PJSC Mosenergo (MSNG.ME)

PJSC Mosenergo (MSNG.ME) — VMCI valuation read

Headline read on MSNG.ME: VMCI of 59/100 versus a Utilities sector median of 50. The 9-point above-median position is what makes PJSC Mosenergo a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on MSNG.ME: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on MSNG.ME: value (MSNG.ME trades at 21.0x earnings, 17% above the Utilities median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Utilities median (10.0%)), and risk (net debt to EBITDA of 0.9x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Utilities 12.0x baseline.

MSNG.ME fell 1.1% over the trailing 7 days, with a -5.5% read on a 30-day basis.