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
Rewards
Risk Analysis
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
| MRKZ | Industry | Market | |
|---|---|---|---|
| 7 Day | 6.8% | 0.8% | -0.4% |
| 30 Day | 15.8% | 5.7% | 7.6% |
| 90 Day | 22.8% | 11.8% | 21.4% |
| 1 Year | 15.9%13.1% | 7.9%3.4% | 4.1%-2.4% |
| 3 Year | 23.9%9.8% | 40.2%20.6% | 55.5%28.6% |
| 5 Year | 181.9%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
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman of the Management Board | 2.25yrs | no data | no data | |
| Member of the management board and Deputy General Director for Economics & Finance | 3yrs | no data | no data | |
| First Deputy Director General of Chief Engineer & Member of Management Board | no data | no data | no data | |
| Deputy General Director | 1.33yrs | no data | no data | |
| Deputy General Director of Corporate Governance & Member of Management Board | 1.33yrs | no data | no data | |
| Member of Management Board and Deputy General Director for Development & Marketing of Services | 1.25yrs | no data | no data | |
| Member of the Management Board & Deputy General Director | 1yr | no data | no data | |
| Chief Accountant and Head of the Department for Financial & Fiscal Accounting | 4.83yrs | no data | no data | |
| Head of the Shareholders & Investors Relations Department | no data | no data | no data | |
| Director of Electric Energy Accounting & Energy Efficiency and Head of Dept. | 5.33yrs | no data | no data | |
| Head of the Prospective Development & Technological Connection Department | no data | no data | no data | |
| Head of the Property Management Department | no data | no data | no 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
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman of the Management Board | 2.25yrs | no data | no data | |
| Independent Director | 1.58yrs | ₽550.00k | no data | |
| Chairman of Audit Commission | no data | no data | no data | |
| Non-Executive Director | 6.83yrs | ₽1.39m | no data | |
| Non-Executive Director | 5.58yrs | ₽1.49m | no data | |
| Independent Director | 3.58yrs | ₽1.37m | no data | |
| Non-Executive Deputy Chairman | 5.58yrs | ₽465.39k | no data | |
| Independent Director | 1.58yrs | ₽550.00k | 0.00070% RUB 42.1k | |
| Non-Executive Chairman | 2.58yrs | ₽1.60m | no data | |
| Non-Executive Director | 2.58yrs | ₽1.28m | no data | |
| Non-Executive Director | 1.58yrs | ₽550.00k | no data | |
| Non-Executive Director | 1.33yrs | ₽507.69k | no 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
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| MRKZ | MISX (Micex - Rts) | Yes | Ordinary Shares | RU | RUB | May 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
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/01/21 18:13 |
| End of Day Share Price | 2021/01/21 00:00 |
| Earnings | 2020/09/30 |
| Annual Earnings | 2019/12/31 |
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.