Dividends on Quadra Pref shares in 2021 - size and register closure date

Investor's Notes. And “Quadra” with profit

_The Russian electric power industry (generation) is the leader in profit growth in 2021. Most of the investment programs have already been completed. Under DPM agreements (return on invested funds), shareholders receive increased income and increased dividend payments._

We will talk about the shares of PJSC "Quadra - Power Generation" - the leading producer of electrical and thermal energy in Russia. The company provides 25% of the heat energy needs of consumers in the Central Federal District. The group includes 20 power plants, 270 boiler houses, as well as heating networks with a total length of 5 thousand 463.1 km. The total installed electrical capacity of the company is 2 thousand 862.2 MW, thermal capacity is 13 thousand 459.9 Gcal/h. Main shareholders: Onexim Group LLC - 49.99%, Businessinform LLC - 24.75%.

The Last of the Mohicans

The mandatory Quadra DPM program is nearing completion. There are two objects left. The commissioning of the Aleksinskaya CHPP should take place at the end of 2021, the Voronezh CHPP - in July 2021. The work of the Aleksinskaya CHPP and Voronezh CHPP will bring Quadra about 270 million rubles a month, which will contribute to the growth of the company’s net profit and the reduction of debt, and subsequently the growth of dividends.

We forecast the EV/Ebitda ratio (ratio of company capitalization + net debt to profit) at the end of 2021 at 5.6; 2018 - 2.8; 2019 - 1.7. Growing profits and reducing ratios will inevitably lead to an increase in the company's capitalization. This is evidenced by the example of other companies in the industry after the introduction of CSA facilities. The dividend yield on preferred shares at the end of 2021 may be 15%. Dividend yield on preferred shares for 2021 is 5%.

Interesting prospects

After Quadra completes the mandatory CSA program, Onexim will look for a buyer for its share in the energy company. When the company begins to receive significant payments under the CSA, buyers will appreciate it. This is not the first time that Onexim is thinking about selling Quadra. In 2014, negotiations were held on this topic with Inter RAO and the French EdF, but the parties were unable to agree on a price.

Comparative analysis

In April 2021, Fortum OJSC (controlled by Fortum) sold one of its assets to Tobolsk CHPP LLC to SIBUR at a price of 119 million euros (13 billion 240 million rubles per 1 GW). Based on this estimate, “Quadra - Power” (2.87 GW) should cost 38 billion rubles. The current price is 6.6 billion rubles. Thus, the growth potential could be 475%, and the share price could be 0.018 rubles. The price for installed capacity was similar in the transaction for the sale of Irkutskenergo - 13 billion 468.2 million rubles per GW.

The desired share repurchase

According to Russian law, when the owner of more than 50% of the shares changes, the new owner is obliged to issue an offer at the price of the last transaction to all minority shareholders. Thus, the buyer will have to make an offer for Quadra shares at the price of his purchase of Onexim shares, that is, expensive. A nice bonus to a good price will be dividends for 2021, which are comparable to a bank deposit.

Let's sum it up

We recommend buying Quadra shares at the current price of 0.0032 rubles per share. Investment horizon - 18 months. According to the DCF method, the growth potential of ordinary shares is 145%. Based on the comparative analysis method, the growth potential is 475%. With equal weights of both methods, the potential of the common stock is 306%. The fair price of JSC is 0.013 rubles. Successful investments to all!

Lyudmila Chernyshova , Unison Capital

_The publication represents the personal opinion of the author. The author and editors are not responsible for any direct, indirect or other damage resulting from the use of this publication and will not claim to participate in the profits. Follow or do not follow these recommendations at your own risk._

Dividends on Quadra Pref shares in 2021 - size and register closure date

Home → Dividends→ Shares of Quadra PJSC ap - forecast, payment history

A table with the complete history of dividends of the company Quadra Pref, indicating the amount of payment, the date of closure of the register and the forecast:

*Note 1: The Moscow Exchange operates on the T+2 trading system. This means that settlements for buying and selling shares occur within 2 business days. Therefore, to be included in the register of shareholders and receive dividends, you must be a shareholder 2 days before the cutoff.

*Note 2: Exact payout date varies by broker and issuer. Predicted earliest date of receipt of dividends to the brokerage account for the company Kvadra-p: January 14, 1970.

