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Interregional Distribution Grid Company of the North-West

MISX:MRKZ
Snowflake Description

Undervalued with limited growth.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MRKZ
MISX
RUB5B
Market Cap
  1. Home
  2. RU
  3. Utilities
Company description

Public Joint-Stock Company Interregional Distribution Grid Company of the North-West owns and operates electric power transmission and distribution grids in the North-Western region of Russia. The last earnings update was 30 days ago. More info.


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MRKZ Share Price and Events
7 Day Returns
0.4%
MISX:MRKZ
0.3%
RU Electric Utilities
-0.8%
RU Market
1 Year Returns
8.8%
MISX:MRKZ
-5.1%
RU Electric Utilities
7.6%
RU Market
MRKZ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Interregional Distribution Grid Company of the North-West (MRKZ) 0.4% 0.6% -16% 8.8% 21.2% 106.1%
RU Electric Utilities 0.3% 2.5% 5.6% -5.1% 37.4% 96.3%
RU Market -0.8% 2.6% 4.3% 7.6% 30.5% 93.5%
1 Year Return vs Industry and Market
  • MRKZ outperformed the Electric Utilities industry which returned -5.1% over the past year.
  • MRKZ outperformed the Market in Russian Federation which returned 7.6% over the past year.
Price Volatility
MRKZ
Industry
5yr Volatility vs Market

Value

 Is Interregional Distribution Grid Company of the North-West undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Interregional Distribution Grid Company of the North-West to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Interregional Distribution Grid Company of the North-West.

MISX:MRKZ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 16.8%
Perpetual Growth Rate 10-Year RU Government Bond Rate 8.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for MISX:MRKZ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year RU Govt Bond Rate 8.4%
Equity Risk Premium S&P Global 9.4%
Electric Utilities Unlevered Beta Simply Wall St/ S&P Global 0.24
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.242 (1 + (1- 20%) (306.19%))
0.889
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.89
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 8.44% + (0.889 * 9.43%)
16.82%

Discounted Cash Flow Calculation for MISX:MRKZ using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Interregional Distribution Grid Company of the North-West is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

MISX:MRKZ DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (RUB, Millions) Source Present Value
Discounted (@ 16.82%)
2019 2,012.24 Analyst x1 1,722.48
2020 2,353.23 Analyst x1 1,724.30
2021 2,327.32 Analyst x1 1,459.76
2022 2,197.71 Analyst x1 1,179.97
2023 2,220.62 Analyst x1 1,020.58
2024 2,240.78 Est @ 0.91% 881.55
2025 2,311.76 Est @ 3.17% 778.51
2026 2,421.55 Est @ 4.75% 698.06
2027 2,563.36 Est @ 5.86% 632.53
2028 2,733.35 Est @ 6.63% 577.35
Present value of next 10 years cash flows RUB10,675.09
MISX:MRKZ DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= RUB2,733.35 × (1 + 8.44%) ÷ (16.82% – 8.44%)
RUB35,361.25
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= RUB35,361.25 ÷ (1 + 16.82%)10
RUB7,469.20
MISX:MRKZ Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= RUB10,675.09 + RUB7,469.20
RUB18,144.29
Equity Value per Share
(RUB)
= Total value / Shares Outstanding
= RUB18,144.29 / 95,785.92
RUB0.19
MISX:MRKZ Discount to Share Price
Calculation Result
Value per share (RUB) From above. RUB0.19
Current discount Discount to share price of RUB0.05
= -1 x (RUB0.05 - RUB0.19) / RUB0.19
72%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Interregional Distribution Grid Company of the North-West is available for.
Intrinsic value
>50%
Share price is RUB0.0531 vs Future cash flow value of RUB0.18943
Current Discount Checks
For Interregional Distribution Grid Company of the North-West to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Interregional Distribution Grid Company of the North-West's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Interregional Distribution Grid Company of the North-West's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Interregional Distribution Grid Company of the North-West's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Interregional Distribution Grid Company of the North-West's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
MISX:MRKZ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in RUB RUB0.01
MISX:MRKZ Share Price ** MISX (2019-04-18) in RUB RUB0.05
Russian Federation Electric Utilities Industry PE Ratio Median Figure of 34 Publicly-Listed Electric Utilities Companies 7.06x
Russian Federation Market PE Ratio Median Figure of 130 Publicly-Listed Companies 7.39x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Interregional Distribution Grid Company of the North-West.

