MISX:MRKC

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Interregional Distribution Grid Company of Centre

Executive Summary

Interregional Distribution Grid Company of Centre, Public Joint Stock Company operates as an electric grid company of Russia. More Details


Snowflake Analysis

Undervalued with proven track record and pays a dividend.


Similar Companies

Share Price & News

How has Interregional Distribution Grid Company of Centre's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: MRKC is not significantly more volatile than the rest of Russian stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: MRKC's weekly volatility (3%) has been stable over the past year.


Market Performance


7 Day Return

-2.8%

MRKC

0.8%

RU Electric Utilities

-0.4%

RU Market


1 Year Return

29.1%

MRKC

3.4%

RU Electric Utilities

-2.4%

RU Market

Return vs Industry: MRKC exceeded the Russian Electric Utilities industry which returned 3.4% over the past year.

Return vs Market: MRKC exceeded the Russian Market which returned -2.4% over the past year.


Shareholder returns

MRKCIndustryMarket
7 Day-2.8%0.8%-0.4%
30 Day1.6%5.7%7.6%
90 Day23.0%11.8%21.4%
1 Year29.1%29.1%7.9%3.4%4.1%-2.4%
3 Year18.5%-2.5%40.2%20.6%55.5%28.6%
5 Year172.0%94.2%203.7%140.5%142.0%83.2%

Long-Term Price Volatility Vs. Market

How volatile is Interregional Distribution Grid Company of Centre's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Interregional Distribution Grid Company of Centre undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MRKC (RUB0.38) is trading below our estimate of fair value (RUB3.4)

Significantly Below Fair Value: MRKC is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: MRKC is good value based on its PE Ratio (3.3x) compared to the RU Electric Utilities industry average (7.9x).

PE vs Market: MRKC is good value based on its PE Ratio (3.3x) compared to the Russian market (11.2x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MRKC's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: MRKC is good value based on its PB Ratio (0.3x) compared to the RU Electric Utilities industry average (0.7x).


Next Steps

Future Growth

How is Interregional Distribution Grid Company of Centre forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

4.3%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if MRKC's forecast earnings growth is above the savings rate (7.7%).

Earnings vs Market: Insufficient data to determine if MRKC's earnings are forecast to grow faster than the Russian market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: MRKC's revenue (4.3% per year) is forecast to grow slower than the Russian market (8% per year).

High Growth Revenue: MRKC's revenue (4.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MRKC's Return on Equity is forecast to be low in 3 years time (4.7%).


Next Steps

Past Performance

How has Interregional Distribution Grid Company of Centre performed over the past 5 years?

12.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MRKC has a large one-off gain of RUB1.7B impacting its September 30 2020 financial results.

Growing Profit Margin: MRKC's current net profit margins (5.1%) are higher than last year (3%).


Past Earnings Growth Analysis

Earnings Trend: MRKC has become profitable over the past 5 years, growing earnings by 12.3% per year.

Accelerating Growth: MRKC's earnings growth over the past year (75.2%) exceeds its 5-year average (12.3% per year).

Earnings vs Industry: MRKC earnings growth over the past year (75.2%) exceeded the Electric Utilities industry -4.6%.


Return on Equity

High ROE: MRKC's Return on Equity (10%) is considered low.


Next Steps

Financial Health

How is Interregional Distribution Grid Company of Centre's financial position?


Financial Position Analysis

Short Term Liabilities: MRKC's short term assets (RUB22.2B) do not cover its short term liabilities (RUB33.7B).

Long Term Liabilities: MRKC's short term assets (RUB22.2B) do not cover its long term liabilities (RUB42.1B).


Debt to Equity History and Analysis

Debt Level: MRKC's debt to equity ratio (90.6%) is considered high.

Reducing Debt: MRKC's debt to equity ratio has reduced from 108.3% to 90.6% over the past 5 years.

Debt Coverage: MRKC's debt is well covered by operating cash flow (35.7%).

Interest Coverage: MRKC's interest payments on its debt are not well covered by EBIT (2.4x coverage).


Balance Sheet


Next Steps

Dividend

What is Interregional Distribution Grid Company of Centre current dividend yield, its reliability and sustainability?

