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General information

Otkrytoye aktsionernoye obshchestvo Mezhregional'naya raspredelitel'naya setevaya kompaniya Urala operates as an integrated energy company. The Company, through its affiliates, generates and distributes electricity to the industrial and private sectors.
  • Good financial results growth rate 22.7% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (19.8%)
  • Dividend yield for the last twelve months 7.4%
  • Free cash flow yield -9.2% (LTM)
  • Share price is 188.9% higher than minimum and 31.0% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (2.7x vs
    )
  • Fundamental value created in LTM (estimate)
  • Taking into account the impact of the key rate 16.0% on the change in financial parameters: EBITDA adjustment is -1 121 mln rub as NetDebt * (expected key rate - 3 years average 0.0%) / 2, expected EBITDA adjusted for key rate increases is 25 615 mln rub, expected mult is 2.7x, target mult is 2.5x, potential is -12.7%

Key Financials (Download financials)

Ticker: MRKU
Share price, RUB:  (0.0%)0.5056
year average price 0.4061  


year start price 0.4168 2025-02-11

min close price 0.3148 2025-07-09

max close price 0.5132 2026-01-06

current price 0.5076 2026-02-10
Common stocks: 87 430 485 711
Dividend Yield:  7.4%
FCF Yield LTM: -9.2%
EV / LTM EBITDA:2.7x
EV / EBITDA annualized: 2.0x
Last revenue growth (y/y):  15.4%
Last growth of EBITDA (y/y):  29.9%
Historical revenue growth:  9.6%
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:
 Mult Upside-18.3%
 FCF Creation-9.2%
 Growth+22.7%
 Growth Corr+1.4%
 
 Sum-3.3%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 44 205
Net Debt (m RUB): 23 434
EV (Enterprise Value): 67 639
EBITDA LTM (m RUB): 25 071
Net Income LTM (m RUB): 9 546
EV / LTM EBITDA: 2.7x
Net Debt / LTM EBITDA (if EBITDA > 0): 0.9x
Average daily trading volume for the week, RUB mln: 27
P / E 4.6x
P / E ann-d2.9x
P / B 0.6x
EBITDA margin ann-d 26.5%
Net income margin ann-d 12.1%