MISX:MRKZ PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= MISX:MRKZ Share Price ÷ EPS (both in RUB)

= 0.05 ÷ 0.01

4.44x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Interregional Distribution Grid Company of the North-West is good value based on earnings compared to the RU Electric Utilities industry average.
  • Interregional Distribution Grid Company of the North-West is good value based on earnings compared to the Russian Federation market.
Price based on expected Growth
Does Interregional Distribution Grid Company of the North-West's expected growth come at a high price?
Raw Data
MISX:MRKZ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.44x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
12.6%per year
Russian Federation Electric Utilities Industry PEG Ratio Median Figure of 8 Publicly-Listed Electric Utilities Companies -0.29x
Russian Federation Market PEG Ratio Median Figure of 33 Publicly-Listed Companies 0.51x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Interregional Distribution Grid Company of the North-West, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Interregional Distribution Grid Company of the North-West's assets?
Raw Data
MISX:MRKZ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in RUB RUB0.20
MISX:MRKZ Share Price * MISX (2019-04-18) in RUB RUB0.05
Russian Federation Electric Utilities Industry PB Ratio Median Figure of 38 Publicly-Listed Electric Utilities Companies 0.66x
Russian Federation Market PB Ratio Median Figure of 150 Publicly-Listed Companies 0.83x
MISX:MRKZ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= MISX:MRKZ Share Price ÷ Book Value per Share (both in RUB)

= 0.05 ÷ 0.20

0.26x

* Primary Listing of Interregional Distribution Grid Company of the North-West.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Interregional Distribution Grid Company of the North-West is good value based on assets compared to the RU Electric Utilities industry average.
X
Value checks
We assess Interregional Distribution Grid Company of the North-West's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check)
  5. Interregional Distribution Grid Company of the North-West has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Interregional Distribution Grid Company of the North-West expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

  • No analysts cover Interregional Distribution Grid Company of the North-West, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Interregional Distribution Grid Company of the North-West expected to grow at an attractive rate?
  • Interregional Distribution Grid Company of the North-West's earnings growth is expected to exceed the low risk savings rate of 8.4%.
Growth vs Market Checks
  • Interregional Distribution Grid Company of the North-West's earnings growth is expected to exceed the Russian Federation market average.
  • Interregional Distribution Grid Company of the North-West's revenue growth is positive but not above the Russian Federation market average.
Annual Growth Rates Comparison
Raw Data
MISX:MRKZ Future Growth Rates Data Sources
Data Point Source Value (per year)
MISX:MRKZ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 12.6%
MISX:MRKZ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 2.4%
Russian Federation Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 4.2%
Russian Federation Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 1.9%
Russian Federation Market Earnings Growth Rate Market Cap Weighted Average 3.8%
Russian Federation Market Revenue Growth Rate Market Cap Weighted Average 4.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
MISX:MRKZ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in RUB Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
MISX:MRKZ Future Estimates Data
Date (Data in RUB Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 70,064 5,401 1
2020-12-31 68,059 5,837 2
2019-12-31 67,015 6,444 2
MISX:MRKZ Past Financials Data
Date (Data in RUB Millions) Revenue Cash Flow Net Income *
2018-12-31 64,854 6,290 1,146
2018-09-30 60,215 8,051 -1,933
2018-06-30 56,031 9,301 -1,673
2018-03-31 51,170 7,360 -2,128
2017-12-31 47,869 6,521 -2,172
2017-09-30 47,991 3,955 1,009
2017-06-30 47,587 4,591 849
2017-03-31 46,407 6,938 952
2016-12-31 45,546 5,618 585
2016-09-30 44,314 8,742 601
2016-06-30 43,505 8,906 704
2016-03-31 44,127 6,551 1,077

