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General information

Interregional Distribution Network Company North-West PJSC is an operating company for several Russian electricity distribution grid companies. IDGC of the North- West maintains control over the distribution grid companies for the period of their reorganization.
  • Good financial results growth rate 35.1% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (25.1%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 50.7% (LTM)
  • Share price is 320.5% higher than minimum and 28.9% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (1.5x vs
    )
  • Fundamental value created in LTM (estimate)
  • Taking into account the impact of the key rate 20.0% on the change in financial parameters: EBITDA adjustment is -238 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 9 079 mln rub, expected mult is 1.3x, target mult is 3.5x, potential is +240.1%

Key Financials (Download financials)

Ticker: MRKZ
Share price, RUB:  (+0.4%)0.0862
year average price 0.0656  


year start price 0.0836 2024-07-03

min close price 0.0385 2024-12-17

max close price 0.0934 2025-06-20

current price 0.0862 2025-07-02
Common stocks: 95 785 920 000
Dividend Yield:  0.0%
FCF Yield LTM: 50.7%
EV / LTM EBITDA:1.5x
EV / EBITDA annualized: 0.7x
Last revenue growth (y/y):  31.8%
Last growth of EBITDA (y/y):  38.5%
Historical revenue growth:  15.5%
Historical growth of EBITDA:  34.8%
Target EV / EBITDA (hist percentile):
Express share price potential:
Fundamental value created in LTM:
Fundamental value created in LTM:
 Mult Upside+174.9%
 FCF Creation+50.7%
 Growth+35.1%
 Growth Corr+5.0%
 
 Sum+265.8%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 8 257
Net Debt (m RUB): 4 729
EV (Enterprise Value): 12 986
EBITDA LTM (m RUB): 8 630
Net Income LTM (m RUB): 731
EV / LTM EBITDA: 1.5x
Net Debt / LTM EBITDA (if EBITDA > 0): 0.5x
Average daily trading volume for the week, RUB mln: 12
P / E 11.3x
P / E ann-d1.0x
P / B 0.4x
EBITDA margin ann-d 20.8%
Net income margin ann-d 9.7%

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