7.13%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MRKC's dividend (7.13%) is higher than the bottom 25% of dividend payers in the Russian market (3.74%).

High Dividend: MRKC's dividend (7.13%) is low compared to the top 25% of dividend payers in the Russian market (7.43%).


Stability and Growth of Payments

Stable Dividend: MRKC's dividend payments have been volatile in the past 10 years.

Growing Dividend: MRKC's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (35.4%), MRKC's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MRKC's dividends in 3 years are forecast to be well covered by earnings (28% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.5yrs

Average management tenure


CEO

Igor Makovskiy (48 yo)

2.33yrs

Tenure

Mr. Igor Vladimirovich Makovskiy has been General Director and Chairman of the Management Board at Interregional Distribution Grid Company of Centre, Public Joint Stock Company since September 19, 2018. Mr...


Leadership Team

NamePositionTenureCompensationOwnership
Igor Makovskiy
General Director2.33yrsno datano data
Alexander Pilyugin
Deputy Chairman of Management Boardno datano data0.00035%
RUB 57.6k
Lyudmila Sklyarova
Chief Accountantno datano datano data
Dmitry Sklyarov
Deputy General Director of Investment Activities & Capital Construction and Member of Mgmt. Board1.5yrsno datano data
Mikhail Kachan
Head of Department Operational and Technological Managementno datano datano data
Yury Marakin
Deputy General Director of Security & Member of the Management Board1.5yrsno datano data
Vitaly Akulichev
First Deputy General Director1.83yrsno datano data
Vladislava Rezakova
Deputy General Director of Sales & Development Services and Member of the Management Board1.5yrsno datano data
Andrey Zemskov
Head of Investment Departmentno datano datano data
Lyudmila Naumenko
Chief of the Department - Administrative Activity Organizationno datano datano data
Sergey Ternikov
Head of Investors Relationsno datano datano data
Svetlana Lapinskaya
Head of Corporate Events Office & Corporate Secretaryno datano datano data

1.5yrs

Average Tenure

50yo

Average Age

Experienced Management: MRKC's management team is not considered experienced ( 1.5 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Igor Makovskiy
General Director2.33yrsno datano data
Alexander Golovtsov
Independent Non-Executive Director1.67yrs₽571.15kno data
Alexander Shevchuk
Independent Non-Executive Director9.58yrs₽1.71mno data
Konstantin Mikhailik
Director0.67yrno datano data
Alexey Pavlov
Non-Executive Director3.58yrs₽1.53mno data
Vitaliy Zarhin
Independent Non-Executive Director1.67yrs₽519.23kno data
Larisa Romanovskaya
Non-Executive Director2.67yrs₽1.48mno data
Andrey Mayorov
Director0.67yrno datano data
Alexander Kazakov
Non-Executive Chairman of the Boardno data₽1.78mno data
Sergey Kiryukhin
Chairman of the Audit Commission1.67yrsno datano data
Daniil Krainskiy
Director0.67yrno datano data
Vasiliy Rozhkov
Director0.67yrno datano data

1.7yrs

Average Tenure

44yo

Average Age

Experienced Board: MRKC's board of directors are not considered experienced ( 1.7 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Interregional Distribution Grid Company of Centre, Public Joint Stock Company's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Interregional Distribution Grid Company of Centre, Public Joint Stock Company
  • Ticker: MRKC
  • Exchange: MISX
  • Founded: 2004
  • Industry: Electric Utilities
  • Sector: Utilities
  • Market Cap: ₽16.465b
  • Shares outstanding: 42.22b
  • Website: https://www.mrsk-1.ru

Number of Employees


Location

  • Interregional Distribution Grid Company of Centre, Public Joint Stock Company
  • 15 Malaya Ordynka street
  • Moscow
  • 119017
  • Russia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MRKCMISX (Micex - Rts)YesOrdinary SharesRURUBMay 2008

Biography

Interregional Distribution Grid Company of Centre, Public Joint Stock Company operates as an electric grid company of Russia. The company provides power transmission and distribution; and grid connections ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/01/21 18:08
End of Day Share Price2021/01/21 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.