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Interregional Distribution Grid Company of the North-West's earnings are expected to grow by 12.6% yearly, however this is not considered high growth (20% yearly).
  • Interregional Distribution Grid Company of the North-West's revenue is expected to grow by 2.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
MISX:MRKZ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Interregional Distribution Grid Company of the North-West Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MISX:MRKZ Future Estimates Data
Date (Data in RUB Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31
2019-12-31
MISX:MRKZ Past Financials Data
Date (Data in RUB Millions) EPS *
2018-12-31 0.01
2018-09-30 -0.02
2018-06-30 -0.02
2018-03-31 -0.02
2017-12-31 -0.02
2017-09-30 0.01
2017-06-30 0.01
2017-03-31 0.01
2016-12-31 0.01
2016-09-30 0.01
2016-06-30 0.01
2016-03-31 0.01

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Interregional Distribution Grid Company of the North-West is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Interregional Distribution Grid Company of the North-West's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Russian Federation market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Russian Federation market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Interregional Distribution Grid Company of the North-West has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Interregional Distribution Grid Company of the North-West's growth in the last year to its industry (Electric Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Interregional Distribution Grid Company of the North-West's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Interregional Distribution Grid Company of the North-West has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Interregional Distribution Grid Company of the North-West has become profitable in the last year making it difficult to compare the RU Electric Utilities industry average.
Earnings and Revenue History
Interregional Distribution Grid Company of the North-West's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Interregional Distribution Grid Company of the North-West Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MISX:MRKZ Past Revenue, Cash Flow and Net Income Data
Date (Data in RUB Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 64,853.95 1,145.97 16,412.15
2018-09-30 60,214.62 -1,933.03 20,150.73
2018-06-30 56,031.41 -1,672.78 19,759.62
2018-03-31 51,169.72 -2,128.05 19,423.58
2017-12-31 47,869.11 -2,172.23 18,675.52
2017-09-30 47,991.43 1,009.21 15,366.28
2017-06-30 47,587.34 848.96 14,845.17
2017-03-31 46,406.93 952.19 14,095.59
2016-12-31 45,545.79 584.64 13,604.80
2016-09-30 44,313.86 601.40 11,948.34
2016-06-30 43,504.87 703.87 11,516.03
2016-03-31 44,126.99 1,077.32 11,513.41
2015-12-31 42,370.02 814.86 11,394.14
2015-09-30 43,141.53 -2,017.08 11,646.09
2015-06-30 43,909.53 -2,212.86 11,727.58
2015-03-31 45,422.29 -2,214.84 11,407.61
2014-12-31 46,935.06 -2,216.82 11,087.63
2014-09-30 47,362.51 424.73 10,735.74
2014-06-30 48,226.82 1,157.07 10,096.64
2014-03-31 47,113.69 662.97 12,822.49
2013-12-31 44,615.08 386.56 10,729.29
2013-09-30 40,926.31 311.72 10,134.77
2013-06-30 37,347.49 -323.48 10,202.27
2013-03-31 34,863.99 -190.03 9,185.05
2012-12-31 33,418.67 396.41 8,799.89
2012-09-30 34,230.83 -391.46 14,284.08
2012-06-30 33,638.73 13.09 12,445.59

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Interregional Distribution Grid Company of the North-West has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Interregional Distribution Grid Company of the North-West used its assets less efficiently than the RU Electric Utilities industry average last year based on Return on Assets.
  • Interregional Distribution Grid Company of the North-West has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Interregional Distribution Grid Company of the North-West's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Interregional Distribution Grid Company of the North-West has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Interregional Distribution Grid Company of the North-West's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Interregional Distribution Grid Company of the North-West's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Interregional Distribution Grid Company of the North-West's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Interregional Distribution Grid Company of the North-West's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Interregional Distribution Grid Company of the North-West's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Interregional Distribution Grid Company of the North-West Company Filings, last reported 3 months ago.

