Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

PJSC Group of Companies TNS energo (TNSE.ME)

Company Dividend Discount ModelIndustry: Independent Power ProducersSector: Utilities

Valuation Snapshot

Stable Growth$3,975.19 - $5,033.95$4,548.05
Multi-Stage$6,904.42 - $7,740.34$7,312.43
Blended Fair Value$5,930.24
Current Price$2,400.00
Upside147.09%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS87.78%-14.61%61.866.830.000.111.132.6513.7936.51269.5957.63
YoY Growth--805.54%0.00%-100.00%-90.08%-57.22%-80.79%-62.22%-86.46%367.80%-80.81%
Dividend Yield--0.00%0.20%0.00%0.01%0.11%0.26%1.14%2.88%17.74%3.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)20,691.31
(-) Cash Dividends Paid (M)98.80
(=) Cash Retained (M)20,592.50
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)4,138.262,586.411,551.85
Cash Retained (M)20,592.5020,592.5020,592.50
(-) Cash Required (M)-4,138.26-2,586.41-1,551.85
(=) Excess Retained (M)16,454.2418,006.0919,040.65
(/) Shares Outstanding (M)10.3810.3810.38
(=) Excess Retained per Share1,584.811,734.271,833.92
LTM Dividend per Share9.529.529.52
(+) Excess Retained per Share1,584.811,734.271,833.92
(=) Adjusted Dividend1,594.321,743.791,843.43
WACC / Discount Rate9.79%9.79%9.79%
Growth Rate-21.64%-20.64%-19.64%
Fair Value$3,975.19$4,548.05$5,033.95
Upside / Downside65.63%89.50%109.75%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)20,691.3116,421.5113,032.8210,343.418,208.976,514.996,710.44
Payout Ratio0.48%18.38%36.29%54.19%72.10%90.00%92.50%
Projected Dividends (M)98.803,018.604,729.155,605.205,918.305,863.496,207.16

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.79%9.79%9.79%
Growth Rate-21.64%-20.64%-19.64%
Year 1 PV (M)2,714.702,749.342,783.98
Year 2 PV (M)3,824.853,923.094,022.58
Year 3 PV (M)4,076.974,235.054,397.16
Year 4 PV (M)3,871.324,072.744,281.92
Year 5 PV (M)3,449.333,675.103,912.54
PV of Terminal Value (M)53,748.0057,266.0260,965.88
Equity Value (M)71,685.1775,921.3380,364.06
Shares Outstanding (M)10.3810.3810.38
Fair Value$6,904.42$7,312.43$7,740.34
Upside / Downside187.68%204.68%222.51%

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