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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 52.5% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (27.1%)
  • Dividend yield for the last twelve months 8.0%
  • Free cash flow yield 36.6% (LTM)
  • Share price is 304.1% higher than minimum and 6.2% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (1.2x 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 -52 mln rub as NetDebt * (current key rate - normalized 7%) / 2, expected EBITDA adjusted for key rate increases is 16 287 mln rub, expected mult is 1.1x, target mult is 1.5x, potential is +31.2%

Key Financials (Download financials)

Ticker: MRKV
Share price, RUB:  (+2.1%)0.09295
year average price 0.0698  


year start price 0.0600 2024-07-11

min close price 0.0576 2024-09-03

max close price 0.0991 2025-06-30

current price 0.0928 2025-07-10
Common stocks: 188 307 960 000
Dividend Yield:  8.0%
FCF Yield LTM: 36.6%
EV / LTM EBITDA:[с учетом прогноза: 0.9x]    1.2x
EV / EBITDA annualized: 0.8x
Last revenue growth (y/y):  52.6%
Last growth of EBITDA (y/y):  52.4%
Historical revenue growth:  15.8%
Historical growth of EBITDA:  38.5%
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+63.8%
 FCF Creation+24.4%
 Growth+59.2%
 Growth Corr+16.1%
 
 Sum+163.5%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 17 503
Net Debt (m RUB): 1 185
EV (Enterprise Value): 18 688
EBITDA LTM (m RUB): 15 373
Net Income LTM (m RUB): 5 018
EV / LTM EBITDA: 1.2x
Net Debt / LTM EBITDA (if EBITDA > 0): 0.1x
Average daily trading volume for the week, RUB mln: 20
P / E 3.5x
P / E ann-d1.5x
P / B 0.4x
EBITDA margin ann-d 18.8%
Net income margin ann-d 9.4%

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