MISX:MRKZ Past Debt and Equity Data
Date (Data in RUB Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 19,345.49 15,544.26 151.12
2018-09-30 19,096.34 15,550.08 103.76
2018-06-30 19,439.59 13,549.46 106.73
2018-03-31 19,119.12 13,235.70 335.92
2017-12-31 18,237.45 14,333.90 84.47
2017-09-30 21,151.09 15,599.80 307.58
2017-06-30 21,337.20 14,823.35 227.67
2017-03-31 21,660.16 14,445.30 483.35
2016-12-31 20,782.80 14,793.30 361.62
2016-09-30 20,188.05 15,337.68 247.80
2016-06-30 20,572.51 14,550.40 131.45
2016-03-31 20,562.36 15,144.78 71.25
2015-12-31 20,562.36 15,144.78 71.25
2015-09-30 20,077.31 18,413.59 1,179.08
2015-06-30 20,311.23 18,230.88 928.81
2015-03-31 20,311.23 18,230.88 928.81
2014-12-31 19,859.04 18,452.37 2,186.09
2014-09-30 22,178.21 17,645.57 1,040.74
2014-06-30 22,608.28 17,843.68 728.48
2014-03-31 22,608.28 17,843.68 728.48
2013-12-31 22,118.47 16,729.69 839.96
2013-09-30 22,029.54 15,897.44 1,022.59
2013-06-30 21,727.24 12,718.90 505.14
2013-03-31 27,147.03 10,528.54 386.18
2012-12-31 21,966.36 10,648.27 727.00
2012-09-30 27,594.13 7,453.23 497.84
2012-06-30 27,713.83 5,750.94 726.13
  • Interregional Distribution Grid Company of the North-West's level of debt (80.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (75.7% vs 80.4% today).
  • Debt is well covered by operating cash flow (40.5%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.5x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Interregional Distribution Grid Company of the North-West's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Interregional Distribution Grid Company of the North-West has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Interregional Distribution Grid Company of the North-West dividends.
If you bought RUB2,000 of Interregional Distribution Grid Company of the North-West shares you are expected to receive RUB0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Interregional Distribution Grid Company of the North-West's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Interregional Distribution Grid Company of the North-West's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
MISX:MRKZ Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Russian Federation Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 19 Stocks 5.9%
Russian Federation Market Average Dividend Yield Market Cap Weighted Average of 75 Stocks 6.8%
Russian Federation Minimum Threshold Dividend Yield 10th Percentile 1.8%
Russian Federation Bottom 25% Dividend Yield 25th Percentile 3.2%
Russian Federation Top 25% Dividend Yield 75th Percentile 9.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

MISX:MRKZ Future Dividends Estimate Data
Date (Data in RUB) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31
2019-12-31
MISX:MRKZ Past Annualized Dividends Data
Date (Data in RUB) Dividend per share (annual) Avg. Yield (%)
2019-03-19 0.000 0.000
2018-11-23 0.000 0.000
2018-09-07 0.000 0.000
2018-05-29 0.000 0.000
2018-03-16 0.000 0.000
2017-06-13 0.001 2.193
2016-06-22 0.004 8.802
2015-11-19 0.000 0.000
2015-08-18 0.000 0.000
2015-06-30 0.000 0.000
2014-06-26 0.001 2.775
2013-06-21 0.000 0.516

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Interregional Distribution Grid Company of the North-West has not reported any payouts.
  • Unable to verify if Interregional Distribution Grid Company of the North-West's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Interregional Distribution Grid Company of the North-West's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Interregional Distribution Grid Company of the North-West has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Interregional Distribution Grid Company of the North-West's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Interregional Distribution Grid Company of the North-West afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Interregional Distribution Grid Company of the North-West has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Interregional Distribution Grid Company of the North-West's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Artyom Pidnik
AGE 35
TENURE AS CEO 0.5 years
CEO Bio

