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General information

Interregional Distribution Network Company North-West PJSC is an operating company for several Russian electricity distribution grid companies. IDGC of the North- West maintains control over the distribution grid companies for the period of their reorganization.
  • Good financial results growth rate 79.3% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (34.2%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 50.1% (LTM)
  • Share price is 320.6% higher than minimum and 17.4% lower than maximum for the last 3 years
  • The company is undervalued 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 16.5% on the change in financial parameters: EBITDA adjustment is -224 mln rub as NetDebt * (expected key rate - 3 years average 0.0%) / 2, expected EBITDA adjusted for key rate increases is 10 502 mln rub, expected mult is 1.4x, target mult is 3.0x, potential is +180.4%

Key Financials (Download financials)

Ticker: MRKZ
Share price, RUB:  (+0.3%)0.1001
year average price 0.0767  


year start price 0.0443 2024-12-09

min close price 0.0385 2024-12-17

max close price 0.0998 2025-12-05

current price 0.1001 2025-12-08
Common stocks: 95 785 920 000
Dividend Yield:  0.0%
FCF Yield LTM: 50.1%
EV / LTM EBITDA:1.6x
EV / EBITDA annualized: 1.7x
Last revenue growth (y/y):  34.5%
Last growth of EBITDA (y/y):  124.1%
Historical revenue growth:  18.3%
Historical growth of EBITDA:  50.1%
Target EV / EBITDA (hist percentile):
Express share price potential:
Fundamental value created in LTM:
Fundamental value created in LTM:
 Mult Upside+111.3%
 FCF Creation+50.1%
 Growth+79.3%
 Growth Corr+22.5%
 
 Sum+263.1%
EV / LTM EBITDA mutiple calculation
Market Cap (m RUB): 9 588
Net Debt (m RUB): 5 621
EV (Enterprise Value): 15 209
EBITDA LTM (m RUB): 9 259
Net Income LTM (m RUB): 3 004
EV / LTM EBITDA: 1.6x
Net Debt / LTM EBITDA (if EBITDA > 0): 0.6x
Average daily trading volume for the week, RUB mln: 15
P / E 3.2x
P / E ann-d6.6x
P / B 0.5x
EBITDA margin ann-d 11.6%
Net income margin ann-d 1.9%

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 18 920+34%   956<-100% 363<-100% 376+125% -456-14%
2025 q2 17 380+26%   -207<-100% -270>+200% 422>+200% -311-32%
2025 q1 20 851+32%   2 998+55% 2 021-18% 540+155% -286-41%
2024 q4 19 055+71%   969<-100% 890<-100% 568>+200% -575+20%
2024 q3 14 068+20%   -257-4% -877+45% 167+115% -532+31%
2024 q2 13 771+13%   471+22% -13<-100% 116+139% -460+52%
2024 q1 15 826+8%   1 939+11% 2 468+81% 212+130% -486+36%
2023 q4 11 149-1%   -1 459<-100% -117<-100% 176+70% -480-53%
2023 q3 11 728+4%   -268-36% -606-35% 77+123% -407-16%
2023 q2 12 141<-100%   385<-100% 171<-100% 48+151% -303+14%
2023 q1 14 607+4%   1 750+8% 1 366+51% 92+70% -357-20%
2022 q4 11 291-20%   1 238<-100% 707<-100% 103+61% -1 028+103%
2022 q3 11 248+3%   -417>+200% -928+185% 35>+200% -487+82%
2022 q2 -115-96%   -915-26% -945-9% 19<-100% -266>+200%
2022 q1 14 0480%   1 617-1% 907-21% 54+45% -447+103%
2021 q4 14 062+3%   -304-99% -661-54% 64-15% -508+153%
2021 q3 10 8760%   -123-99% -325+59% 10-51% -268+8%
2021 q2 -2 788<-100%   -1 234+196% -1 042+91% -25<-100% -4-99%
2021 q1 14 101+8%   1 641+2% 1 146+9% 37-20% -221-17%
2020 q4 13 600-1%   -37 441<-100% -1 440<-100% 75>+200% -201-28%
2020 q3 10 849+2%   -10 827>+200% -205-62% 21-57% -247-4%
2020 q2 10 729-5%   -417<-100% -545<-100% 25+15% -239
2020 q1 13 075-2%   1 602-11% 1 050-10% 47+140% -266-19%
2019 q4 13 789-23%   629-9% 331+15% 23+12% -278-6%
2019 q3 10 660-41%   -396<-100% -538<-100% 49+140% -258-13%
2019 q2 11 309   510 120 21  
2019 q1 13 378   1 798 1 168 20 -328
2018 q4 17 941+35%   690<-100% 286<-100% 21-35% -297-19%
2018 q3 17 941   690<-100% 286<-100% 21-35% -297-19%
2017 q4 13 301-1%   -886<-100% -1 022<-100% 32-2% -365-19%
2017 q3     -886<-100% -1 022>+200% 32 -365-13%
2017 q1 13 090+7%   1 493+32% 894+70%   -351-16%
2016 q4 13 418+22%   1 111>+200% 488+82% 32 -448-5%
2016 q3 10 043+2%   31-93% -320<-100%   -420+1%
2016 q2 9 850-6%   162-78% -110<-100%   -386-6%
2016 q1 12 229+17%   1 128+52% 526+99%   -416+2%
2015 q4 11 021-8%   355<-100% 268<-100%   -469-59%
2015 q3 9 855-10%   445+133% 15<-100%   -418+46%
2015 q2 10 472-13%   742+5% 264+1%   -409+19%
2015 q1 10 473-13%   742+5% 264+1%   -409+19%
2014 q4 11 978-11%   -707<-100% -1 197<-100%   -1 134<-100%
2014 q3 10 993+1%   191<-100% -84<-100%   -287+10%
2014 q2 11 985+18%   706>+200% 262<-100%   -343+53%
2014 q1 11 985   706 262>+200%   -343
2013 q4 13 390+57%   31 872>+200% 24-84%   34<-100%
2013 q3 10 866+37%   -10 241<-100% 303>+200%   -261+196%
2013 q2 10 179   155 -123>+200%   -224
2013 q1       12    
2012 q4 ( 1516 , 1517 ) 8 504-3%   136+51% 150<-100%   -109+54%
2012 q3 7 906+8%   166+84% 75+131%   -88+22%
2012 q2       -14<-100%    
2012 q1            
2011 q4 8 770   90 -64   -71
2011 q3 7 312   90 33   -72
2011 q2 8 603+18%   572+76% 417>+200%   -58-49%
2011 q1 8 603   572 417   -58
2010 q2 7 262   325 133   -114
2009 q4 6 687+15%   183-52% 12-96%   -124>+200%
2009 q3 6 687   183 12   -124
2008 q4 5 812   383 303   -29


