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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 85.3% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (27.4%)
  • Dividend yield for the last twelve months 6.1%
  • Free cash flow yield 14.6% (LTM)
  • Share price is 404.6% higher than minimum and 10.7% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (1.4x 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 -113 mln rub as NetDebt * (expected key rate - 3 years average 14.3%) / 2, expected EBITDA adjusted for key rate increases is 23 279 mln rub, expected mult is 1.1x, target mult is 1.5x, potential is +39.7%

Key Financials (Download financials)

Ticker: MRKV
Share price, RUB:  (0.0%)0.12135
year average price 0.0891  


year start price 0.0633 2024-11-13

min close price 0.0579 2024-12-04

max close price 0.1359 2025-08-19

current price 0.1219 2025-11-12
Common stocks: 188 307 960 000
Dividend Yield:  6.1%
FCF Yield LTM: 14.6%
EV / LTM EBITDA:[с учетом прогноза: 1.2x]    1.4x
EV / EBITDA annualized: 1.7x
Last revenue growth (y/y):  53.7%
Last growth of EBITDA (y/y):  116.9%
Historical revenue growth:  19.6%
Historical growth of EBITDA:  35.2%
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+27.9%
 FCF Creation+14.2%
 Growth+59.2%
 Growth Corr+15.9%
 
 Sum+117.3%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 22 851
Net Debt (m RUB): 2 209
EV (Enterprise Value): 25 060
EBITDA LTM (m RUB): 17 316
Net Income LTM (m RUB): 6 701
EV / LTM EBITDA: 1.4x
Net Debt / LTM EBITDA (if EBITDA > 0): 0.1x
Average daily trading volume for the week, RUB mln: 11
P / E 3.4x
P / E ann-d3.8x
P / B 0.5x
EBITDA margin ann-d 13.0%
Net income margin ann-d 5.4%

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

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 27 737+54%   1 928>+200% 1 495<-100% 4-97% -370+26%
2025 q1 31 623+53%   4 282+83% 2 974+88% 264+123% -180-39%
2024 q4 23 533+14%   2 624+35% 960-31% 257>+200% -189+6%
2024 q3 21 115+16%   1 901+157% 1 273+191% 129+54% -264+83%
2024 q2 18 0430%   93-83% -188<-100% 124+91% -295+76%
2024 q1 20 720+3%   2 336+81% 1 585+87% 119+27% -293+49%
2023 q4 20 681+7%   1 951+51% 1 393+58% 13-76% -178-2%
2023 q3 18 226+13%   738+60% 437+177% 83+76% -144-42%
2023 q2 17 981+23%   547<-100% 296<-100% 650% -168-46%
2023 q1 20 157+20%   1 292<-100% 846<-100% 93+44% -197-36%
2022 q4 19 303+5%   1 289+8% 8790% 53+3% -181+130%
2022 q3 16 099+2%   463+10% 158-34% 47-21% -248+159%
2022 q2 14 649-1%   -1 150>+200% -1 306>+200% 65+24% -313>+200%
2022 q1 16 825+1%   -50<-100% -203<-100% 65-8% -305>+200%
2021 q4 18 465+13%   1 194+117% 880-22% 52-29% -79+20%
2021 q3 15 764+10%   419<-100% 238<-100% 60+15% -96-3%
2021 q2 14 768+9%   -275-78% -395-64% 52-20% -100+17%
2021 q1 16 637+3%   357-68% 260>+200% 70-25% -80+41%
2020 q4 16 380-1%   550-71% 1 127-26% 73-6% -66<-100%
2020 q3 14 282-6%   -143<-100% -224<-100% 52+8% -99+115%
2020 q2 13 509-8%   -1 245<-100% -1 096<-100% 65-3% -85>+200%
2020 q1 16 221-3%   1 127-37% 76-94% 94+56% -57-32%
2019 q4 16 513-3%   1 896-90% 1 527+18% 78<-100% 8<-100%
2019 q3 15 160-3%   1 002-56% 765-54% 48+23% -46+117%
2019 q2 14 641+1%   399-57% 289-66% 67+76% -26+79%
2019 q1 16 662+1%   1 791<-100% 1 331-29% 60+18% -83+119%
2018 q4 17 001+2%   18 717<-100% 1 297-43% -20<-100% -169>+200%
2018 q3 15 582+7%   2 257<-100% 1 673+39% 39-7% -21-51%
2018 q2 14 539+11%   938-11% 859-8% 38-22% -15-91%
2018 q1 16 564+11%   -14 729<-100% 1 881+61% 51-36% -38-71%
2017 q4 16 730+12%   -14 166<-100% 2 281+79% 50+39% -39-49%
2017 q3 14 543+12%   -41 259>+200% 1 202+21% 42+112% -43-84%
2017 q2 13 045+11%   1 057>+200% 939<-100% 49+33% -169-46%
2017 q1 14 928+10%   1 858+47% 1 168+59% 80+11% -131-61%
2016 q4 14 948+22%   15 245>+200% 1 271>+200% 36+4% -76-78%
2016 q3 12 957+6%   -11 542<-100% 995+148% 20-43% -276-20%
2016 q2 11 800+4%   206-47% -197<-100% 37+7% -312-4%
2016 q1 13 624+20%   1 267>+200% 734>+200% 72+111% -336+4%
2015 q4 12 215+6%   842+55% 402+93% 35+191% -343+38%
2015 q3 12 215+6%   842+55% 402+93% 35+191% -343+38%
2015 q2 11 347-1%   392-16% 63-65% 34+94% -323+23%
2015 q1 11 347-1%   392-16% 63-65% 34+94% -323+23%
2014 q4 11 567-6%   544-11% 208-43% 12+58% -249+29%
2014 q3 11 567-6%   544-11% 208-43% 12+58% -249+29%
2014 q2 11 444   465 184 18 -262
2014 q1 11 456   465 184 18 -262
2013 q4 12 330+10%   611-30% 363-37% 8-25% -194+105%
2013 q3 12 300+10%   611-30% 363-37% 8-25% -194+105%
2013 q2            
2012 q4 11 222-6%   871+79% 572+73% 10<-100% -95+45%
2012 q3 11 222-6%   871+79% 572+73% 10<-100% -95+45%
2012 q2 12 2440%   953-92% 660-14% 14-13% -97+44%
2012 q1 12 244   953-92% 660-14% 14-13% -97
2011 q4 11 951+21%   487+82% 331+133% -1<-100% -65-7%
2011 q3 11 951   487 331 -1 -65
2011 q2 12 185   12 185+22% 771>+200% 17>+200% -67
2011 q1     12 185 771 17  
2010 q4 9 890+34%   268-47% 142-57% 1+41% -70-44%
2010 q2     9 947 192 4  
2009 q4 7 371-4%   506-39% 326-36% 1-87% -126-6%
2009 q3 7 371   506 326 1 -126
2008 q4 7 681   823 509 4 -135


