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General information

Interregional Distribution Grid Co of Centrer and Volga Region PJSC distributes electrical power to residential and industrial customers.
  • Good financial results growth rate 16.9% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (12.2%)
  • Dividend yield for the last twelve months 20.2%
  • Free cash flow yield 15.7% (LTM)
  • Share price is 249.5% higher than minimum and 5.8% lower than maximum for the last 3 years
  • The company is overvalued 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 17.0% on the change in financial parameters: EBITDA adjustment is -80 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 40 686 mln rub, expected mult is 1.4x, target mult is 1.5x, potential is +6.0%

Key Financials (Download financials)

Ticker: MRKP
Share price, RUB:  (-0.7%)0.4966
year average price 0.3868  


year start price 0.3126 2024-09-17

min close price 0.2991 2024-12-17

max close price 0.5269 2025-08-05

current price 0.4966 2025-09-16
Common stocks: 112 697 820 000
Dividend Yield:  20.2%
FCF Yield LTM: 15.7%
EV / LTM EBITDA:[с учетом прогноза: 1.5x]    1.5x
EV / EBITDA annualized: 1.4x
Last revenue growth (y/y):  13.5%
Last growth of EBITDA (y/y):  20.4%
Historical revenue growth:  12.6%
Historical growth of EBITDA:  11.8%
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-29.7%
 FCF Creation+8.0%
 Growth+0.7%
 Growth Corr-11.5%
 
 Sum-32.6%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 55 966
Net Debt (m RUB): 3 474
EV (Enterprise Value): 59 440
EBITDA LTM (m RUB): 39 108
Net Income LTM (m RUB): 17 584
EV / LTM EBITDA: 1.5x
Net Debt / LTM EBITDA (if EBITDA > 0): 0.1x
Average daily trading volume for the week, RUB mln: 30
P / E 3.2x
P / E ann-d2.8x
P / B 0.5x
EBITDA margin ann-d 30.5%
Net income margin ann-d 14.1%

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

MSFO data *The values are shown in mln RUB The % change shows the difference from the same period last year

View as Pivot Table       Export as Pivot Table (xlsx)



Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q2 35 409+13%   7 194+38% 4 978+6% 1 450+109% -237-83%
2025 q1 40 735+11%   9 821+21% 7 008+14% 1 371+93% -280-59%
2024 q4 41 936+10%   2 124-46% 1 171-20% 2 726>+200% 2 088<-100%
2024 q3 33 794+13%   6 224+34% 4 427+38% 1 377>+200% -472-14%
2024 q2 31 202+5%   5 214+13% 4 713+56% 693>+200% -1 393>+200%
2024 q1 36 634+8%   8 123+3% 6 122-3% 712+84% -676>+200%
2023 q4 38 262+16%   3 930-1% 1 459-51% 598>+200% -1 157<-100%
2023 q3 29 933+15%   4 660+116% 3 210+118% 348+103% -549+44%
2023 q2 29 781+16%   4 621+19% 3 012+66% 77<-100% -383-75%
2023 q1 34 053+16%   7 902+21% 6 342+34% 387-6% -68-85%
2022 q4 32 877+11%   3 963+40% 3 004>+200% 190<-100% 199<-100%
2022 q3 26 064+5%   2 161-43% 1 472-43% 172-67% -382-39%
2022 q2 25 619+6%   3 891-2% 1 819-32% -3<-100% -1 545>+200%
2022 q1 29 451+5%   6 535+11% 4 750+7% 409+82% -445+78%
2021 q4 29 633+6%   2 828+25% 236+74% -564<-100% -2 273+17%
2021 q3 24 734+13%   3 813+110% 2 597+167% 524>+200% -622+8%
2021 q2 24 208+15%   3 970+136% 2 695+190% 44+14% -430-8%
2021 q1 28 112+9%   5 889-1% 4 425+1% 225+193% -251-47%
2020 q4 27 887+4%   2 257+32% 136-86% 26-61% -1 940>+200%
2020 q3 21 820-2%   1 813+51% 973+125% 18-55% -575+16%
2020 q2 21 128-3%   1 682-39% 929-49% 38-67% -469+10%
2020 q1 25 906+1%   5 936+19% 4 392+28% 77+14% -471-12%
2019 q4 26 831+6%   1 709-34% 1 000-27% 66<-100% -469+1%
2019 q3 22 244+5%   1 201-74% 432-87% 40-69% -496+190%
2019 q2 21 892+5%   2 771-28% 1 817-32% 117>+200% -427+2%
2019 q1 25 567-5%   4 999-17% 3 438-20% 68+56% -535+16%
2018 q4 25 322-6%   2 600-46% 1 378-56% -15<-100% -466-30%
2018 q3 21 094-5%   4 615+49% 3 350+72% 130+139% -171-68%
2018 q2 20 926+11%   3 873+25% 2 685+30% 33-51% -419-27%
2018 q1 26 871+16%   6 001+1% 4 308+3% 43-49% -463-21%
2017 q4 26 889+16%   4 860+140% 3 150>+200% 48+87% -667+37%
2017 q3 22 141+20%   3 106+27% 1 946+59% 54+61% -540-25%
2017 q2 18 884+14%   3 107>+200% 2 068<-100% 68+44% -576-10%
2017 q1 23 088+15%   5 916+144% 4 189+192% 84+14% -582-10%
2016 q4 23 248+32%   2 023+10% 1 028<-100% 25-79% -486-28%
2016 q3 18 507+5%   2 450+34% 1 222<-100% 34-72% -722+7%
2016 q2 16 494+1%   505-60% -74<-100% 47-63% -643-3%
2016 q1 20 137+24%   2 427+91% 1 436+120% 74-41% -650-2%
2015 q4 17 654+2%   1 831<-100% -408-45% 119+15% -674+18%
2015 q3 17 654+2%   1 831<-100% -408-45% 119+15% -674+18%
2015 q2 16 255-10%   1 269+1% 653+8% 126+43% -664+19%
2015 q1 16 255-10%   1 269+1% 653+8% 126+43% -664+19%
2014 q4 17 233   -110 -744 104 -570
2014 q3 17 233   -110 -744 104 -570
2014 q2 18 076-2%   1 252-24% 604-20% 88+58% -556-4%
2014 q1 18 076-2%   1 252-21% 604-20% 88+58% -556+5%
2013 q4            
2013 q2 18 375+25%   1 642+131% 752>+200% 56-13% -580+24%
2013 q1 18 375+25%   1 592+134% 752>+200% 56-12% -531+14%
2012 q4 15 144-5%   972-38% 478-54% 37+26% -410+38%
2012 q3 15 144-5%   972-38% 478-54% 37+26% -410+38%
2012 q2 14 649-12%   712-66% 133-91% 64+49% -467+81%
2012 q1 14 649-12%   681-68% 108-92% 64+49% -467+81%
2011 q4 15 978+16%   1 559>+200% 1 031>+200% 29+153% -297+10%
2011 q3 15 978+16%   1 559>+200% 1 031>+200% 29+153% -297+10%
2011 q2 16 656+24%   2 112+101% 1 430+138% 43>+200% -258-7%
2011 q1 16 656   2 112 1 430 43 -258
2010 q4 13 736+16%   403-27% 78-59% 11+85% -270+11%
2010 q3 13 736   403 78 11 -270
2010 q2 13 420   1 052 602 13 -277
2009 q4 11 838+24%   550-12% 191-59% 6-65% -244+134%
2009 q3            
2008 q4 9 576+44%   627+17% 468+40% 18-17% -105>+200%
2008 q3 9 576+44%   627+17% 468+40% 18-17% -105>+200%
2007 q4 6 670+24%   534+112% 335>+200% 21+2% -28-4%
2007 q3 6 670   534 335 21 -28
2006 q4 5 375   251 109 21 -29


