MISX:MRKZ

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Interregional Distribution Grid Company of the North-West

Executive Summary

Public Joint-Stock Company Interregional Distribution Grid Company of the North-West, together with its subsidiaries owns and operates electric power transmission and distribution grids in the North-Western region of Russia. More Details


Snowflake Analysis

Slightly overvalued with imperfect balance sheet.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: MRKZ is not significantly more volatile than the rest of Russian stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: MRKZ's weekly volatility (4%) has been stable over the past year.


Market Performance


7 Day Return

6.8%

MRKZ

0.8%

RU Electric Utilities

-0.4%

RU Market


1 Year Return

13.1%

MRKZ

3.4%

RU Electric Utilities

-2.4%

RU Market

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

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


Shareholder returns

MRKZIndustryMarket
7 Day6.8%0.8%-0.4%
30 Day15.8%5.7%7.6%
90 Day22.8%11.8%21.4%
1 Year15.9%13.1%7.9%3.4%4.1%-2.4%
3 Year23.9%9.8%40.2%20.6%55.5%28.6%
5 Year181.9%120.3%203.7%140.5%142.0%83.2%

Long-Term Price Volatility Vs. Market

How volatile is Interregional Distribution Grid Company of the North-West'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 the North-West undervalued compared to its fair value and its price relative to the market?

9.14x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MRKZ (RUB0.06) is trading above our estimate of fair value (RUB0.03)

Significantly Below Fair Value: MRKZ is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: MRKZ is poor value based on its PE Ratio (9.1x) compared to the RU Electric Utilities industry average (7.9x).

PE vs Market: MRKZ is good value based on its PE Ratio (9.1x) compared to the Russian market (11.2x).


Price to Earnings Growth Ratio

PEG Ratio: MRKZ is poor value based on its PEG Ratio (2.5x)


Price to Book Ratio

PB vs Industry: MRKZ 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 the North-West forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

3.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MRKZ's forecast earnings growth (3.6% per year) is below the savings rate (7.7%).

Earnings vs Market: MRKZ's earnings (3.6% per year) are forecast to grow slower than the Russian market (25.5% per year).

High Growth Earnings: MRKZ's earnings are forecast to grow, but not significantly.

Revenue vs Market: MRKZ's revenue (4.4% per year) is forecast to grow slower than the Russian market (8% per year).

High Growth Revenue: MRKZ's revenue (4.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MRKZ's Return on Equity is forecast to be low in 3 years time (5.4%).


Next Steps

Past Performance

How has Interregional Distribution Grid Company of the North-West performed over the past 5 years?

12.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MRKZ has a large one-off loss of RUB407.2M impacting its September 30 2020 financial results.

Growing Profit Margin: MRKZ's current net profit margins (1.3%) are lower than last year (2.2%).


Past Earnings Growth Analysis

Earnings Trend: MRKZ has become profitable over the past 5 years, growing earnings by 12.2% per year.

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

Earnings vs Industry: MRKZ had negative earnings growth (-45.2%) over the past year, making it difficult to compare to the Electric Utilities industry average (-4.6%).


Return on Equity

High ROE: MRKZ's Return on Equity (3.2%) is considered low.


Next Steps

Financial Health

How is Interregional Distribution Grid Company of the North-West's financial position?


Financial Position Analysis

Short Term Liabilities: MRKZ's short term assets (RUB8.7B) do not cover its short term liabilities (RUB14.3B).

Long Term Liabilities: MRKZ's short term assets (RUB8.7B) do not cover its long term liabilities (RUB16.2B).


Debt to Equity History and Analysis

Debt Level: MRKZ's debt to equity ratio (81.6%) is considered high.

Reducing Debt: MRKZ's debt to equity ratio has reduced from 91.3% to 81.6% over the past 5 years.

Debt Coverage: MRKZ's debt is well covered by operating cash flow (28.9%).

Interest Coverage: MRKZ's interest payments on its debt are not well covered by EBIT (2.2x coverage).