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (370 - 4) * 4 / (2 209 - 0)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q2 47 899+12% 86 101+18% 2 209-50% 66.4% 0.13x
2025 q1 47 910+9% 85 863+19% 1 185-82% -28.3% 0.08x
2024 q4 44 937+7% 80 871+13% 4 055-17% -6.8% 0.30x
2024 q3 44 024+8% 73 997+14% 4 248-9% 12.7% 0.38x
2024 q2 42 695+6% 72 868+10% 4 382-38% 15.6% 0.39x
2024 q1 43 867+10% 72 042+6% 6 431-26% 10.9% 0.51x
2023 q4 42 138+8% 71 736+6% 4 879-50% 13.5% 0.45x
2023 q3 40 832+6% 64 794+2% 4 654-50% 5.2% 1.08x
2023 q2 40 301+6% 66 400+5% 7 064-35% 5.8% 1.12x
2023 q1 39 965+1% 68 047+4% 8 657-17% 4.8% 1.37x
2022 q4 39 046-2% 67 611+4% 9 853+24% 5.2% 1.48x
2022 q3 38 342-1% 63 780+7% 9 386+54% 8.5% 0.66x
2022 q2 37 927-2% 63 302+5% 10 939+52% 9.1% 0.80x
2022 q1 39 707+2% 65 172+7% 10 454+33% 9.2% 0.99x
2021 q4 39 700+3% 64 831+5% 7 953-1% 1.4% 1.10x
2021 q3 38 867+2% 59 5170% 6 087-22% 2.3% 1.13x
2021 q2 38 597+1% 60 277+2% 7 209-1% 2.6% 1.20x
2021 q1 38 958-2% 61 145+2% 7 871+15% 0.5% 1.60x
2020 q4 38 541-1% 61 487+5% 8 058+57% -0.4% 1.44x
2020 q3 38 215-1% 59 605+10% 7 764+156% 2.4% 1.14x
2020 q2 38 374+2% 59 191+10% 7 259+69% 1.1% 0.93x
2020 q1 39 803-1% 60 060+7% 6 820+174% -2.2% 0.73x
2019 q4 38 9030% 58 725+10% 5 122>+200%   0.51x
2019 q3 38 426+2% 54 181+4% 3 037>+200% -0.3% 0.31x
2019 q2 37 730+5% 53 829+7% 4 284>+200% -3.8% 0.40x
2019 q1 40 036+6% 56 333+7% 2 485>+200% 3.6% 0.20x
2018 q4 38 759+8% 53 566+2% 1 430+170%   0.12x
2018 q3 37 604+12% 52 050+4% 597-76% -12.2% 0.04x
2018 q2 35 814+11% 50 110-1% 1 301-53% -7.2% 0.10x
2018 q1 37 650+16% 52 513+3% 186-95% -28.4% 0.02x
2017 q4 35 840+14% 52 370+3% 529-91% -8.7% 0.04x
2017 q3 33 490+7% 50 115 2 509 0.2% 0.31x
2017 q2 32 187+13% 50 722+2% 2 784-69% 17.3% 0.54x
2017 q1 32 565+4% 51 135 3 847 5.3% 1.29x
2016 q4 31 425+11% 51 0800% 6 128-35% 2.6%  
2016 q3 31 425        
2016 q2 28 573+6% 49 716-2% 8 995-25% 12.2%  
2016 q1 31 425        
2015 q4 28 185+4% 51 036-2% 9 364-26% 13.2%  
2015 q3          
2015 q2 27 059+2% 50 985+2% 11 997-7% 9.6%  
2015 q1          
2014 q4 27 021+3% 52 279+4% 12 661-2% 7.5%  
2014 q3          
2014 q2 26 617+2% 49 939 12 867 7.6%  
2014 q1          
2013 q4 26 210+2% 50 385+12% 12 880+48% 5.8%  
2013 q3          
2013 q2 26 210+7%        
2012 q4 25 639+9% 44 867+12% 8 696+74% 3.9%  
2012 q3          
2012 q2 24 585+6% 40 293+18% 5 134+57% 6.4%  
2012 q1          
2011 q4 23 465+8% 40 136 4 987    
2011 q3          
2011 q2 23 243 34 081 3 269 6.2%  
2011 q1          
2010 q4 21 701+3%        
2010 q2          
2009 q4 21 133+7% 31 605      
2009 q3          
2008 q4 19 828        