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (237 - 1 450) * 4 / (3 474 - 0)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 105 920+13% 193 420+9% 3 474-56% -139.7% 0.09x
2025 q1 106 674+14% 192 265+11% 2 982-76% -146.4% 0.08x
2024 q4 99 666+14% 187 536+12% 10 455-41%   0.30x
2024 q3 98 581+15% 181 774+14% 6 314-64% -57.3% 0.17x
2024 q2 94 089+14% 177 682+15% 7 940-62% 35.2% 0.23x
2024 q1 93 592+17% 173 580+12% 12 502-38% -1.1% 0.37x
2023 q4 87 344+19% 168 154+11% 17 728-26% 12.6% 0.54x
2023 q3 85 840+17% 159 170+16% 17 435-27% 4.6% 0.53x
2023 q2 82 533+15% 154 893+15% 20 956-18% 5.8% 0.70x
2023 q1 79 717+8% 154 904+15% 20 075-28% -6.3% 0.70x
2022 q4 73 313+7% 151 766+16% 24 078-25%   0.88x
2022 q3 73 568+8% 136 800+10% 23 861-18% 3.5% 1.15x
2022 q2 71 865+9% 134 319+10% 25 546-15%   0.90x
2022 q1 73 550+12% 134 372+11% 27 803+1% 0.5% 1.13x
2021 q4 68 609+12% 130 482+10% 32 058+18%   1.18x
2021 q3 68 372+12% 124 328+7% 29 201+8% 1.3% 0.96x
2021 q2 65 750+9% 122 034+8% 29 879+11% 5.2% 1.11x
2021 q1 65 964+11% 121 567+7% 27 547+12% 0.4% 1.15x
2020 q4 61 388+12% 118 236+8% 27 192+4% 28.2% 1.21x
2020 q3 61 244+10% 116 232+11% 26 978+9% 8.3% 1.30x
2020 q2 60 223+9% 112 995+7% 27 014+6% 6.4% 1.36x
2020 q1 59 411+2% 113 750+10% 24 686+15% 6.4% 1.17x
2019 q4 54 9480% 109 407+6% 26 095+48% 6.2% 1.33x
2019 q3 55 433+4% 104 973+14% 24 763+12% 7.4% 1.21x
2019 q2 55 107+11% 105 976+20% 25 475+26% 4.9% 1.07x
2019 q1 58 039+13% 103 535+16% 21 435+32% 8.7% 0.85x
2018 q4 54 680+16% 103 650+15% 17 678-13%   0.73x
2018 q3 53 155+20% 92 313+7% 22 0250% 0.7% 0.84x
2018 q2 49 655+17% 88 644+5% 20 155-2% 7.6% 0.81x
2018 q1 51 244+23% 88 979+5% 16 227-23% 10.3% 0.68x
2017 q4 47 121+26% 89 903+13% 20 263-11% 12.2% 0.86x
2017 q3 44 187>+200% 86 316+8% 21 960 8.9% 1.29x
2017 q2 42 299+22% 84 285+9% 20 672-4% 9.8% 1.69x
2017 q1 41 530>+200% 84 609+6% 21 113 9.4% 2.81x
2016 q4 37 453+8% 79 798+1% 22 751+1% 8.1%  
2016 q3 11 79 798      
2016 q2 34 784+6% 77 247-1% 21 491-7% 11.1%  
2016 q1 11 79 798      
2015 q4 34 748+8% 78 772+1% 22 5650% 9.8%  
2015 q3          
2015 q2 32 850-6% 78 384-3% 23 033+9% 9.3%  
2015 q1          
2014 q4 32 250-6% 78 175+2% 22 602 8.3%  
2014 q3          
2014 q2 35 112+2% 81 065+6% 21 085+4% 8.9%  
2014 q1          
2013 q4 34 4460% 76 890+5%      
2013 q2 34 385+4% 76 814+11% 20 213+15% 10.4%  
2013 q1          
2012 q4 34 355+4% 73 309+6% 20 741+24% 7.2%  
2012 q3          
2012 q2 33 019+5% 69 097+13% 17 552+55% 9.2%  
2012 q1          
2011 q4 33 121+15% 69 064+26% 16 776+36% 6.4%  
2011 q3          
2011 q2 31 468+9% 60 884 11 307 7.6%  
2011 q1          
2010 q4 28 759+3% 55 019+7% 12 369+21% 8.4%  
2010 q3          
2010 q2 28 759        
2009 q4 27 910+3% 51 304+5% 10 233+24% 9.3%  