Mr. Artyom Yuryevich Pidnik has been Chairman of the Management Board at Public Joint Stock Company Interregional Distribution Grid Company of North-West since 2018. He has been General Director at Public Joint Stock Company Interregional Distribution Grid Company of North-West since October 11, 2018. He Graduated from St. Petersburg State University. Since 2002 he had been working in the field of legal consulting. Since 2011 – Commercial Director – Deputy General Director, since 2012 – First Deputy General Director– Director for Economy and Finance of Baltic Shipyard LLC. 2013-2014 Deputy Director for Development of the ZAO “Construction & Erection Department No. 10 of Metrostroy”. Since 2014 - First Deputy General Director, 2015 - 2018 - General Director of Sevkabel Group LLC. On 03.07.2018 he had been appointed to the position of Advisor to the General Affairs Administration of IDGC of North-West, PJSC. Since 16.07.2018 – Acting Deputy General Director for Economy and Finance of IDGC of North-West. Since 11 October 2018, he has been elected to be the General Director of IDGC of North-West, PJSC (Resolution of the Board of Directors dated 10.10.2018, Minutes of Meeting No. 298/11). Qualification upgrade: 2006 - Organization Governance in the Field of Management 2007 - Project Management, Marketing Management (St. Petersburg State University) 2012 - Financial Management (St. Petersburg State University of Economy and Finance) 2017 - Professional Retraining Program “Executive MBA (for managers)”, (St. Petersburg State University)

CEO Compensation
  • Insufficient data for Artyom to compare compensation growth.
  • Insufficient data for Artyom to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure and age of the Interregional Distribution Grid Company of the North-West management team in years:

3.1
Average Tenure
50.5
Average Age
  • The tenure for the Interregional Distribution Grid Company of the North-West management team is about average.
Management Team

Artyom Pidnik

TITLE
Chairman of the Management Board & General Director
AGE
35
TENURE
0.5 yrs

Shadrina Lyudmila Vladimirovna

TITLE
Member of the management board and Deputy General Director for Economics & Finance
TENURE
1.3 yrs

Vladimir Gusev

TITLE
Deputy General Director for Security & Member of Management Board
AGE
68
TENURE
4 yrs

Vadim Fedorov

TITLE
Member of the Management Board
AGE
46
TENURE
3.3 yrs

Denis Yagodka

TITLE
First Deputy Director General
AGE
39

Savin Olegovich

TITLE
Member of the management board & Deputy General Director for Investment Activities
TENURE
0.3 yrs

Irina Zhdanova

TITLE
Chief Accountant and Head of the Department for Financial & Fiscal Accounting
AGE
55
TENURE
3.1 yrs

Ludmila Vasinuyk

TITLE
Head of the Shareholders and Investors Relations Department

Alexander Mikhalkov

TITLE
Director of Electric Energy Accounting & Energy Efficiency and Head of Dept.
AGE
56
TENURE
3.6 yrs

Alexey Shmyrin

TITLE
Head of the Prospective Development & Technological Connection Department
Board of Directors Tenure

Average tenure and age of the Interregional Distribution Grid Company of the North-West board of directors in years:

3.3
Average Tenure
39.5
Average Age
  • The tenure for the Interregional Distribution Grid Company of the North-West board of directors is about average.
Board of Directors

Olga Sergeeva

TITLE
Chairman
AGE
34
TENURE
0.8 yrs

Dmitry Akopyan

TITLE
Deputy Chairman
AGE
51

Marina Lelekova

TITLE
Chairman of Audit Commission
AGE
57

Marina Lavrova

TITLE
Non-Executive Director
COMPENSATION
RUB900K
AGE
36
TENURE
5.1 yrs

Alexander Shevchuk

TITLE
Independent Director
COMPENSATION
RUB900K
AGE
35
TENURE
2.8 yrs

Roman Filkin

TITLE
Non-Executive Director
COMPENSATION
RUB875K
AGE
35
TENURE
7.8 yrs

Alexey Zharikov

TITLE
Non-Executive Director
COMPENSATION
RUB831K
AGE
48
TENURE
5.1 yrs

Maria Stepanova

TITLE
Non-Executive Director
COMPENSATION
RUB831K
AGE
36
TENURE
3.8 yrs

Nikolay Bogomolov

TITLE
Non-Executive Director
AGE
43
TENURE
1.8 yrs

Oleg Fyodorov

TITLE
Director
AGE
50
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (RUB) Value (RUB)
X
Management checks
We assess Interregional Distribution Grid Company of the North-West's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Interregional Distribution Grid Company of the North-West has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Are Public Joint-Stock Company Interregional Distribution Grid Company of the North-West’s (MCX:MRKZ) Returns Worth Your While?