Balance


Implied interest rate for 2025 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (456 - 376) * 4 / (5 621 - 0)

Q Total equity Total assets Net debt Implied interest rate NetDebt / LTM EBITDA
 
2025 q3 20 904+13% 72 773+28% 5 621-46% 5.7% 0.61x
2025 q2 20 533+3% 72 679+31% 5 271-42% -8.4% 0.66x
2025 q1 20 828+7% 71 714+28% 4 729-47% -21.5% 0.55x
2024 q4 18 807+11% 71 227+28% 5 261-54% 0.5% 0.71x
2024 q3 18 580+1% 56 724+2% 10 420-11% 14.0% 2.09x
2024 q2 19 983+5% 55 307+4% 9 065-8% 15.2% 1.43x
2024 q1 19 467+3% 56 113+3% 8 9190% 12.3% 1.73x
2023 q4 16 967-3% 55 737+2% 11 333-23% 10.8% 2.13x
2023 q3 18 411+4% 55 362+1% 11 706-28% 11.3% 1.58x
2023 q2 18 993+2% 53 228-2% 9 805-34% 10.4% 1.97x
2023 q1 18 812+1% 54 401+4% 8 914-39% 11.9% 1.74x
2022 q4 17 426-2% 54 912+10% 14 642-2% 25.3% 5.57x
2022 q3 17 644-10% 54 841+9% 16 238+1% 11.1% 4.81x
2022 q2 18 531-7% 54 192+12% 14 949-1% 6.6% 4.24x
2022 q1 18 662-6% 52 435+7% 14 646+1% 10.7% 3.42x
2021 q4 17 707-5% 49 862+2% 14 940-5% 11.9% 2.35x
2021 q3 19 559-2% 50 4030% 16 016-4% 6.4% 2.97x
2021 q2 19 878-2% 48 201-4% 15 053-5%   2.64x
2021 q1 19 770-5% 48 904-4% 14 497-5% 5.1% 3.02x
2020 q4 18 584-6% 48 693-1% 15 789+5% 3.2% 3.30x
2020 q3 19 989>+200% 50 445+2% 16 597 5.5% 2.34x
2020 q2 20 183 50 154+2% 15 861 5.4% 2.40x
2020 q1 20 879>+200% 50 716+3% 15 302 5.7% 2.02x
2019 q4 19 811+2% 49 324-4% 15 064-2% 6.8% 2.02x
2019 q3 0 49 324     2.12x
2019 q2   49 324     1.97x
2019 q1 0 49 324     1.92x
2018 q4 19 345+6% 51 164+6% 15 393+8% 7.2% 2.17x
2018 q3         8.10x
2017 q4 18 237-12% 48 380-8% 14 249-1% 9.4% 8.83x
2017 q3         3.13x
2017 q1 21 660+4% 52 9850% 13 962 10.1% 5.54x
2016 q4 20 783+1% 52 807-2% 14 432-4% 11.5%  
2016 q3 52 337-5% 52 337-5% 15 090-12% 11.1%  
2016 q2 52 975-1% 52 975-1% 14 419-17% 10.7%  
2016 q1 20 783 52 807      
2015 q4 20 562+4% 53 901-2% 15 074-7% 12.5%  
2015 q3 55 299-2% 55 299-2% 17 235+4% 9.7%  
2015 q2 53 612+137% 53 612-4% 17 302+1% 9.4%  
2015 q1          
2014 q4 19 859-61% 54 898+7% 16 267+2% 27.9%  
2014 q3 56 577 56 577 16 605 6.9%  
2014 q2 22 608-51% 55 970+21% 17 115+40% 8.0%  
2014 q1          
2013 q4 51 467+134% 51 467+22% 15 890+60%    
2013 q3          
2013 q2 46 212+24% 46 212+10% 12 214 7.3%  
2013 q1          
2012 q4 ( 1516 , 1517 ) 21 953+2% 42 058+12% 9 922 4.4%  
2012 q3 38 787+80% 38 787+3%      
2012 q2 37 373+7% 42 058+20%      
2012 q1          
2011 q4 21 593 37 542      
2011 q3 21 593 37 542      
2011 q2 34 957+68% 34 957+1% 3 013 7.7%  
2011 q1          
2010 q2 20 805 34 502      
2009 q4 21 1130% 34 218+5% 4 207 11.8%  
2009 q3          
2008 q4 21 053 32 473      


