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General information

Interregional Distribution Network Company Volga PAO provides energy distribution services. The Company generates and distributes electricity to both industrial and private customers throughout select areas of Russia.
  • Good financial results growth rate 23.8% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (19.1%)
  • Dividend yield for the last twelve months 7.9%
  • Free cash flow yield -7.6% (LTM)
  • Share price is 241.7% higher than minimum and 6.4% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (1.6x vs
    )
  • Fundamental value created in LTM (estimate)
  • Taking into account the impact of the key rate 21% on the change in financial parameters: EBITDA adjustment is -329 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 12 388 mln rub, expected mult is 1.6x, target mult is 1.6x, potential is +1.9%

Key Financials (Download financials)

Ticker: MRKV
Share price, RUB:  (-1.8%)0.0786
year average price 0.0650  


year start price 0.0660 2024-02-27

min close price 0.0576 2024-09-03

max close price 0.0801 2025-02-24

current price 0.0786 2025-02-25
Common stocks: 188 307 960 000
Dividend Yield:  7.9%
FCF Yield LTM: -7.6%
EV / LTM EBITDA: 1.6x
EV / EBITDA annualized: 0.9x
Last revenue growth (y/y):  15.9%
Last growth of EBITDA (y/y):  31.8%
Historical revenue growth:  9.2%
Historical growth of EBITDA:  29.0%
Target EV / EBITDA (hist percentile):
Express share price potential:
Fundamental value created in LTM:
Fundamental value created in LTM:
 Mult Upside-5.9%
 FCF Creation-8.0%
 Growth+23.8%
 Growth Corr+2.4%
 
 Sum+12.3%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 14 801
Net Debt (m RUB): 4 248
EV (Enterprise Value): 19 049
EBITDA LTM (m RUB): 11 679
Net Income LTM (m RUB): 4 063
EV / LTM EBITDA: 1.6x
Average daily trading volume for the week, RUB mln: 36
P / E 3.5x
P / B 0.3x

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