Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Volgogradenergosbyt Public Joint-Stock Company (VGSB.ME)

Company Dividend Discount ModelIndustry: Regulated ElectricSector: Utilities

Valuation Snapshot

Stable Growth$45.72 - $70.98$57.40
Multi-Stage$102.24 - $112.79$107.41
Blended Fair Value$82.41
Current Price$10.00
Upside724.09%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.000.000.000.000.000.000.000.000.000.00
YoY Growth--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,943.75
(-) Cash Dividends Paid (M)15.63
(=) Cash Retained (M)1,928.11
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)388.75242.97145.78
Cash Retained (M)1,928.111,928.111,928.11
(-) Cash Required (M)-388.75-242.97-145.78
(=) Excess Retained (M)1,539.361,685.141,782.33
(/) Shares Outstanding (M)400.10400.10400.10
(=) Excess Retained per Share3.854.214.45
LTM Dividend per Share0.040.040.04
(+) Excess Retained per Share3.854.214.45
(=) Adjusted Dividend3.894.254.49
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate-2.00%-1.00%0.00%
Fair Value$45.72$57.40$70.98
Upside / Downside357.17%474.04%609.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,943.751,924.311,905.061,886.011,867.151,848.481,903.94
Payout Ratio0.80%18.64%36.48%54.32%72.16%90.00%92.50%
Projected Dividends (M)15.63358.76695.021,024.511,347.351,663.631,761.14

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.33%6.33%6.33%
Growth Rate-2.00%-1.00%0.00%
Year 1 PV (M)333.99337.40340.80
Year 2 PV (M)602.36614.71627.20
Year 3 PV (M)826.62852.19878.27
Year 4 PV (M)1,012.051,053.991,097.23
Year 5 PV (M)1,163.341,223.921,287.00
PV of Terminal Value (M)36,968.8738,893.9340,898.35
Equity Value (M)40,907.2342,976.1445,128.85
Shares Outstanding (M)400.10400.10400.10
Fair Value$102.24$107.41$112.79
Upside / Downside922.43%974.14%1,027.95%

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