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. 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 q3 31 971+15%   6 299+65% 3 876+58% 285+24% -1 012+64%
2025 q2 27 708+7%   3 140-33% 2 169-45% 899>+200% -303-59%
2025 q1 31 776+7%   5 052+2% 3 082-47% 508+69% -829+45%
2024 q4 31 929+84%   2 393>+200% 419<-100% 1 110>+200% 247<-100%
2024 q3 27 698+12%   3 826-6% 2 457-11% 229+137% -615+47%
2024 q2 25 851+6%   4 715+16% 3 972+9% 113-75% -741>+200%
2024 q1 29 821+5%   4 961-16% 5 784+33% 300>+200% -571+25%
2023 q4 17 330+45%   425<-100% -144-90% 326>+200% -406-18%
2023 q3 24 679+6%   4 086+141% 2 756>+200% 96+30% -418-4%
2023 q2 24 375+7%   4 070+126% 3 661>+200% 447-21% -26-70%
2023 q1 28 440+7%   5 904+106% 4 343+54% 85-40% -456-3%
2022 q4 11 956-55%   -147-92% -1 462-9% 4<-100% -494<-100%
2022 q3 23 264+4%   1 699-17% 891-35% 74-9% -437+23%
2022 q2 22 864+5%   1 804-44% 1 163-57% 569>+200% -84-82%
2022 q1 26 701+3%   2 870+36% 2 828+103% 142+84% -470+36%
2021 q4 26 380+7%   -1 808-72% -1 600-68% 893<-100% 566<-100%
2021 q3 22 425-68%   2 036-72% 1 371-75% 81-87% -355-44%
2021 q2 21 802+14%   3 223<-100% 2 675<-100% 66-77% -460>+200%
2021 q1 25 907+7%   2 118+34% 1 394+48% 77-76% -347+175%
2020 q4 24 7680%   -6 422<-100% -5 055<-100% -633<-100% -69-26%
2020 q3 70 135>+200%   7 376>+200% 5 440>+200% 630+139% -636>+200%
2020 q2 19 087-30%   -777<-100% -702<-100% 291+5% -132+22%
2020 q1 24 123-25%   1 575-21% 939-20% 322>+200% -126-62%
2019 q4 24 659-75%   884-54% 535-16% 242-49% -93-88%
2019 q3 21 719-16%   683-74% 355-81% 263>+200% -109-62%
2019 q2 27 415+35%   856<-100% 702<-100% 277>+200% -108-61%
2019 q1 32 356+42%   1 990<-100% 1 168+133% 50+7% -334+30%
2018 q4 100 303>+200%   1 925<-100% 641<-100% 478<-100% -776<-100%
2018 q3 25 920<-100%   2 652<-100% 1 905<-100% 57<-100% -287<-100%
2018 q2 20 376+10%   -1 993<-100% -1 709<-100% 33-85% -279+27%
2018 q1 22 787+7%   -22 150<-100% 502-45% 47-16% -256-23%
2017 q4 22 501-61%   -1 007 299<-100% -561 635<-100% -45 216<-100% 294 601<-100%
2017 q3 18 951 383<-100%   1 009 151<-100% 562 710<-100% 45 383<-100% -294 851<-100%
2017 q2 18 469-53%   2 688-35% 2 081-30% 220-20% -220-67%
2017 q1 21 238+12%   1 435+50% 909+190% 56-49% -333-2%
2016 q4 56 996-18%   2 789+4% 1 467-1% 200-51% -505-56%
2016 q3 -40 932<-100%   -4 614<-100% -3 439<-100% -354<-100% 613<-100%
2016 q2 39 707+140%   4 123>+200% 2 990>+200% 276+126% -656+126%
2016 q1 18 954+15%   959+83% 313+29% 111-9% -339+17%
2015 q4 69 672+1%   2 676+70% 1 478+78% 410+35% -1 160+17%
2015 q3 69 672>+200%   2 676>+200% 1 478>+200% 410>+200% -1 160>+200%
2015 q2 16 530-5%   523-21% 242-29% 122+128% -290+12%
2015 q1 16 530-5%   523-21% 242-29% 122+128% -290+12%
2014 q4 ( 1417 , 1418 ) 68 975>+200%   1 573<-100% 832<-100% 305>+200% -994+155%
2014 q3 17 217+3%   303<-100% 164<-100% 84+95% -245-37%
2014 q2 17 379+14%   664+110% 341>+200% 53-18% -259+13%
2014 q1 17 325+14%   664+110% 341>+200% 53-18% -259+13%
2013 q4 16 776-72%   -30<-100% -392<-100% 43-93% -390-33%
2013 q3 16 776-72%   -30<-100% -392<-100% 43-93% -390-33%
2013 q2 15 1960%   316-32% 72-23% 65+197% -229+28%
2013 q1 15 1960%   316-24% 78-8% 65+197% -229+47%
2012 q4 59 431-4%   503-88% 246-92% 602>+200% -584+91%
2012 q3 59 431   503 246 602 -584
2012 q2 15 124-4%   462-69% 92-93% 22-4% -179+176%
2012 q1 15 124   414 84 22 -156
2011 q4 62 000   4 090 3 271 85 -306
2011 q2 15 809   1 492 1 332 23 -65