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q2 1 073-64% -2 222+130% -100-87%
2025 q1 5 318+124%   -56<-100%
2024 q4 4 156-3% -3 814+15% -108<-100%
2024 q3 3 453-8% -2 097+61% -1 242-45%
2024 q2 2 998+73% -967-10% -748+23%
2024 q1 2 371-39% -3 935+46% 1 889<-100%
2023 q4 4 306+74% -3 302+33% 285<-100%
2023 q3 3 742+47% -1 299+35% -2 273+148%
2023 q2 1 728>+200% -1 069-56% -609>+200%
2023 q1 3 876+179% -2 686+11% -223<-100%
2022 q4 2 481+51% -2 491-13% -943<-100%
2022 q3 2 551+15% -959-9% -917-26%
2022 q2 493-67% -2 411+53% -80-82%
2022 q1 1 389-44% -2 411+53% 2 873<-100%
2021 q4 1 641-24% -2 852+6% 1 233>+200%
2021 q3 2 210+48% -1 054-38% -1 241<-100%
2021 q2 1 493+92% -1 577+56% -457+67%
2021 q1 2 495+66% -1 577-28% -71<-100%
2020 q4 2 156-26% -2 693-31% 96-84%
2020 q3 1 490-45% -1 703-14% 385<-100%
2020 q2 777-40% -1 014+24% -274-89%
2020 q1 1 499-26% -2 181+92% 1 056<-100%
2019 q4 2 898+29% -3 913+27% 589<-100%
2019 q3 2 725+7% -1 991+18% -205+38%
2019 q2 1 304-40% -816-1% -2 423-8%
2019 q1 2 019+51% -1 134+38% -34-97%
2018 q4 2 250<-100% -3 081+188% -2<-100%
2018 q3 2 556-60% -1 693+17% -148-93%
2018 q2 2 156-35% -821+30% -2 624>+200%
2018 q1 1 334+14% -821+55% -1 000-33%
2017 q4 -499-86% -1 070 -876+25%
2017 q3 6 319+143% -1 449+17% -1 982>+200%
2017 q2 3 329>+200% -630+67% -700+24%
2017 q1 1 168+150% -529+40% -1 500+87%
2016 q4 -3 529<-100%   -699-7%
2016 q3 2 596+63% -1 237+99% -430-43%
2016 q2 467-58% -378-51% -565+88%
2016 q1 467-58% -378-51% -800+167%
2015 q4 1 595+15% -622-53% -750<-100%
2015 q3 1 595+15% -622-53% -750<-100%
2015 q2 1 101-12% -769-38% -300+180%
2015 q1 1 101 -769-38% -300
2014 q4 1 390+16% -1 312-46% 24-97%
2014 q3 1 390+16% -1 312-46% 24-97%
2014 q2 1 254 -1 248-12% -107
2014 q1   -1 248  
2013 q4 1 198-12% -2 418-1% 712-44%
2013 q3 1 198-12% -2 418-1% 712-44%
2013 q2   -1 418-11%  
2012 q4 1 369-9% -2 447+37% 1 277>+200%
2012 q3 1 369 -2 447 1 277
2012 q2 1 376+19% -1 601+125% -298-51%
2012 q1 1 376 -1 601 -298
2011 q4 1 511 -1 790 413
2011 q3      
2011 q2 1 155 -713 -611
2011 q1      
2010 q4      
2010 q2      
2009 q4      
2009 q3      
2008 q4      
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 32 736+56% 4 548+100% 3 945+129% 2 880+169% 199+76% -225-35%
2025 q2 27 686+54% 1 920+108% 1 371+185% 1 482<-100% 355+189% -299-18%
2025 q1 31 596+53% 4 891+166% 4 338>+200% 2 828+95% 189+180% -373+4%
2024 q4 23 507+14% 3 152+73% 2 552+80% 723-42% 241>+200% -366+145%
2024 q3 21 049+16% 2 279+146% 1 726>+200% 1 072>+200% 113+37% -344+87%
2024 q2 18 0010% 922+30% 481+17% -20<-100% 123+91% -365+96%
2024 q1 20 689+3% 1 842+5% 1 401-4% 1 448+107% 68+13% -357+52%
2023 q4 20 614+7% 1 826+21% 1 421+28% 1 244+109% 14-70% -149-27%
2023 q3 18 143+13% 926+131% 527>+200% 274<-100% 83+79% -184-30%
2023 q2 17 929+23% 709<-100% 410<-100% 104<-100% 64+1% -186-46%
2023 q1 20 124+20% 1 757>+200% 1 459<-100% 698<-100% 60+21% -234-29%
2022 q4 19 182+8% 1 513+28% 1 108+36% 595-6% 46-9% -205+16%
2022 q3 16 034+2% 401+143% 77<-100% -130<-100% 46-23% -263+145%
2022 q2 14 606-1% -879>+200% -1 245+118% -1 344+166% 64+23% -344>+200%
2022 q1 16 797+1% 309-24% -34<-100% -222>+200% 49-2% -330>+200%
2021 q4 17 714 1 179 815 631 51 -178
2021 q3 15 728 165 -141 24 60 -107
2021 q2 14 749 -212 -570 -505 52 -96
2021 q1 16 626 406 89 -20 50 -99
2020 q4            
2020 q3            
2020 q2            
2020 q1            
2019 q4            
2019 q3            
2019 q2            
2019 q1            
2018 q4            
2018 q3            
2018 q2            
2018 q1            