Total dividends of shares of Quadra PJSC up by year and changes in their size compared to the previous year:

The amount of dividends paid by the company Quadra PJSC up for the entire time is 0.0011543 rubles.

Average amount for 3 years: 0.00031 rubles, for 5 years: 0.00021 rubles.

You can buy shares of Quadra PJSC ap with minimal commissions from stock brokers: Finam and BCS. Free deposits and withdrawals. Online registration.

Brief information about the issuer Quadra preferred

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Calendar with upcoming and past dividend payments

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Who should invest in Quadra?

The CSA program carried out by the company involves the commissioning of 788 MW of power by 2015. In the 3rd quarter of this year, a CCGT unit with a capacity of 190 MW will begin operation at the Novomoskovskaya GRES and a gas turbine unit with a capacity of 30 MW at the Livenskaya CHPP.

Quadra is experiencing serious competition from wholesale generating companies and Rosenergoatom. The introduction of efficient generating capacities will increase profitability and have a positive impact on the volume of electricity sales. In addition, the company will ensure an increase in CSA payments. The effect of the launch of these facilities will be fully reflected in the reporting for the first half of 2013.

In 2014, Quadra will launch CCGT units at the Dyagilevskaya and Aleksinskaya CHPPs with a total capacity of 230 MW. In September 2015, 223 MW of power will be commissioned at the Voronezh CHPP. The completion of the CSA program will be the commissioning of 115 MW at the Kursk CHPP at the end of 2015. Upon completion of the investment program, the share of new capacities will be 30%, which will have a significant impact on the company’s profitability level.

By the end of this year, 12 billion rubles will be allocated to finance the CSA program. Another 2.1 billion rubles. will be spent on technical re-equipment and reconstruction of existing facilities. In total, in the period from 2013 to 2015, the company will invest another 18 billion rubles. to the CSA program. These investments will require the use of credit resources.

According to the company, net borrowings this year will amount to 11 billion rubles. In 2013, it is planned to attract another 8 billion rubles. Thus, at the beginning of 2014, the company’s net debt will increase more than fivefold and amount to 23.4 billion rubles. The increase in EBITDA achieved as a result of the commissioning of new capacities will partially offset the increase in net debt. But, despite this, by 2014 the Net Debt/EBITDA indicator will increase to approximately 4x. In the future, the company's debt burden will decrease as a result of the launch of new capacities, an increase in EBITDA and debt repayment. Starting from 2015, Quadra will be able to generate positive free cash flow.

The speed of debt reduction will depend on the growth rate of EBITDA. The main risks are associated with the reduction in the cost of electricity due to the commissioning of new capacities by other generators. Another factor of uncertainty is the market share that Quadra will be able to occupy thanks to the commissioning of modern CCGT units. If the company manages to maintain an EBITDA growth rate of 20% per year from 2013 to 2015, then Net Debt/EBITDA will drop to a more or less comfortable 2.55x by 2015.

At the moment, Quadra's business model is one large investment project. On the one hand, long-term investments in shares of an energy company are associated with certain market risks, on the other hand, if successful, they can bring significant capital gains. A positive factor is the transparency of the company and the ability of management to control the level of costs. Cautious investors should wait for real results from the commissioning of new capacities and then assess the risks and prospects of investing in Quadra.

As of today, the estimated target price for Quadra shares is RUB 0.007. Growth potential - 55%.

CSA projects

Construction of CCGT-115 MW at the Dyagilevskaya CHPP in the Ryazan region

The project envisages the construction of a 115 MW combined cycle gas turbine unit at the Diaghilevskaya CHPP with two SGT-800 gas turbine units from Siemens Industrial Turbomachinery AB with a capacity of 45 MW, a steam turbine generator unit SST-400 from Siemens, sro, odstepny zavod Industrial Turbomachinery Siemens with a capacity of 38.5 MW, two boilers -recyclers PK-83 of JSC Podolsk Machine-Building Plant, 3 booster compressor stations and a gas purification unit from Eltacon.
As a result of the project implementation, the installed electrical capacity of the station amounted to 238.5 MW. Specific consumption of standard fuel for electricity supply is 258 g/kWh (before expansion 334 g/kWh).