Cashflow


Q Operating cashflow Investing cashflow Financial cashflow
 
2025 q3 1 184>+200% -2 658+100% 336-80%
2025 q2 652-1% -1 202+80% 1 491<-100%
2025 q1 1 982-23% -1 183<-100% -2 300+21%
2024 q4      
2024 q3 0<-100% -1 331-22% 1 697-46%
2024 q2 661-25% -666-56% -276+68%
2024 q1 2 586-65% 122<-100% -1 908-75%
2023 q4 3 152-7%    
2023 q3 -177<-100% -1 704+33% 3 163+155%
2023 q2 875+12% -1 498+46% -165<-100%
2023 q1 7 326>+200% -1 315-12% -7 549<-100%
2022 q4 3 379+71% -1 712-28% -331<-100%
2022 q3 181-54% -1 282-5% 1 242+14%
2022 q2 782+57% -1 024+42% 323<-100%
2022 q1 2 117-4% -1 491+60% 756<-100%
2021 q4 1 979-11% -2 368+69% 590<-100%
2021 q3 394+140% -1 351+56% 1 088+26%
2021 q2 497+52% -720-10% -86<-100%
2021 q1 2 213+34% -932-18% -1 278>+200%
2020 q4 2 211+44% -1 405+16% -765<-100%
2020 q3 164-86% -864-26% 866
2020 q2 327 -801-27% 488
2020 q1 1 648-38% -1 132 -127-59%
2019 q4 1 532-3% -1 208-35% 341+9%
2019 q3 1 186-25% -1 171-37%  
2019 q2   -1 097  
2019 q1 2 678   -313
2018 q4 1 573-4% -1 868+20% 312<-100%
2018 q3 1 573 -1 868 312
2017 q4 1 630+74% -1 552+42% -148>+200%
2017 q3      
2017 q1 2 209+149% -1 588+92%  
2016 q4 935-63% -1 092-2% -16-99%
2016 q3 1 515+131% -959-14% -153-86%
2016 q2 2 279<-100% -1 699<-100% -291+130%
2016 q1 889<-100% -826<-100% -291+130%
2015 q4 2 504+3% -1 119-61% -1 073<-100%
2015 q3 655-15% -1 119+43% -1 073<-100%
2015 q2 -75<-100% 147<-100% -127<-100%
2015 q1 -75<-100% 147<-100% -127<-100%
2014 q4 2 436>+200% -2 845+96% 362-78%
2014 q3 767<-100% -781-24% 362
2014 q2 182<-100% -796-25% 558-46%
2014 q1 182<-100% -796 558
2013 q4 276-39% -1 448-18% 1 672+52%
2013 q3 -614<-100% -1 029-41%  
2013 q2 -80<-100% -1 065 1 034
2013 q1 -80    
2012 q4 ( 1516 , 1517 ) 455 -1 759+45% 1 102+186%
2012 q3 175-80% -1 759  
2012 q2 866-22%    
2012 q1      
2011 q4   -1 209 386
2011 q3 858    
2011 q2 1 109+50%    
2011 q1 1 109    
2010 q2 740    
2009 q4 587+196% -616-32% -8<-100%
2009 q3 587 -616 -8
2008 q4 198 -905 717
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 18 509+43% 724<-100% 328<-100% -48-93% 313+128% -605+4%
2025 q2 17 052+29% -344<-100% -770<-100% -657>+200% 347>+200% -595+32%
2025 q1 20 561+31% 2 767+50% 2 385+58% 1 578-46% 410+142% -644+14%
2024 q4 17 477+17% 1 226-7% 623-22% -40-95% 491>+200% -783+51%
2024 q3 12 907+11% -60<-100% -384+53% -667+23% 137+106% -580+65%