2009 q3          
2008 q4 27 127+7% 48 653+33% 8 252>+200% 4.2%  
2008 q3          
2007 q4 25 315 36 709 2 711 1.0%  
2007 q3          
2006 q4          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 2 723-69% 11 775<-100% 480<-100%
2025 q1 12 414+31% -19 754>+200% -395<-100%
2024 q4 7 585-27% -10 419-5% -731<-100%
2024 q3 8 549-5% -3 666-29% -4 609>+200%
2024 q2 8 760+92% -4 133-24% -269-48%
2024 q1 9 512-18% -4 233+6% 375<-100%
2023 q4 10 432+30% -10 913+45% 1 864<-100%
2023 q3 8 982+11% -5 188+78% -641-82%
2023 q2 4 567+6% -5 455+132% -513>+200%
2023 q1 11 537+37% -4 007+12% -4 316>+200%
2022 q4 8 033+51% -7 514+1% -974<-100%
2022 q3 8 115+53% -2 909-22% -3 473>+200%
2022 q2 4 315+32% -2 347-7% -161-83%
2022 q1 8 431+46% -3 572-23% -50-97%
2021 q4 5 324-11% -7 411+40% 1 114<-100%
2021 q3 5 288+53% -3 727+17% -1 103<-100%
2021 q2 3 265<-100% -2 524+47% -968+193%
2021 q1 5 781+11% -4 612+149% -1 801-1%
2020 q4 5 950+23% -5 296-14% -40<-100%
2020 q3 3 455-39% -3 191+3% 18<-100%
2020 q2 -667<-100% -1 714+4% -330+1%
2020 q1 5 196<-100% -1 852+4% -1 823>+200%
2019 q4 4 843-55% -6 168-3% 1 287-42%
2019 q3 5 643<-100% -3 111-15% -3 456<-100%
2019 q2 427-93% -1 653-14% -326-76%
2019 q1 -294<-100% -1 787+81% -22<-100%
2018 q4 10 724+104% -6 377+78% 2 234<-100%
2018 q3 -1 636<-100% -3 680+36% 849<-100%
2018 q2 5 943+67% -1 929-15% -1 352+4%
2018 q1 5 025+82% -986-13% -5 960>+200%
2017 q4 5 267+79% -3 578<-100% -26-13%
2017 q3 1 884+127% -2 711+41% -92<-100%
2017 q2 3 555+43% -2 261+12% -1 298+56%
2017 q1 2 764+46% -1 128-12% -273-51%
2016 q4 2 939+129% 12 619<-100% -30-97%
2016 q3 832-35% -1 920>+200% 153<-100%
2016 q2 2 487 -2 011+36% -833<-100%
2016 q1 1 891 -1 282-13% -552<-100%
2015 q4 1 285-12% -450-81% -958<-100%
2015 q3 1 285-12% -450-81% -958<-100%
2015 q2   -1 481-44% 496-72%
2015 q1   -1 481-44% 496-72%
2014 q4 1 468-39% -2 380+29% 390<-100%
2014 q3 1 468 -2 380 390
2014 q2   -2 661+128% 1 771<-100%
2014 q1   -2 661+128% 1 771<-100%
2013 q4 2 390+96% -1 842-10% -378<-100%
2013 q2   -1 166+19% -93-87%
2013 q1   -1 166+19% -93-87%
2012 q4 1 217-42% -2 054-54% 564-76%
2012 q3 1 217 -2 054-54% 564-76%
2012 q2   -984-46% -736<-100%
2012 q1   -984-46% -736<-100%
2011 q4 2 109+47% -4 429+80% 2 331+121%
2011 q3   -4 429+80% 2 331+121%
2011 q2   -1 822+172% 432<-100%
2011 q1   -1 822 432
2010 q4 1 431+121% -2 466+134% 1 053+154%
2010 q3 1 431 -2 466 1 053
2010 q2   -670 -139
2009 q4 649-50% -1 053-60% 414-77%
2009 q3      
2008 q4 1 306+29% -2 621+102% 1 815>+200%
2008 q3 1 306+29% -2 621+102% 1 815>+200%
2007 q4 1 016+28% -1 298+69% 340<-100%
2007 q3 1 016 -1 298 340
2006 q4 793 -770 -113
RSBU data *The values are shown in mln RUB The % change shows the difference from the same period last year

