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General information

Interregional Distribution Grid Cos of Siberia PJSC, also known as MRSK Sibiri, distributes electric power to the industrial and private customers in Altay, Kemerovo, Omsk, Tomsk and Buryat regions of Russian Federation.
  • Good financial results growth rate 75.0% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (28.6%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield -119.5% (LTM)
  • Share price is 92.3% higher than minimum and 58.3% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (6.0x vs
    )
  • Fundamental value created in LTM (estimate)
  • Taking into account the impact of the key rate 16.5% on the change in financial parameters: EBITDA adjustment is -3 221 mln rub as NetDebt * (expected key rate - 3 years average 14.3%) / 2, expected EBITDA adjusted for key rate increases is 13 761 mln rub, expected mult is 8.0x, target mult is 9.6x, potential is +51.3%

Key Financials (Download financials)

Ticker: MRKS
Share price, RUB:  (+5.7%)0.448
year average price 0.5259  


year start price 0.5450 2024-11-08

min close price 0.3800 2024-12-17

max close price 0.6530 2025-02-24

current price 0.4480 2025-11-07
Common stocks: 94 815 160 000
Dividend Yield:  0.0%
FCF Yield LTM: -119.5%
EV / LTM EBITDA:6.0x
EV / EBITDA annualized: 11.6x
Last revenue growth (y/y):  63.2%
Last growth of EBITDA (y/y):  86.8%
Historical revenue growth:  19.7%
Historical growth of EBITDA:  37.5%
Target EV / EBITDA (hist percentile):
Express share price potential:
Fundamental value created in LTM:
Fundamental value created in LTM:
 Mult Upside+107.3%
 FCF Creation-119.5%
 Growth+75.0%
 Growth Corr+23.2%
 
 Sum+86.1%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 42 477
Net Debt (m RUB): 49 740
EV (Enterprise Value): 92 217
EBITDA LTM (m RUB): 15 321
Net Income LTM (m RUB): -2 155
EV / LTM EBITDA: 6.0x
Net Debt / LTM EBITDA (if EBITDA > 0): 3.2x
Average daily trading volume for the week, RUB mln: 43
P / B 3.1x
EBITDA margin ann-d 7.3%
Net income margin ann-d -4.7%