Balance


Implied interest rate for 2025 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (1 012 - 285) * 4 / (23 434 - 1 098)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q3 76 826+10% 148 037+16% 23 434+18% 13.0% 0.93x
2025 q2 71 019+5% 145 671+16% 23 318+13% -10.7% 1.01x
2025 q1 72 941+2% 141 507+11% 20 895+62% 6.5% 0.85x
2024 q4 65 4280% 123 0530% 21 1110%   0.81x
2024 q3 69 822+6% 127 944+12% 19 925+28% 8.2% 0.88x
2024 q2 67 928+9% 125 995+13% 20 622+19% 12.8% 0.74x
2024 q1 71 670+24% 127 291+17% 12 899-25% 9.1% 0.76x
2023 q4 65 428+26% 123 053+15% 21 111+1% 1.6% 0.93x
2023 q3 66 113+24% 114 673+14% 15 532-25% 8.9% 0.62x
2023 q2 62 364+18% 111 896+10% 17 386-11% -10.3% 0.80x
2023 q1 57 691+5% 108 488+5% 17 102-14% 9.2% 0.90x
2022 q4 52 101-1% 106 996+5% 20 812+7% 9.8% 1.47x
2022 q3 53 236-1% 100 415+2% 20 829+6% 7.3% 1.39x
2022 q2 52 734+1% 102 108+4% 19 565-10% -10.3% 1.30x
2022 q1 54 923+11% 103 013+7% 19 919-12% 6.9% 1.12x
2021 q4 52 771+10% 101 578+8% 19 432-9%   1.04x
2021 q3 53 955+14% 98 834+7% 19 652-6% 5.8% 1.10x
2021 q2 52 276+10% 98 600+7% 21 695+5% 7.5% 1.33x
2021 q1 49 643+2% 96 082+3% 22 583+34% 5.0% 1.95x
2020 q4 47 938+1% 93 823+3% 21 383+15%   2.00x
2020 q3 47 191-1% 92 733+6% 20 836+18% 0.1% 1.83x
2020 q2 47 718+2% 92 463+9% 20 699+15% -3.2% 1.86x
2020 q1 48 447+5% 92 930+8% 16 814+12% -4.9% 1.25x
2019 q4 47 540+5% 91 039+12% 18 528>+200% -3.3% 1.36x
2019 q3 47 540<-100% 87 092<-100% 17 617<-100% -3.6% 1.34x
2019 q2 46 607+7% 84 858+13% 17 996+36% -3.9% 1.19x
2019 q1 46 310>+200% 86 248+6% 14 989 7.9% 1.29x
2018 q4 45 135-2% 81 577+6% 575-95% 4 590 046.2% 1.60x
2018 q3 45 580 905>+200% 79 477 563>+200% 13 631 751>+200% 0.0% 1.47x
2018 q2 43 391-2% 75 196-1% 13 265+14% 7.8% 1.78x
2018 q1 575-99% 81 577+7%     0.77x
2017 q4 46 064+9% 76 925+2% 11 113-6%   0.86x
2017 q3 45 277+7% 76 404 9 750 11 001.4% 0.92x
2017 q2 44 323+9% 75 935+3% 11 602+12%   1.53x
2017 q1 42 975+2% 76 343 11 213 10.5% 3.58x
2016 q4 42 121+2% 75 565-2% 11 824+1% 10.9%  
2016 q3 42 121        
2016 q2 40 803+1% 73 644-2% 10 344-7% 15.7%  
2016 q1 42 121        
2015 q4 41 360+2% 77 359+3% 11 684+2% 27.3%  
2015 q3          
2015 q2 40 5910% 75 318+5% 11 074-6% 6.7%  
2015 q1          
2014 q4 ( 1417 , 1418 ) 40 618+2% 75 226+7% 11 488-12% 26.3%  
2014 q3          
2014 q2 40 707-2% 71 608+6% 11 742+14% 7.6%  
2014 q1          
2013 q4 39 964-6% 70 567+6% 13 028 11.4%  
2013 q3          
2013 q2 41 366-2% 67 844+6% 10 313+32% 6.9%  
2013 q1          
2012 q4 42 4570% 66 825      
2012 q3          
2012 q2 42 396 64 224 7 794 9.1%  
2012 q1          
2011 q4 42 492        
2011 q2          


