TERRITORIAL GENERATION COMPANY NO. 14

Financials Territorial Generation Company No. 14

Equities

TGKN

RU000A0H1ES3

Water Utilities

End-of-day quote Moscow Micex - RTS Other stock markets 03:30:00 08/07/2022 am IST			5-day change	1st Jan Change
0.0025 ^RUB	-.--%		-.--%	-.--%

2023	Public Joint Stock Company Territorial Generation Company No. 14 Reports Earnings Results for the Full Year Ended December 31, 2022	CI
2022	Public Joint Stock Company Territorial Generation Company No. 14 Reports Earnings Results for the Full Year Ended December 31, 2021	CI

Valuation

Fiscal Period: December	2016	2017	2018	2019	2020	2021
Capitalization ¹	5,011	7,075	6,953	5,581	4,020	3,517
Enterprise Value (EV) ¹	8,080	9,873	9,242	8,001	5,598	4,684
P/E ratio	2.86 x	18 x	223 x	18.9 x	12.7 x	27.8 x
Yield	-	-	-	-	-	-
Capitalization / Revenue	0.4 x	0.56 x	0.53 x	0.43 x	0.31 x	0.27 x
EV / Revenue	0.65 x	0.78 x	0.7 x	0.62 x	0.43 x	0.36 x
EV / EBITDA	3.2 x	8.46 x	7.54 x	5.96 x	3.81 x	3.33 x
EV / FCF	-59.9 x	-152 x	-99.3 x	89.2 x	6.86 x	11.6 x
FCF Yield	-1.67%	-0.66%	-1.01%	1.12%	14.6%	8.61%
Price to Book	0.96 x	1.27 x	1.17 x	0.9 x	0.61 x	0.52 x
Nbr of stocks (in thousands)	1,35,79,45,609	1,35,79,45,609	1,35,79,45,609	1,35,79,45,609	1,35,79,45,609	1,35,79,45,609
Reference price ²	0.003690	0.005210	0.005120	0.004110	0.002960	0.002590
Announcement Date	16/05/17	02/04/18	03/04/19	02/04/20	01/04/21	05/04/22

¹RUB in Million²RUB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2016	2017	2018	2019	2020	2021
Net sales ¹	12,441	12,663	13,172	12,995	12,884	13,134
EBITDA ¹	2,522	1,167	1,225	1,343	1,468	1,405
EBIT ¹	1,788	247.9	131.8	184.6	648.6	406.6
Operating Margin	14.37%	1.96%	1%	1.42%	5.03%	3.1%
Earnings before Tax (EBT) ¹	1,761	434.2	123.6	441.5	473.1	242.2
Net income ¹	1,753	392.8	32.22	296.7	317.1	127.5
Net margin	14.09%	3.1%	0.24%	2.28%	2.46%	0.97%
EPS ²	0.001290	0.000289	0.000023	0.000218	0.000233	0.000093
Free Cash Flow ¹	-134.9	-65.12	-93.04	89.72	815.5	403.1
FCF margin	-1.08%	-0.51%	-0.71%	0.69%	6.33%	3.07%
FCF Conversion (EBITDA)	-	-	-	6.68%	55.53%	28.69%
FCF Conversion (Net income)	-	-	-	30.24%	257.2%	316.14%
Dividend per Share	-	-	-	-	-	-
Announcement Date	16/05/17	02/04/18	03/04/19	02/04/20	01/04/21	05/04/22

¹RUB in Million²RUB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2016	2017	2018	2019	2020	2021
Net Debt ¹	3,069	2,798	2,289	2,420	1,578	1,167
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.217 x	2.398 x	1.868 x	1.801 x	1.075 x	0.8305 x
Free Cash Flow ¹	-135	-65.1	-93	89.7	815	403
ROE (net income / shareholders' equity)	40.3%	7.27%	0.56%	4.89%	4.98%	1.92%
ROA (Net income/ Total Assets)	10.2%	1.32%	0.69%	0.97%	3.34%	2.06%
Assets ¹	17,140	29,816	4,643	30,662	9,500	6,202
Book Value Per Share ²	0	0	0	0	0	0
Cash Flow per Share ²	0	0	0	0	0	0
Capex ¹	985	1,095	938	1,463	972	1,135
Capex / Sales	7.92%	8.65%	7.12%	11.26%	7.55%	8.64%
Announcement Date	16/05/17	02/04/18	03/04/19	02/04/20	01/04/21	05/04/22

¹RUB in Million²RUB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Steam & Air-Conditioning Supply

	1st Jan change	Capi.
TERRITORIAL GENERATION COMPANY NO. 14	-.--%	3.71Cr
NATIONAL CENTRAL COOLING COMPANY	-7.26%	263.09Cr
LUENMEI QUANTUM CO.,LTD	+11.82%	198.36Cr
JIANGXI BESTOO ENERGY CO.,LTD.	-3.05%	137.52Cr
NINGBO ENERGY GROUP CO.,LTD.	+3.91%	66Cr
DALIAN THERMAL POWER CO.,LTD.	-2.47%	44Cr
ZHEJIANG XINZHONGGANG THERMAL POWER CO., LTD.	-14.47%	44Cr
HENGSHENG ENERGY CO., LTD	-6.88%	42Cr
BEIJING JINGNENG THERMAL CO., LTD.	+1.84%	40Cr
QUADRA - POWER GENERATION	-0.16%	26Cr

Steam & Air-Conditioning Supply

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Financials Territorial Generation Company No. 14

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