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General information

Interregional Distribution Grid Co of Centre PJSC (IDGC of Centre), also known as MRSK Centre, manages electricity distribution, connects new customers to the electricity grid, and offers other services. The Company develops and installs smart grid and power metering systems. IDGC of Centre operates in several regions in the Central European area of Russia.
  • Good financial results growth rate 53.2% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (40.5%)
  • Dividend yield for the last twelve months 12.5%
  • Free cash flow yield 7.3% (LTM)
  • Share price is 157.6% higher than minimum and 19.0% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (2.1x vs
    )
  • Fundamental value created in LTM (estimate)
  • Taking into account the impact of the key rate 21.0% on the change in financial parameters: EBITDA adjustment is -2 701 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 38 827 mln rub, expected mult is 1.6x, target mult is 2.5x, potential is +151.3%

Key Financials (Download financials)

Ticker: MRKC
Share price, RUB:  (0.0%)0.5426
year average price 0.4940  


year start price 0.6336 2024-05-10

min close price 0.3624 2024-09-02

max close price 0.6698 2025-02-25

current price 0.5426 2025-05-09
Common stocks: 42 217 940 000
Dividend Yield:  12.5%
FCF Yield LTM: 7.3%
EV / LTM EBITDA:[с учетом прогноза: 1.6x]    2.1x
EV / EBITDA annualized: 2.3x
Last revenue growth (y/y):  8.2%
Last growth of EBITDA (y/y):  98.1%
Historical revenue growth:  50.8%
Historical growth of EBITDA:  30.1%
Target EV / EBITDA (hist percentile):
Express share price potential:
Fundamental value created in LTM:
Fundamental value created in LTM:
[с учетом прогноза фин показателей]
 Mult Upside+123.5%
 FCF Creation+9.7%
 Growth+20.9%
 Growth Corr-19.6%
 
 Sum+134.5%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 22 907
Net Debt (m RUB): 39 175
EV (Enterprise Value): 62 082
EBITDA LTM (m RUB): 30 221
Net Income LTM (m RUB): 6 561
EV / LTM EBITDA: 2.1x
Net Debt / LTM EBITDA (if EBITDA > 0): 1.3x
Average daily trading volume for the week, RUB mln: 44
P / E 3.5x
P / B 0.4x
EBITDA margin ann-d 17.0%
Net income margin ann-d -0.1%

Revenue and EBITDA

Quarterly values (m RUB)

Change (y/y)

Cash Flow

FCF (m RUB), before FX effects elimination

Net Debt / Cash and Equivalents (m RUB)

Share price and dividends (Download history)

Share price

Payment RUB per share

Multiple and potential

EV / LTM EBITDA and 50% percentile

Potential dynamics

Daily trade volumes

Millions of RUB

P/B and P/E multipliers

P / B

P / E

More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company