2024 q2 13 266+8% 656+38% 283+88% -28<-100% 93+150% -453+108%
2024 q1 15 726+8% 1 850-2% 1 508-4% 2 929>+200% 170+164% -563+84%
2023 q4 14 890+3% 1 325-27% 798-36% -768>+200% 107+106% -518+44%
2023 q3 11 617+16% 92<-100% -251-61% -543-42% 67+108% -352-13%
2023 q2 12 293+16% 475-27% 151-54% 7<-100% 37-45% -218-55%
2023 q1 14 558+15% 1 896+31% 1 576+36% 950+26% 64+73% -306-18%
2022 q4 14 430+10% 1 809+96% 1 248+136% -108<-100% 52>+200% -360+4%
2022 q3 10 043+3% -324<-100% -641+170% -933+92% 32>+200% -407+71%
2022 q2 10 626+4% 652+5% 329+5% -167<-100% 68>+200% -482+145%
2022 q1 12 682-1% 1 448-8% 1 160-11% 752-21% 37>+200% -374+85%
2021 q4 13 151+6% 923-14% 528-18% 459<-100% 12 -345
2021 q3 9 728 42 -238 -486 10 -238
2021 q2 10 176+4% 618>+200% 314<-100% 130<-100% 11 -197
2021 q1 12 755+6% 1 576-6% 1 308-6% 954+3% 12 -202
2020 q4 12 348-3% 1 071-34% 642-47% -1 593<-100%    
2020 q3            
2020 q2 9 767 202 -94 -377    
2020 q1 12 007 1 678 1 394 928    
2019 q4 12 703 1 618 1 202 446    
2019 q3            
2019 q1            
2018 q4            
2018 q1            
2012 q4 7 792 760 528      
2011 q4            


Balance


Implied interest rate for 2025 q3:
= (PercentLoss - PercentProfit) * (365 / periodLength) / (NetDebt - MinorityInterest)
= (605 - 313) * 4 / (5 438 - 0)

Q Total equity Total assets Net debt
 
2025 q3 23 346+4% 77 287+28% 5 438-44%
2025 q2 23 394-1% 77 738+32% 4 303-50%
2025 q1 24 051+4% 75 740+27% 3 937-54%
2024 q4 22 473+11% 73 919+29% 4 967-57%
2024 q3 22 512+7% 60 351+7% 9 788-10%
2024 q2 23 722+10% 58 720+8% 8 640-3%
2024 q1 23 207+8% 59 722+8% 8 558+7%
2023 q4 20 283-2% 57 387+3% 11 444-18%
2023 q3 21 051+4% 56 258+3% 10 916-27%
2023 q2 21 593+2% 54 185+1% 8 868-36%
2023 q1 21 586+1% 55 343+2% 8 003-41%
2022 q4 20 634 55 622+4% 13 952<-100%
2022 q3 20 210-2% 54 626+4% 14 992+7%
2022 q2 21 138+3% 53 751+2% 13 910-1%
2022 q1 21 305+4% 54 130+3% 13 539-3%
2021 q4   53 377 -555-29%
2021 q3 20 553 52 506 14 013-5%
2021 q2 20 553 52 506 14 013-5%
2021 q1 20 553 52 506 14 013-5%
2020 q4     -787>+200%
2020 q3     14 813+3%
2020 q2     14 813
2020 q1     14 813+7%
2019 q4     -196+46%
2019 q3     14 442
2019 q1     13 866-10%
2018 q4     -134
2018 q1     15 388
2012 q4     -723-53%
2011 q4     -1 526
More information for subscribed users:
detailed calculation of
Potential and Created Value,
commodities affecting the company