Balance Sheet


Next Steps

Dividend

What is Interregional Distribution Grid Company of the North-West current dividend yield, its reliability and sustainability?

5.04%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate MRKZ's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate MRKZ's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if MRKZ's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if MRKZ's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: MRKZ is not paying a notable dividend for the Russian market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of MRKZ's dividend in 3 years as they are not forecast to pay a notable one for the Russian market.


Next Steps

Management

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

1.8yrs

Average management tenure


CEO

Artem Pidnik (37 yo)

2.25yrs

Tenure

Mr. Artem Yurievich Pidnik has been Chairman of the Management Board at Public Joint Stock Company Interregional Distribution Grid Company of North-West since 2018 and has been its General Director since O...


Leadership Team

NamePositionTenureCompensationOwnership
Artem Pidnik
Chairman of the Management Board2.25yrsno datano data
Lyudmila Shadrina
Member of the management board and Deputy General Director for Economics & Finance3yrsno datano data
Denis Yagodka
First Deputy Director General of Chief Engineer & Member of Management Boardno datano datano data
Trofimova Mikhaylovna
Deputy General Director1.33yrsno datano data
Rudakov Stanislavovich
Deputy General Director of Corporate Governance & Member of Management Board1.33yrsno datano data
Svetlana Filatova
Member of Management Board and Deputy General Director for Development & Marketing of Services1.25yrsno datano data
Vadim Katkov
Member of the Management Board & Deputy General Director1yrno datano data
Irina Zhdanova
Chief Accountant and Head of the Department for Financial & Fiscal Accounting4.83yrsno datano data
Ludmila Vasinuyk
Head of the Shareholders & Investors Relations Departmentno datano datano data
Alexander Mikhalkov
Director of Electric Energy Accounting & Energy Efficiency and Head of Dept.5.33yrsno datano data
Alexey Shmyrin
Head of the Prospective Development & Technological Connection Departmentno datano datano data
Alena Terekhova
Head of the Property Management Departmentno datano datano data

1.8yrs

Average Tenure

49yo

Average Age

Experienced Management: MRKZ's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Artem Pidnik
Chairman of the Management Board2.25yrsno datano data
Andrey Morozov
Independent Director1.58yrs₽550.00kno data
Marina Lelekova
Chairman of Audit Commissionno datano datano data
Alexey Zharikov
Non-Executive Director6.83yrs₽1.39mno data
Maria Stepanova
Non-Executive Director5.58yrs₽1.49mno data
Oleg Fedorov
Independent Director3.58yrs₽1.37mno data
Mikhail Bychkov
Non-Executive Deputy Chairman5.58yrs₽465.39kno data
Aleksandr Golovtsov
Independent Director1.58yrs₽550.00k0.00070%
RUB 42.1k
Olga Sergeeva
Non-Executive Chairman2.58yrs₽1.60mno data
Irina Shagina
Non-Executive Director2.58yrs₽1.28mno data
Aleksandr Korneev
Non-Executive Director1.58yrs₽550.00kno data
Igor Alyushenko
Non-Executive Director1.33yrs₽507.69kno data

2.6yrs

Average Tenure

44.5yo

Average Age

Experienced Board: MRKZ's board of directors are not considered experienced ( 2.6 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

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


Key Information

  • Name: Public Joint-Stock Company Interregional Distribution Grid Company of the North-West
  • Ticker: MRKZ
  • Exchange: MISX
  • Founded: 2004
  • Industry: Electric Utilities
  • Sector: Utilities
  • Market Cap: ₽6.011b
  • Shares outstanding: 95.79b
  • Website: https://www.mrsksevzap.ru

Location

  • Public Joint-Stock Company Interregional Distribution Grid Company of the North-West
  • Constitution Square, 3A
  • Office 16N
  • Saint Petersburg
  • 196247
  • Russia

Listings

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

Biography

Public Joint-Stock Company Interregional Distribution Grid Company of the North-West, together with its subsidiaries owns and operates electric power transmission and distribution grids in the North-Wester...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/01/21 18:13
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.