Balance


Implied interest rate for 2025 q2:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (299 - 355) * 4 / (538 - 0)

Q Total equity Total assets Net debt
 
2025 q3 55 178+13% 91 656+15% -892<-100%
2025 q2 52 298+10% 91 695+16% 538-79%
2025 q1 52 209+7% 91 534+18% -654<-100%
2024 q4 49 381 86 384 2 465-23%
2024 q3 48 658+6% 79 594+12% 2 477-34%
2024 q2 47 586+4% 78 712+8% 2 550-58%
2024 q1 48 773+7% 77 638+4% 4 581-31%
2023 q4     3 217-59%
2023 q3 46 113+4% 70 795-1% 3 779-51%
2023 q2 45 839+4% 72 797+3% 6 055-34%
2023 q1 45 7340% 74 957+3% 6 627-23%
2022 q4 45 029-2% 74 761+3% 7 760+29%
2022 q3 44 434-4% 71 395-2% 7 682+28%
2022 q2 44 153-4% 70 843-2% 9 152+52%
2022 q1 45 5430% 72 689+1% 8 564+43%
2021 q4 46 177 72 333 6 004-6%
2021 q3 46 177 72 612 6 0040%
2021 q2 45 765 72 099 6 004-6%
2021 q1 45 765 72 099 6 004-6%
2020 q4     6 410+102%
2020 q3     6 030+90%
2020 q2     6 410+102%
2020 q1     6 410+102%
2019 q4     3 170+109%
2019 q3     3 170+109%
2019 q2     3 170+109%
2019 q1     3 170+109%
2018 q4     1 514
2018 q3     1 514
2018 q2     1 514
2018 q1     1 514
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company