Executive Summary
Interregional Distribution Grid Company of Centre, Public Joint Stock Company operates as an electric grid company of Russia.
Rewards
Risk Analysis
Snowflake Analysis
Fair value with acceptable track record.
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 has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-4.1%
MRKC
-0.8%
RU Electric Utilities
-0.4%
RU Market
1 Year Return
1.6%
MRKC
43.9%
RU Electric Utilities
18.4%
RU Market
Return vs Industry: MRKC underperformed the Russian Electric Utilities industry which returned 43.9% over the past year.
Return vs Market: MRKC underperformed the Russian Market which returned 18.4% over the past year.
Shareholder returns
| MRKC | Industry | Market | |
|---|---|---|---|
| 7 Day | -4.1% | -0.8% | -0.4% |
| 30 Day | -1.4% | 6.4% | -1.4% |
| 90 Day | 3.8% | 27.8% | 5.6% |
| 1 Year | 16.2%1.6% | 53.1%43.9% | 26.2%18.4% |
| 3 Year | -3.9%-28.2% | 43.6%23.6% | 70.2%43.4% |
| 5 Year | 51.8%0.1% | 197.2%138.9% | 133.7%82.3% |
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
4 months ago | Simply Wall St
Should You Buy Interregional Distribution Grid Company of Centre, Public Joint Stock Company (MCX:MRKC) For Its Dividend?Valuation
Is Interregional Distribution Grid Company of Centre undervalued compared to its fair value and its price relative to the market?
4.47x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: MRKC (RUB0.3) is trading above our estimate of fair value (RUB0.22)
Significantly Below Fair Value: MRKC is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: MRKC is good value based on its PE Ratio (4.6x) compared to the Electric Utilities industry average (7.9x).
PE vs Market: MRKC is good value based on its PE Ratio (4.6x) compared to the Russian market (9.3x).
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 (0.8x).
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?
3.5%
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 (6.4%).
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 (3.5% per year) is forecast to grow slower than the Russian market (3.8% per year).
High Growth Revenue: MRKC's revenue (3.5% 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 (5.2%).
Next Steps
Past Performance
How has Interregional Distribution Grid Company of Centre performed over the past 5 years?
39.6%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MRKC has a large one-off loss of RUB984.9M impacting its September 30 2019 financial results.
Growing Profit Margin: MRKC's current net profit margins (2.9%) are higher than last year (2.5%).
Past Earnings Growth Analysis
Earnings Trend: MRKC has become profitable over the past 5 years, growing earnings by 39.6% per year.
Accelerating Growth: MRKC's earnings growth over the past year (16.4%) is below its 5-year average (39.6% per year).
Earnings vs Industry: MRKC earnings growth over the past year (16.4%) exceeded the Electric Utilities industry -0.2%.
Return on Equity
High ROE: MRKC's Return on Equity (6.2%) is considered low.
Return on Assets
Return on Capital Employed
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 (RUB17.7B) do not cover its short term liabilities (RUB24.1B).
Long Term Liabilities: MRKC's short term assets (RUB17.7B) do not cover its long term liabilities (RUB40.0B).
Debt to Equity History and Analysis
Debt Level: MRKC's debt to equity ratio (90.8%) is considered high.
Reducing Debt: MRKC's debt to equity ratio has reduced from 95.8% to 90.8% over the past 5 years.
Debt Coverage: MRKC's debt is well covered by operating cash flow (27.7%).
Interest Coverage: MRKC's interest payments on its debt are not well covered by EBIT (2.4x coverage).
Balance Sheet
Inventory Level: MRKC has a high level of physical assets or inventory.
Debt Coverage by Assets: MRKC's debt is not covered by short term assets (assets are 0.4x debt).
Next Steps
Dividend
What is Interregional Distribution Grid Company of Centre's current dividend yield, its reliability and sustainability?
7.05%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: MRKC's dividend (6.89%) is higher than the bottom 25% of dividend payers in the Russian market (2.99%).
High Dividend: MRKC's dividend (6.89%) is low compared to the top 25% of dividend payers in the Russian market (7.16%).
Stability and Growth of Payments
Stable Dividend: MRKC has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: MRKC's dividend payments have increased, but the company has only paid a dividend for 9 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (31.5%), 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 (31.5% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
4.9yrs
Average management tenure
CEO
Igor Makovskiy 0
1.4yrs
Tenure
Mr.Igor 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. Makovskiy had ...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| General Director & Chairman of the Management Board | 1.4yrs | no data | no data | |
| Deputy Chairman of Management Board | 0yrs | no data | 0.00035% RUB43.5k | |
| Chief Accountant | 0yrs | no data | no data | |
| Head of Department Operational and Technological Management | 0yrs | no data | no data | |
| Deputy General Director & Member of Managementt Board | 10yrs | no data | no data | |
| Adviser to the General Director & Member of Management Board | 6.7yrs | no data | no data | |
| First Deputy General Director & Member of Management Board | 4.9yrs | no data | no data | |
| Deputy GM of Human Resources Management & Organisational Design and Member of Management Board | 4.8yrs | no data | no data | |
| Head of Investment Department | 0yrs | no data | no data | |
| Chief of the Department - Administrative Activity Organization | 0yrs | no data | no data |
4.9yrs
Average Tenure
55.5yo
Average Age
Experienced Management: MRKC's management team is considered experienced (4.9 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Non-Executive Director | 10.7yrs | ₽761.54k | no data | |
| Non-Executive Director | 10.7yrs | ₽692.31k | no data | |
| Chairman of Audit Commission | 0yrs | no data | no data | |
| Non-Executive Director | 7.7yrs | ₽761.54k | no data | |
| Independent Director | 8.7yrs | ₽900.00k | no data | |
| Non-Executive Director | 6.7yrs | no data | no data | |
| Member of Audit Commission | 0yrs | no data | no data | |
| Non-Executive Director | 2.7yrs | ₽692.31k | no data | |
| Independent Director | 1.8yrs | no data | no data | |
| Chairman of the Board | 0yrs | no data | no data |
7.7yrs
Average Tenure
42yo
Average Age
Experienced Board: MRKC's board of directors are considered experienced (7.7 years average tenure).
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: ₽12.429b
- Shares outstanding: 42.22b
- Website: https://www.mrsk-1.ru
Number of Employees
Location
- Interregional Distribution Grid Company of Centre, Public Joint Stock Company
- 4, 2nd Yamskaya street
- Moscow
- 127018
- Russia
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| MRKC | MISX (Micex - Rts) | Yes | Ordinary Shares | RU | RUB | May 2008 |
Biography
Interregional Distribution Grid Company of Centre, Public Joint Stock Company operates as an electric grid company of Russia. The company transmits and distributes electricity; and connects customers to the electric grid. It supplies electricity to the population, industrial companies, transport and agriculture enterprises, and socially important facilities. The company was founded in 2004 and is based in Moscow, Russia. Interregional Distribution Grid Company of Centre, Public Joint Stock Company operates as a subsidiary of Rosseti, Public Joint Stock Company
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/02/25 21:48 |
| End of Day Share Price | 2020/02/25 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.