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q3 4 494-15% -2 692-36% -3 496>+200%
2025 q2     525<-100%
2025 q1   -5 008+64% -126-96%
2024 q4 13 646+37% -17 883+16% 10 865+73%
2024 q3 5 272+187% -4 225<-100% -958-64%
2024 q2 4 677+66% -86-97% -4 974<-100%
2024 q1 8 198-4% -3 052+4% -3 342-42%
2023 q4 9 967+114% -15 480>+200% 6 290>+200%
2023 q3 1 838-46% 573<-100% -2 678+82%
2023 q2 2 814+30% -3 085+32% 233<-100%
2023 q1 8 546+122% -2 922+3% -5 785>+200%
2022 q4 4 667+5% -4 450+5% 575-42%
2022 q3 3 413-27% -2 316-5% -1 474-35%
2022 q2 2 164-48% -2 344-10% -141-69%
2022 q1 3 853+79% -2 850-21% -558<-100%
2021 q4 4 435+76% -4 222+26% 991<-100%
2021 q3 4 669 -2 446+24% -2 253<-100%
2021 q2 4 123<-100% -2 603-6% -458<-100%
2021 q1 2 156-53% -3 629+39% 221<-100%
2020 q4 2 515+4% -3 353+19% -53<-100%
2020 q3   -1 972 269<-100%
2020 q2 -687 -2 758 1 998>+200%
2020 q1 4 629+108% -2 614+116% -536<-100%
2019 q4 2 425<-100% -2 809-16% 797<-100%
2019 q3 1 000-26%   -277<-100%
2019 q2     426-61%
2019 q1 2 226+8% -1 213+50% 364<-100%
2018 q4 -3 038 082-52% -3 328+42% -203<-100%
2018 q3 1 344<-100% -2 069+16% 1 075<-100%
2018 q2 -358<-100% -1 288+39% 1 092>+200%
2018 q1 2 063-1% -810-29% -277+92%
2017 q4 -6 386 936<-100% -2 351-8% 1 653 777>+200%
2017 q3 6 392 295>+200% -1 779+56% -1 655 260<-100%
2017 q2 237-88% -929-25% 350<-100%
2017 q1 2 074-26% -1 141-30% -145-97%
2016 q4 666-70% -2 546+27% 572<-100%
2016 q3 2 176-3% -1 141-43% 57<-100%
2016 q2 1 977+7% -1 235-7% -241-41%
2016 q1 2 811+52% -1 621+22% -4 496
2015 q4 2 238-29% -2 001-20% -63-77%
2015 q3 2 238-29% -2 001-20% -63-77%
2015 q2 1 848-20% -1 333-2% -411+1%
2015 q1 1 848-20% -1 333-2%  
2014 q4 ( 1417 , 1418 ) 3 150+52% -2 499-14% -274<-100%
2014 q3 3 150+52% -2 499-14% -274<-100%
2014 q2 2 311+129% -1 364-8% -406<-100%
2014 q1 2 311+137% -1 364-5% -406<-100%
2013 q4 2 079+19% -2 891+51% 623+33%
2013 q3 2 079+19% -2 891+51% 623+33%
2013 q2 1 011-6% -1 476+53% 431+127%
2013 q1 975-9% -1 441+49% 431+127%
2012 q4 1 745-7% -1 921-3% 467<-100%
2012 q3 1 745 -1 921 467
2012 q2 1 070-52% -968-10% 190<-100%
2012 q1 1 070 -968 190
2011 q4 1 870 -1 978 -4
2011 q2 2 238 -1 080 -959
RSBU 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 q3 31 272+15% 7 038+82% 6 563+94% 4 501+193% 261+22% -1 117+55%
2025 q2 27 294+7% 3 268-18% 2 800-22% 2 718-39% 342-7% -1 107+77%
2025 q1 31 532+6% 5 186-5% 4 726-7% 2 668-67% 477+76% -1 187+62%
2024 q4 31 481+11% 1 484-3% 662-1% 280<-100% 354>+200% -882+86%
2024 q3 27 261+12% 3 862+2% 3 388-1% 1 534-53% 213+175% -721+92%
2024 q2 25 575+5% 3 995+1% 3 596+1% 4 466-13% 369>+200% -625+92%
2024 q1 29 642+5% 5 467-2% 5 069-4% 7 970+68% 271>+200% -731+93%
2023 q4 28 439+9% 1 534-32% 665-55% -275<-100% 106+140% -474+38%
2023 q3 24 383+22% 3 789+117% 3 407+145% 3 298<-100% 78+104% -375+6%
2023 q2 24 288+23% 3 937+119% 3 575+145% 5 104+145% 50-15% -326-27%
2023 q1 28 173+23% 5 605+115% 5 269+128% 4 737>+200% 66-20% -378-10%
2022 q4 26 135+16% 2 259+72% 1 488+95% 596<-100% 44+34% -344-17%
2022 q3 19 961+4% 1 746-19% 1 390-23% -62<-100% 38+28% -352+42%
2022 q2 19 706+5% 1 794+16% 1 460+22% 2 080-30% 59+197% -447+68%
2022 q1 22 921+3% 2 605+23% 2 315+29% 655-37% 82>+200% -419+56%
2021 q4 22 608+7% 1 314+25% 763+28% -170-57% 33 -417
2021 q3 19 148+8% 2 149+199% 1 806>+200% 1 234<-100% 30 -249
2021 q2 18 782+14% 1 550<-100% 1 200<-100% 2 993<-100% 20 -266
2021 q1 22 209+7% 2 123+10% 1 795+11% 1 039+98% 20 -268
2020 q4 21 1500% 1 053+14% 598+92% -393<-100%    
2020 q3 17 721-6% 718-66% 332-80% -80<-100%    
2020 q2 16 485-33% -160<-100% -487<-100% -33<-100%    
2020 q1 20 707-29% 1 935-39% 1 612-34% 525-57%    
2019 q4 21 248 924 311 24    
2019 q3 18 910-20% 2 129-31% 1 687-33% 181-87%    
2019 q2 24 703+38% 2 345-4% 1 601-26% 722<-100%    
2019 q1 29 180+46% 3 148+27% 2 443+9% 1 228-17%    
2018 q3 23 569 3 101 2 517 1 429    
2018 q2 17 887 2 437 2 167 -1 821    
2018 q1 19 969 2 478 2 244 1 473    