The facility was put into operation in December 2021.

Construction of CCGT-115 MW at the Aleksinskaya CHPP in the Tula region

The project involves the construction of a 115 MW combined-cycle gas turbine unit at the Aleksinskaya CHPP with two SGT-800 gas turbine units from Siemens Industrial Turbomachinery AB with a capacity of 45 MW, an SST-400 steam turbine generator unit from Siemens, sro, odstepny zavod Industrial Turbomachinery Siemens with a capacity of 38.5 MW, and two boilers - waste heat recovery units PK-83 of JSC Podolsk Machine-Building Plant, three booster compressor stations and a gas purification unit from Eltacon.

The construction of CCGT-115 with the installation of a combined-cycle heating unit is envisaged with the aim of increasing electricity production in the heating cycle based on the introduction of highly efficient combined-cycle technology and increasing the competitiveness of CHP products in a market economy.

As a result of the project's implementation, the station's installed electrical capacity more than doubled and amounted to 230.5 MW. The planned growth in electricity supply has increased more than 4 times. At the same time, the specific consumption of standard fuel for electricity supply at the new power unit amounted to 235.0 g/kWh, which is almost 2 times lower than at the existing equipment.

The facility was put into operation in February 2021.

Construction of CCGT-223 MW at Voronezh CHPP-1 in the Voronezh region

The project involves the construction at Voronezh CHPP-1 of a 223 MW combined cycle gas turbine unit with four LM6000 PD Sprint gas turbine units from General Electric with a capacity of 45.295 MW, two steam turbine units PT-25/34-3.4/1.3, four waste heat boilers PK-95 JSC "Podolsk Machine-Building Plant".

As a result of the project, taking into account plans for decommissioning technically and morally obsolete generating equipment, the efficiency of the station as a whole has significantly increased. For example, the specific consumption of equivalent fuel for electricity supply at Voronezh CHPP-1 decreased by more than 100 gt/kWh and amounted to approximately 230 gt/kWh.

The facility was put into operation in December 2021.

quadra (TGKD, tgk-4)

Employees began turning off hot water to debtors Society today, 15:39 Discuss Now you can lose a utility resource by accumulating a debt of 22 thousand rubles. All debtors received letters warning about the disconnection almost three weeks in advance. This is the first time in Lipetsk. Specialists, together with representatives of management companies, came to the debtors. For those who have accumulated debts for hot water, taps are turned off and seals are placed. In a new building on Khrennikova Street, all communications are in a common corridor. It is easy to cut off a utility resource here. Moreover, the power engineers did a lot of preparatory work in advance. All debtors received notice twenty days in advance that they needed to pay off their debts for hot water. Those who have not responded to such letters will no longer be able to legally obtain the resource. — In order to resume the supply of hot water, it is necessary to pay the existing debt. And provide checks to one of the CSCs of the PJSC “Quadra - Power Generation” branch,” explained Anastasia Belousova, chief specialist of the contact center of the Lipetsk branch of PJSC “Quadra - Power Generation” PJSC. Energy workers act on the basis of Government Decree No. 354. You must pay for the supplied utility resource. Moreover, the specialists did not immediately disconnect all debtors. They work with those who have not paid for hot water for a long time. They came to the Lipetsk residents who had accumulated debts ranging from twenty-two to forty thousand rubles. And the neighbors reacted positively to this method of getting paid. — Why do people, conscientious payers, pay, and someone will use it just like that? At someone else's expense or whatever, I don't know! — said the house manager Nina Ponomareva. In principle, such a seal is very easy to break. But in this case the consequences will be serious. You won't be able to save on hot water. — This will be regarded as an unauthorized connection. In this case, for the period from the moment the seal was removed until the moment it is restored, the resource, namely hot water, will be charged ten times the consumption standard, said Anastasia Belousova, chief specialist of the contact center of the Lipetsk branch of PJSC “Quadra - Power Generation”. And this is not all the repressive measures that they are ready to resort to. Debts for utility services can lead to a ban on the defaulter’s travel abroad and the seizure of his property and bank accounts. And the debt can be deducted from your salary. What is important is that the designs of Lipetsk houses now allow hot water to be turned off only to debtors; other owners will not suffer