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

MSFO data *The values are shown in mln. 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 27 245+63%   774<-100% -1 282-20% 120+34% -2 433+62%
2025 q1 27 245+63%   774<-100% -1 282-20% 120+34% -2 433+62%
2024 q4 20 015-20%   2 124>+200% 205<-100% 186-44% -1 751+109%
2024 q3 20 015+35%   2 124<-100% 205<-100% 186+85% -1 751+90%
2024 q2 16 691+4%   -417<-100% -1 594>+200% 89-1% -1 505+97%
2024 q1 16 691+4%   -417<-100% -1 594>+200% 89-1% -1 505+97%
2023 q4 25 085+14%   466-50% -315<-100% 330>+200% -838+36%
2023 q3 14 874+4%   -1 519<-100% -2 018<-100% 100-14% -922+10%
2023 q2 15 997+9%   434+64% -301-77% 91-44% -763-60%
2023 q1 15 997-10%   434-72% -301<-100% 91+2% -763-25%
2022 q4 21 947+38%   937>+200% 164<-100% 105+101% -617-19%
2022 q3 14 272+9%   1 054>+200% 541<-100% 116+164% -840+25%
2022 q2 14 687+7%   265+31% -1 324>+200% 161>+200% -1 888>+200%
2022 q1 17 865+4%   1 557-42% 432-75% 89+44% -1 022+91%
2021 q4 15 8970%   152-25% -344-52% 52+23% -761+42%
2021 q3 13 096+4%   236-35% -378-35% 44-2% -674+19%
2021 q2 13 784+8%   202-78% -334-58% 41-20% -568-69%
2021 q1 17 133+4%   2 701+15% 1 752+3% 62-42% -537-6%
2020 q4 15 871-6%   202-99% -721-87% 43-63% -536-41%
2020 q3 12 617-43%   362<-100% -584<-100% 45-2% -566+139%
2020 q2 12 801-3%   924+24% -804<-100% 51-37% -1 835>+200%
2020 q1 16 516+1%   2 347+12% 1 698+38% 107+26% -569+5%
2019 q4 16 927+4%   17 404<-100% -5 380>+200% 114+28% -908+107%
2019 q3 22 290+86%   -17 283<-100% 4 418>+200% 46-33% -237-69%
2019 q2 13 263+1%   746-36% 216-57% 81+16% -545+20%
2019 q1 16 282+4%   2 089+33% 1 227+61% 85+50% -543-16%
2018 q4 16 253+4%   -753<-100% -1 312<-100% 89+24% -439+39%
2018 q3 12 016-16%   1 408-55% 475-60% 68-56% -773-45%
2018 q2 13 110<-100%   1 160<-100% 500<-100% 70<-100% -453<-100%
2018 q1 15 672<-100%   1 572<-100% 761<-100% 57+25% -645<-100%
2017 q4 15 674-68%   816-94% 628>+200% 72-72% -315-81%
2017 q3 14 362<-100%   3 150<-100% 1 200-40% 155<-100% -1 411<-100%
2017 q2 -2 909<-100%   -2 316 132>+200% -1 687 008>+200% -5<-100% 483 432<-100%
2017 q1 14 672 479>+200%   2 317 123>+200% 1 687 543<-100% 45-14% -483 892>+200%
2016 q4 49 256>+200%   14 124>+200% 151+4% 257>+200% -1 650>+200%
2016 q3 -24 287<-100%   -10 916<-100% 2 015>+200% -34<-100% 666<-100%
2016 q2 10 3720%   -286>+200% -1 015>+200% 56+48% -446+30%
2016 q1 13 066+25%   222<-100% -635+91% 52+37% -397+16%
2015 q4 11 435   521 144 25 -439
2015 q3 11 435   521 144 25 -439
2015 q2 10 412-34%   -25<-100% -332<-100% 38+15% -341+9%
2015 q1 10 412-34%   -25<-100% -332<-100% 38+15% -341+9%
2014 q4            
2014 q3            
2014 q2 15 792+4%   1 114<-100% 629<-100% 33+3% -314+19%
2014 q1 15 792   -15 583 629 33 -314
2013 q4 16 159+31%   4 936>+200% -126<-100% 0<-100% -299+133%
2013 q3 16 159+31%   4 936>+200% -126<-100% 0<-100% -299+157%
2013 q2 15 239   -15 035 -764 32 -263
2012 q4 12 379-5%   230>+200% 221<-100% 45+27% -129+22%
2012 q3 12 379-5%   207>+200% 212<-100% 58+62% -116+10%
2011 q4 13 078+19%   28<-100% -119-80% 36>+200% -105-44%
2011 q3 13 078+19%   28<-100% -119-80% 36>+200% -105-44%
2011 q2            
2011 q1            
2010 q4 10 957+10%   -470-95% -598>+200% 8-3% -189-19%
2010 q3 10 957+10%   -470-95% -598>+200% 8-3% -189-19%
2010 q2            
2009 q4 9 987+6%   -10 126+10% -194<-100% 9-90% -232+61%
2009 q3 9 987   -10 126 -194 9 -232
2008 q4 9 429   -9 195 399 85 -143