Balance


Implied interest rate for 2025 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (1 117 - 261) * 4 / (17 634 - 0)

Q Total equity Total assets Net debt
 
2025 q3 68 983+11% 131 975+15% 17 634+27%
2025 q2 64 453+6% 129 653+14% 18 250+19%
2025 q1 65 006+1% 126 737+10% 15 424+110%
2024 q4 62 338 123 934 16 854+4%
2024 q3 62 058+9% 114 375+15% 13 846+17%
2024 q2 60 524+13% 113 600+17% 15 313+9%
2024 q1 64 215+31% 115 628+24% 7 346-45%
2023 q4     16 1860%
2023 q3 56 831+28% 99 087+16% 11 843-30%
2023 q2 53 529+21% 96 963+11% 14 003-12%
2023 q1 48 865+10% 93 441+7% 13 394-14%
2022 q4 44 126-4% 92 678+3% 16 138+1%
2022 q3 44 352+1% 85 382-3% 16 825+5%
2022 q2 44 413+1% 87 5350% 15 9160%
2022 q1 44 501+1% 87 1670% 15 581-2%
2021 q4 45 778 90 035 15 963-10%
2021 q3 43 855 87 631 15 963-10%
2021 q2 43 855 87 631 15 963-10%
2021 q1 43 846 87 563 15 963-10%
2020 q4     17 654+22%
2020 q3     17 654+22%
2020 q2     17 653+22%
2020 q1     17 654+22%
2019 q4     14 519
2019 q3     14 519+15%
2019 q2     14 519+15%
2019 q1     14 519+15%
2018 q3     12 638
2018 q2     12 638
2018 q1     12 638
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company