MISX:MRKP

Stock Analysis Report

Interregional Distribution Grid Company of Center and Volga Region

Executive Summary

Interregional Distribution Grid Company of Center and Volga Region, Public Joint Stock Company engages in the transmission and distribution of power in Russia.


Snowflake Analysis

Undervalued with excellent balance sheet.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: MRKP's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

8.7%

MRKP

7.0%

RU Electric Utilities

6.8%

RU Market


1 Year Return

-38.7%

MRKP

11.9%

RU Electric Utilities

0.5%

RU Market

Return vs Industry: MRKP underperformed the Russian Electric Utilities industry which returned 14.5% over the past year.

Return vs Market: MRKP underperformed the Russian Market which returned 0.4% over the past year.


Shareholder returns

MRKPIndustryMarket
7 Day8.7%7.0%6.8%
30 Day-12.6%-6.9%-3.2%
90 Day-28.9%-9.8%-16.4%
1 Year-24.2%-38.7%19.0%11.9%7.5%0.5%
3 Year64.1%9.6%17.2%1.3%48.9%25.5%
5 Year305.5%132.9%149.5%100.9%104.8%60.2%

Price Volatility Vs. Market

How volatile is Interregional Distribution Grid Company of Center and Volga Region'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 Center and Volga Region undervalued compared to its fair value and its price relative to the market?

44.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MRKP (RUB0.17) is trading below our estimate of fair value (RUB0.31)

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


Price To Earnings Ratio

PE vs Industry: MRKP is good value based on its PE Ratio (2.9x) compared to the Electric Utilities industry average (6.3x).

PE vs Market: MRKP is good value based on its PE Ratio (2.9x) compared to the Russian market (7.7x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: MRKP 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 Center and Volga Region forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

4.9%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if MRKP's forecast earnings growth is above the savings rate (6.4%).

Earnings vs Market: Insufficient data to determine if MRKP'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: MRKP's revenue (4.9% per year) is forecast to grow faster than the Russian market (4.6% per year).

High Growth Revenue: MRKP's revenue (4.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MRKP's Return on Equity is forecast to be low in 3 years time (13.5%).


Next Steps

Past Performance

How has Interregional Distribution Grid Company of Center and Volga Region performed over the past 5 years?

28.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MRKP has high quality earnings.

Growing Profit Margin: MRKP's current net profit margins (6.9%) are lower than last year (12.4%).


Past Earnings Growth Analysis

Earnings Trend: MRKP has become profitable over the past 5 years, growing earnings by 28.1% per year.

Accelerating Growth: MRKP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: MRKP had negative earnings growth (-43%) over the past year, making it difficult to compare to the Electric Utilities industry average (7.4%).


Return on Equity

High ROE: MRKP's Return on Equity (12.2%) is considered low.


Next Steps

Financial Health

How is Interregional Distribution Grid Company of Center and Volga Region's financial position?


Financial Position Analysis

Short Term Liabilities: MRKP's short term assets (RUB28.5B) exceed its short term liabilities (RUB28.3B).

Long Term Liabilities: MRKP's short term assets (RUB28.5B) exceed its long term liabilities (RUB26.1B).


Debt to Equity History and Analysis

Debt Level: MRKP's debt to equity ratio (48.2%) is considered high.

Reducing Debt: MRKP's debt to equity ratio has reduced from 83.2% to 48.2% over the past 5 years.

Debt Coverage: MRKP's debt is well covered by operating cash flow (40.1%).

Interest Coverage: MRKP's interest payments on its debt are well covered by EBIT (5.8x coverage).


Balance Sheet


Next Steps

Dividend

What is Interregional Distribution Grid Company of Center and Volga Region's current dividend yield, its reliability and sustainability?

19.20%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MRKP's dividend (19.2%) is higher than the bottom 25% of dividend payers in the Russian market (3.95%).

High Dividend: MRKP's dividend (19.2%) is in the top 25% of dividend payers in the Russian market (9.49%)


Stability and Growth of Payments

Stable Dividend: MRKP has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: MRKP's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (96.2%), MRKP's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MRKP's dividends in 3 years are forecast to be well covered by earnings (20.3% payout ratio).


Next Steps

Management

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

1.3yrs

Average board tenure


CEO

Interregional Distribution Grid Company of Center and Volga Region has no CEO, or we have no data on them.


Board Members

NamePositionTenureCompensationOwnership
Igor Makovskiy
Chairperson of the Management Board & Director0.83yrno datano data
Denis Guriyanov
Director4.83yrs₽3.12mno data
Lelekova Alekseevna
Chairman of The Audit Commissionno data₽202.50kno data
Alexander Shevchuk
Independent Director5.83yrs₽3.25mno data
Zafesov Kazbekovich
Director7.67yrs₽810.32kno data
Kazakov Ivanovich
Chairperson of the Boardno datano datano data
Morozov Vladimirovich
Independent Director1.83yrsno datano data
Dmitry Bobkov
Director0.83yrno datano data
Vitaly Zarkhin
Director0.83yrno datano data
Anastasiya Krupenina
Director0.83yrno datano data

1.3yrs

Average Tenure

42.5yo

Average Age

Experienced Board: MRKP's board of directors are not considered experienced ( 1.3 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 Center and Volga Region, Public Joint Stock Company's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Interregional Distribution Grid Company of Center and Volga Region, Public Joint Stock Company
  • Ticker: MRKP
  • Exchange: MISX
  • Founded: 2007
  • Industry: Electric Utilities
  • Sector: Utilities
  • Market Cap: ₽19.159b
  • Shares outstanding: 112.70b
  • Website: https://www.mrsk-cp.ru

Number of Employees


Location

  • Interregional Distribution Grid Company of Center and Volga Region, Public Joint Stock Company
  • 33 Rozhdestvenskaya Street
  • Nizhny Novgorod
  • Nizhegorodskaya obl.
  • 603950
  • Russia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MRKPMISX (Micex - Rts)YesOrdinary SharesRURUBApr 2008

Biography

Interregional Distribution Grid Company of Center and Volga Region, Public Joint Stock Company engages in the transmission and distribution of power in Russia. It offers power transmission and distribution services to electric grids located in Vladimir, Ivanovo, Kaluga, Kirov, Nizhny Novgorod, Ryazan, and Tula regions, as well as in the Republic of Mary El and the Republic of Udmurtia. The company was founded in 2007 and is headquartered in Nizhny Novgorod, Russia. Interregional Distribution Grid Company of Center and Volga Region, Public Joint Stock Company is a subsidiary of Rosseti, Public Joint Stock Company. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/07 21:46
End of Day Share Price2020/04/07 00:00
Earnings2019/12/31
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.