Holdings Co Ltd SSE:600886	2.1	19%	0.1
IN		JSW Energy Ltd NSE:JSWENERGY	10.3	75%	0.1

				Earnings Growth	P/E to Growth
RU		Vtoraya Generiruyushchaya Kompaniya Optovogo Rynka Elektroenergii PAO MOEX:OGKB	Average P/E: 36.5 9.9	N/A	N/A
DE		Uniper SE XETRA:UN01	Negative Multiple: -29.7	N/A	N/A
SA		ACWA Power Co SAU:2082	149.4	48%	3.1
US		Vistra Corp NYSE:VST	25.7	118%	0.2
IN		NTPC Ltd NSE:NTPC	14.6	31%	0.5
CN		CGN Power Co Ltd SZSE:003816	18.4	27%	0.7
CN		China National Nuclear Power Co Ltd SSE:601985	18.1	25%	0.7
IN		Adani Power Ltd NSE:ADANIPOWER	15.1	N/A	N/A
TH	G	Gulf Energy Development PCL SET:GULF	36.5	57%	0.6
CN		SDIC Power Holdings Co Ltd SSE:600886	17	41%	0.4
IN		JSW Energy Ltd NSE:JSWENERGY	59.8	126%	0.5

				EBITDA Growth	EV/EBITDA to Growth
RU		Vtoraya Generiruyushchaya Kompaniya Optovogo Rynka Elektroenergii PAO MOEX:OGKB	Average EV/EBITDA: 26.1 7.2	N/A	N/A
DE		Uniper SE XETRA:UN01	Negative Multiple: -142.5	N/A	N/A
SA		ACWA Power Co SAU:2082	114.5	106%	1.1
US		Vistra Corp NYSE:VST	10.3	39%	0.3
IN		NTPC Ltd NSE:NTPC	9.9	38%	0.3
CN		CGN Power Co Ltd SZSE:003816	15.1	89%	0.2
CN		China National Nuclear Power Co Ltd SSE:601985	16.4	102%	0.2
IN		Adani Power Ltd NSE:ADANIPOWER	10.2	N/A	N/A
TH	G	Gulf Energy Development PCL SET:GULF	37.9	77%	0.5
CN		SDIC Power Holdings Co Ltd SSE:600886	14.2	123%	0.1
IN		JSW Energy Ltd NSE:JSWENERGY	25.7	105%	0.2

				EBIT Growth	EV/EBIT to Growth
RU		Vtoraya Generiruyushchaya Kompaniya Optovogo Rynka Elektroenergii PAO MOEX:OGKB	Average EV/EBIT: 32.3 10.2	N/A	N/A
DE		Uniper SE XETRA:UN01	Negative Multiple: -87.5	N/A	N/A
SA		ACWA Power Co SAU:2082	139.2	104%	1.3
US		Vistra Corp NYSE:VST	17.2	64%	0.3
IN		NTPC Ltd NSE:NTPC	14.7	43%	0.3
CN		CGN Power Co Ltd SZSE:003816	15.1	18%	0.8
CN		China National Nuclear Power Co Ltd SSE:601985	16.4	16%	1.1
IN		Adani Power Ltd NSE:ADANIPOWER	12.7	N/A	N/A
TH	G	Gulf Energy Development PCL SET:GULF	46.7	35%	1.3
CN		SDIC Power Holdings Co Ltd SSE:600886	14.2	34%	0.4
IN		JSW Energy Ltd NSE:JSWENERGY	36.5	121%	0.3

US	Johnson & Johnson NYSE:JNJ	Pharmaceuticals
US	Berkshire Hathaway Inc NYSE:BRK.A	Financial Services
US	Bank of America Corp NYSE:BAC	Banking
US	Mastercard Inc NYSE:MA	Technology
US	UnitedHealth Group Inc NYSE:UNH	Health Care
US	Exxon Mobil Corp NYSE:XOM	Energy
US	Pfizer Inc NYSE:PFE	Pharmaceuticals
US	Palantir Technologies Inc NYSE:PLTR	Technology
US	Nike Inc NYSE:NKE	Textiles, Apparel & Luxury Goods
US	Visa Inc NYSE:V	Technology
CN	Alibaba Group Holding Ltd NYSE:BABA	Retail
US	3M Co NYSE:MMM	Industrial Conglomerates
US	JPMorgan Chase & Co NYSE:JPM	Banking
US	Coca-Cola Co NYSE:KO	Beverages
US	Walmart Inc NYSE:WMT	Retail
US	Verizon Communications Inc NYSE:VZ	Telecommunication

	Franklin Covey Co NYSE:FC	36.41 USD -1.03%
	Mohawk Industries Inc NYSE:MHK	119.16 USD 2%
	Ardmore Shipping Corp NYSE:ASC	11.31 USD 0.18%
	ASGN Inc NYSE:ASGN	83.87 USD -0.97%
	Skyworks Solutions Inc NASDAQ:SWKS	88.75 USD 0.56%
	Weatherford International PLC NASDAQ:WFRD	67.1 USD -2.13%

	Johnson & Johnson NYSE:JNJ	144.47 USD 0.62%
	Bank of America Corp NYSE:BAC	44.17 USD 1.82%
	Mastercard Inc NYSE:MA	528.03 USD 0.91%
	Salesforce Inc NYSE:CRM	343.65 USD 2.21%
	Abbvie Inc NYSE:ABBV	175.58 USD 2.37%
	Home Depot Inc NYSE:HD	392.6 USD 1.97%

	Arista Networks Inc NYSE:ANET	112.81 USD 3.43%
	Visa Inc NYSE:V	317.71 USD 0.9%
	Texas Pacific Land Corp NYSE:TPL	1 133.12 USD 3.36%
	KLA Corp NASDAQ:KLAC	629.37 USD 1.16%
	Manhattan Associates Inc NASDAQ:MANH	280.26 USD -0.81%
	Pinduoduo Inc NASDAQ:PDD	99.51 USD -1.48%

	Salesforce Inc NYSE:CRM	343.65 USD 2.21%
	Accenture PLC NYSE:ACN	366.37 USD -1.56%
	ServiceNow Inc NYSE:NOW	1 091.25 USD 1.52%
	EOG Resources Inc NYSE:EOG	119.04 USD 0.69%
	Copart Inc NASDAQ:CPRT	58.22 USD -0.39%
	Applied Materials Inc NASDAQ:AMAT	163.59 USD 1.33%

Vtoraya Generiruyushchaya Kompaniya Optovogo Rynka Elektroenergii PAO
MOEX:OGKB

Relative Value

Valuation Multiples

Multiples Across Competitors

OGKB Competitors Multiples
Vtoraya Generiruyushchaya Kompaniya Optovogo Rynka Elektroenergii PAO Competitors

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52 Week Range	0.2761 0.608
Price Target

Vtoraya Generiruyushchaya Kompaniya Optovogo Rynka Elektroenergii PAO MOEX:OGKB

Relative Value

Valuation Multiples

Multiples Across Competitors

OGKB Competitors Multiples Vtoraya Generiruyushchaya Kompaniya Optovogo Rynka Elektroenergii PAO Competitors

See Also

Company

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Vtoraya Generiruyushchaya Kompaniya Optovogo Rynka Elektroenergii PAO
MOEX:OGKB

OGKB Competitors Multiples
Vtoraya Generiruyushchaya Kompaniya Optovogo Rynka Elektroenergii PAO Competitors