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (2 433 - 120) * 4 / (49 740 - 0)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 13 570-5% 99 573+14% 49 740+17% 18.6% 3.25x
2025 q1         3.40x
2024 q4 13 986-6% 94 338+12% 48 200+13% 13.0% 4.03x
2024 q3         2.95x
2024 q2 14 214-23% 87 196+8% 42 468+13% 13.3% -0.19x
2024 q1         -0.48x
2023 q4 14 848-16% 84 582+3% 42 768+7% 4.8%  
2023 q3 16 485 81 316-1% 39 654 8.3%  
2023 q2 18 442+9% 80 385+1% 37 577-3% 7.2%  
2023 q1          
2022 q4 17 763-1% 82 054+7% 39 924-3% 5.1% 346.05x
2022 q3   82 054+11%     29.79x
2022 q2 16 916-10% 79 311+7% 38 859-3% 17.8% 15.57x
2022 q1 18 391-4% 79 033+6% 40 220+5% 9.3% 10.54x
2021 q4 17 883+3% 76 662+3% 41 214+6% 6.9% 5.77x
2021 q3 18 414-69% 73 981-22% 41 063>+200% 6.1% 5.26x
2021 q2 18 782+3% 74 465+3% 40 062+8% 5.3% 4.97x
2021 q1 19 110+1% 74 541+1% 38 462+6% 4.9% 4.45x
2020 q4 17 284+1% 74 306+2% 39 019+7% 5.1% 4.68x
2020 q3 59 381>+200% 94 979+34% 13 017-62% 16.0% 4.52x
2020 q2 18 323+1% 72 352+4% 36 989+7% 19.3% 4.37x
2020 q1 18 983+3% 74 064+8% 36 456+11% 5.1% 4.46x
2019 q4 17 192+2% 72 545+10% 36 320+15% 8.8% 4.67x
2019 q3 18 2470% 70 955+9% 34 493+9% 2.2% 4.74x
2019 q2 18 197+3% 69 573+10% 34 708+16% 5.3% 4.39x
2019 q1 18 354<-100% 68 522<-100% 32 766<-100% 5.6% 4.07x
2018 q4 16 8680% 65 891+8% 31 456+13% 4.4% 4.31x
2018 q3 18 257+13% 65 012+9% 31 691+15% 8.9% 3.92x
2018 q2 17 738+7% 63 083+8% 29 995+29% 5.1% 3.82x
2018 q1 17 564 686>+200% 61 521 667>+200% 27 707 407>+200% 0.0% 3.63x
2017 q4 16 828+16% 61 167+5% 27 818+22% 3.5% 3.33x
2017 q3 16 123<-100% 59 463 27 541 18.2% 3.72x
2017 q2 16 643+37% 58 576+10% 23 258+14%   4.45x
2017 q1 16 154 59 199 22 579 8 568.4% 6.82x
2016 q4 14 445+5% 58 032+11% 22 781+28% 24.4%  
2016 q3 -8        
2016 q2 12 146-3% 53 080+8% 20 372+22% 7.6%  
2016 q1          
2015 q4 13 800+4% 52 218+7% 17 768+14% 9.3%  
2015 q3          
2015 q2 12 558-50% 49 196+6% 16 673+14% 7.3%  
2015 q1          
2014 q4 13 272-44% 48 678-12% 15 600+45%    
2014 q3          
2014 q2 25 076<-100% 46 316 14 595 7.7%  
2014 q1          
2013 q4 23 789-8% 55 017+8% 10 792+74% 11.1%  
2013 q3          
2013 q2 -2        
2012 q4 25 755+3% 50 813+4% 6 216+13% 5.3%  
2012 q3          
2011 q4 25 002+5% 48 880+9% 5 511-34% 5.0%  
2011 q3          
2011 q2 26 968 46 138 3 125    
2011 q1          
2010 q4 23 816-9% 44 752+2% 8 318+27% 8.7%  
2010 q3          