View as Pivot Table       Export as Pivot Table (xlsx)



Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q2 34 388+12% 6 325+39% 6 098+39% 5 084+31% 1 327+44% -1 551+22%
2025 q1 39 629+10% 9 172+21% 8 969+21% 6 617+18% 1 174+88% -1 499+17%
2024 q4 40 255+8% 5 772-5% 5 521-5% -65<-100% 1 439+151% -1 523+36%
2024 q3 33 167+12% 6 027+28% 5 836+29% 4 202+39% 922+176% -1 398+65%
2024 q2 30 603+4% 4 563-8% 4 372-9% 3 885+21% 920>+200% -1 270+99%
2024 q1 36 047+7% 7 578-3% 7 401-3% 5 605-1% 624>+200% -1 277+102%
2023 q4 37 293+15% 6 080+4% 5 842+5% 1 692-36% 573>+200% -1 121+92%
2023 q3 29 552+14% 4 722+39% 4 539+43% 3 017>+200% 335+102% -849+29%
2023 q2 29 335+15% 4 971+20% 4 794+24% 3 223+31% 237-10% -639-22%
2023 q1 33 835+15% 7 791+19% 7 616+19% 5 647+16% 166+45% -633-14%
2022 q4 32 559+10% 5 850+40% 5 572+44% 2 664+70% 173+196% -582+28%
2022 q3 25 894+5% 3 386-11% 3 163-12% 913-61% 165>+200% -658+50%
2022 q2 25 485+6% 4 141+16% 3 870+17% 2 466+3% 262>+200% -823+126%
2022 q1 29 318+4% 6 568+12% 6 405+13% 4 866+15% 114>+200% -740+101%
2021 q4 29 526+6% 4 169-10% 3 865-9% 1 567+38% 58 -455
2021 q3 24 650+13% 3 806+91% 3 589+100% 2 369+187% 39 -438
2021 q2 24 130+14% 3 576+105% 3 307+117% 2 402+154% 40 -365
2021 q1 28 087+9% 5 850+8% 5 667+8% 4 242+3% 31 -368
2020 q4 27 837+4% 4 652+4% 4 241+2% 1 139>+200%    
2020 q3 21 765-2% 1 988-39% 1 792-40% 825>+200%    
2020 q2 21 102-3% 1 745-40% 1 524-43% 945-43%    
2020 q1 25 884+1% 5 435+10% 5 246+11% 4 138+22%    
2019 q4 26 770+6% 4 486+44% 4 174+48% 114-89%    
2019 q3 22 192+6% 3 233+7% 3 005+6% 150-90%    
2019 q2 21 852+5% 2 895-18% 2 694-19% 1 655-35%    
2019 q1 25 529-5% 4 921-15% 4 718-14% 3 388-22%    
2018 q4 25 178 3 120 2 811 1 013    
2018 q3 20 990 3 031 2 827 1 467    
2018 q2 20 866 3 527 3 311 2 543    
2018 q1 26 842 5 788 5 469 4 325    
2011 q4 13 701 2 677 2 569 1 833    
2010 q4            


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (1 551 - 1 327) * 4 / (2 694 - 0)

Q Total equity Total assets Net debt
 
2025 q2 113 797+10% 201 239+7% 2 694-31%
2025 q1 114 372+10% 200 034+8% 1 812-77%
2024 q4 107 755+9% 195 040+8% 9 506-30%
2024 q3 107 796+11% 190 237+10% 4 148-66%
2024 q2 103 594+10% 188 881+12% 3 931-75%
2024 q1 104 085+14% 186 019+10% 7 812-47%
2023 q4 98 841+16% 181 392+9% 13 651-28%
2023 q3 97 149+13% 173 160+13% 12 113-34%
2023 q2 94 118+10% 169 225+12% 15 702-20%
2023 q1 91 125+6% 169 205+13% 14 666-33%
2022 q4 85 477+5% 166 634+14% 19 075-28%
2022 q3 86 178+6% 152 956+4% 18 444-30%
2022 q2 85 264+5% 150 709+3% 19 736-26%
2022 q1 85 938+6% 150 331+2% 21 886-17%
2021 q4 81 069 146 495 26 491+8%
2021 q3 81 069 146 495 26 491+8%
2021 q2 81 069 146 495 26 491+8%
2021 q1 81 072 146 692 26 491+8%
2020 q4     24 627+1%
2020 q3     24 627+1%
2020 q2     24 627+1%
2020 q1     24 627+1%
2019 q4     24 479+38%
2019 q3     24 479+38%
2019 q2     24 479+38%
2019 q1     24 479+38%
2018 q4     17 706
2018 q3     17 706
2018 q2     17 706
2018 q1     17 706
2011 q4     19 736-26%
2010 q4     26 491
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