2010 q2          
2009 q4 26 123 43 832 6 543 13.6%  
2009 q3          
2008 q4          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 1 451-31% -2 267+19% 325<-100%
2025 q1 1 451-62% -2 267+19% 325
2024 q4 3 110-4% -2 927-18%  
2024 q3 3 110>+200% -2 927+50%  
2024 q2 2 115-49% -1 901+7% -610<-100%
2024 q1 3 848-7% -1 901+7%  
2023 q4 3 254+2% -3 584+37% -3 175<-100%
2023 q3 934<-100% -1 953+29% -3 175>+200%
2023 q2 4 117+7% -1 784+138% 9 185<-100%
2023 q1 4 117+48% -1 784+46%  
2022 q4 3 191+26% -2 612+22% 1 722>+200%
2022 q3 -1 021 -1 517-27% -50
2022 q2 3 855+47% -751-58% -119<-100%
2022 q1 2 778-7% -1 225-48% -115-81%
2021 q4 2 541<-100% -2 136+17% 536<-100%
2021 q3   -2 081+33%  
2021 q2 2 617 -1 789-16% 1 309
2021 q1 2 992+76% -2 337+85% -612>+200%
2020 q4 -2 855 -1 831-58% -115<-100%
2020 q3 4 014-27% -1 566-69% 126<-100%
2020 q2   -2 123+10%  
2020 q1 1 697-17% -1 263-33% -7
2019 q4   -4 323-1% 50-90%
2019 q3 5 512<-100% -4 995+44% -2 249<-100%
2019 q2 3 125-17% -1 938-18%  
2019 q1 2 039<-100% -1 897-17%  
2018 q4 -2 398 903<-100% -4 353<-100% 517-41%
2018 q3 -2 403 777<-100% -3 458+74% 877-79%
2018 q2 3 760>+200% -2 350+120%  
2018 q1 2 404 606+196% -2 295<-100%  
2017 q4 3 230<-100% 605 196<-100% 883<-100%
2017 q3 8 126+78% -1 988>+200% 4 242+113%
2017 q2 355<-100% -1 069+1% 257-87%
2017 q1 813 251>+200% -609 399>+200% 257-56%
2016 q4 -5 418<-100% -1 931+50% -257<-100%
2016 q3 4 575+156% -449-65% 1 995>+200%
2016 q2 -874<-100% -1 057-23% 1 992<-100%
2016 q1 205-84% -737-47% 591<-100%
2015 q4 1 785-55% -1 290-26% 304-73%
2015 q3 1 785-55% -1 290-26% 304-73%
2015 q2 1 267<-100% -1 379-13% -497<-100%
2015 q1 1 267 -1 379-13% -497<-100%
2014 q4 4 007+165% -1 748+5% 1 143+38%
2014 q3 4 007+190% -1 748+5% 1 143+38%
2014 q2 -62 -1 585+20% 1 639+67%
2014 q1   -1 585 1 639
2013 q4 1 513+13% -1 658+32% 828<-100%
2013 q3 1 380+14% -1 658+32% 828<-100%
2013 q2   -1 319 979
2012 q4 1 338-28% -1 259-31% -160<-100%
2012 q3 1 206-36% -1 259-31% -160<-100%
2011 q4 1 871+193% -1 835+89% 208-58%
2011 q3 1 871+193% -1 835+89% 208-58%
2011 q2 2 310>+200% -900+19% -1 412>+200%
2011 q1 2 310 -900 -1 412
2010 q4 638-37% -972+9% 497<-100%
2010 q3 638-37% -972+9% 497<-100%
2010 q2 678 -756 -93
2009 q4 1 005+34% -892-5% -87<-100%
2009 q3 1 005 -892 -87
2008 q4 752 -938 98
RSBU data *The values are shown in mln. The % change shows the difference from the same period last year

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Income


Q Revenue Gross profit Operating income Net income PercentProfit PercentLoss
 
2025 q3 30 553+75% 4 335+168% 3 059>+200% 288<-100% 66-26% -2 361+33%
2025 q2 27 219+63% 2 098+123% 762<-100% -1 092-4% 79+57% -2 526+61%
2025 q1 33 073+61% 4 806+32% 3 472+42% 1 072+73% 119+128% -2 348+44%
2024 q4 23 178+20% 4 835+112% 2 905>+200% 1 135<-100% 153+106% -2 069+45%
2024 q3 17 427+17% 1 617+165% 333<-100% -1 309-24% 89+112% -1 771+77%
2024 q2 16 667+4% 940-50% -272<-100% -1 141>+200% 50+24% -1 570+89%
2024 q1 20 603+8% 3 632+10% 2 441+12% 619-48% 52+10% -1 630+86%
2023 q4 19 372+8% 2 282-21% 814-44% -72<-100% 74+26% -1 425+66%
2023 q3 14 833+4% 611-19% -693+185% -1 722>+200% 42-38% -1 002+7%
2023 q2 15 972+9% 1 876+69% 748<-100% -119-85% 41-63% -833-44%
2023 q1 19 056+7% 3 313+24% 2 180+39% 1 185+124% 48+11% -874-17%
2022 q4 17 898+7% 2 878+69% 1 448>+200% 295+8% 59+199% -861-3%
2022 q3 14 232+9% 750-12% -243+92% -231-45% 68>+200% -936+39%
2022 q2 14 662+7% 1 111-12% -85<-100% -800>+200% 110>+200% -1 485+160%
2022 q1 17 838+4% 2 673-22% 1 567-37% 529-65% 43>+200% -1 058+90%
2021 q4 16 693+5% 1 707+2% 297-42% 274<-100% 20 -888
2021 q3 13 070+4% 854+71% -127-76% -422<-100% 7 -674
2021 q2 13 764-3% 1 264-36% 241-76% -255<-100% 9 -572
2021 q1 17 113 3 447 2 483 1 506 13 -556
2020 q4 15 852-4% 1 670-49% 511-75% -689-43%    
2020 q3 12 606+3% 499-67% -524<-100% 106<-100%    
2020 q2 14 233 1 971 1 008 293    
2020 q1            
2019 q4 16 463 3 265 2 016 -1 217    
2019 q3 12 257 1 491 589 -288    
2019 q2            
2019 q1            
2018 q4            
2018 q3            
2018 q2 12 798 1 864 997 163    
2018 q1 15 276 3 544 2 712 568    


Balance


Implied interest rate for 2025 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (2 361 - 66) * 4 / (46 726 - 0)

Q Total equity Total assets Net debt
 
2025 q3 19 701+8% 115 904+13% 46 726+10%
2025 q2 19 413-1% 111 891+15% 48 520+19%
2025 q1 20 505-1% 110 118+16% 44 469+12%
2024 q4 19 433-4% 105 678+12% 46 859+14%
2024 q3 18 298-10% 102 408+16% 42 642+12%
2024 q2 19 607-11% 96 965+12% 40 918+14%
2024 q1 20 749-7% 94 841+8% 39 768+7%
2023 q4 20 298-3% 93 951+7% 41 252+8%
2023 q3 20 371-2% 88 263+2% 38 086+2%
2023 q2 22 093+10% 86 607+2% 35 933-2%
2023 q1 22 208+6% 88 074+4% 37 030-3%
2022 q4 21 024-1% 87 949+7% 38 162-3%
2022 q3 20 729-2% 86 946+5% 37 345-5%
2022 q2 20 129-1% 85 303+4% 36 778-7%
2022 q1 20 929+3% 84 425+3% 38 009-4%
2021 q4 21 229 82 167 39 416+6%
2021 q3 21 229 83 062 39 416+6%
2021 q2 20 400 81 980 39 416+11%
2021 q1 20 400 81 980 39 416+12%
2020 q4     37 253+6%
2020 q3     37 253+6%
2020 q2     35 412+1%
2020 q1     35 0650%
2019 q4     35 044+11%
2019 q3     35 044+11%
2019 q2     35 044+11%
2019 q1     35 044+11%
2018 q4     31 628
2018 q3     31 628
2018 q2     31 628
2018 q1     31 628
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company