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … What is Return On Capital Employed (ROCE)? … How Do You Calculate Return On Capital Employed

Simply Wall St -

How Financially Strong Is Public Joint-Stock Company Interregional Distribution Grid Company of the North-West (MCX:MRKZ)?

Want to participate in a short research study? … While small-cap stocks, such as Public Joint-Stock Company Interregional Distribution Grid Company of the North-West (MCX:MRKZ) with its market cap of RUруб5.0b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn.

Simply Wall St -

Are Public Joint-Stock Company Interregional Distribution Grid Company of the North-West's (MCX:MRKZ) Interest Costs Too High?

While small-cap stocks, such as Public Joint-Stock Company Interregional Distribution Grid Company of the North-West (MCX:MRKZ) with its market cap of RUруб5.8b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … the current state of its operations and pathway to profitability.

Simply Wall St -

What does Public Joint-Stock Company Interregional Distribution Grid Company of the North-West's (MCX:MRKZ) Balance Sheet Tell Us About Its Future?

While small-cap stocks, such as Public Joint-Stock Company Interregional Distribution Grid Company of the North-West (MCX:MRKZ) with its market cap of RUруб5.99b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn.

Simply Wall St -

Who Owns Most Of Public Joint-Stock Company Interregional Distribution Grid Company of the North-West (MCX:MRKZ)?

In this analysis, my focus will be on developing a perspective on Public Joint-Stock Company Interregional Distribution Grid Company of the North-West’s (MISX:MRKZ) latest ownership structure, a less discussed, but important factor. … Check out our latest analysis for Interregional Distribution Grid Company of the North-West MISX:MRKZ Ownership_summary Apr 26th 18 Institutional Ownership In MRKZ's case, institutional ownership stands at 15.58%, significant enough to cause considerable price moves in the case of large institutional transactions, especially when there is a low level of public shares available on the market to trade. … Public Company Ownership Another group of owners that a potential investor in MRKZ should consider are other public companies, with a stake of 55.38%.

Simply Wall St -

Public Joint-Stock Company Interregional Distribution Grid Company of the North-West (MCX:MRKZ): How Does It Impact Your Portfolio?

If you are looking to invest in Public Joint-Stock Company Interregional Distribution Grid Company of the North-West’s (MISX:MRKZ), or currently own the stock, then you need to understand its beta in order to understand how it can affect the risk of your portfolio. … A popular measure of market risk for a stock is its beta, and the market as a whole represents a beta value of one. … MRKZ’s beta indicates it is a stock that investors may find valuable if they want to reduce the overall market risk exposure of their stock portfolio.

Simply Wall St -

What does Public Joint-Stock Company Interregional Distribution Grid Company of the North-West's (MCX:MRKZ) Balance Sheet Tell Us About Its Future?

On top of this, MRKZ has generated cash from operations of RUРУБ5.62B during the same period of time, leading to an operating cash to total debt ratio of 37.97%, signalling that MRKZ’s current level of operating cash is high enough to cover debt. … At the current liabilities level of RUРУБ12.11B liabilities, the company has been able to meet these commitments with a current assets level of RUРУБ16.12B, leading to a 1.33x current account ratio. … For MRKZ, the ratio of 1.42x suggests that interest is not strongly covered, which means that lenders may be more reluctant to lend out more funding as MRKZ’s low interest coverage already puts the company at higher risk of default.Next Steps: MRKZ’s high cash coverage means that, although its debt levels are high, the company is able to utilise its borrowings efficiently in order to generate cash flow.

Simply Wall St -

Why Public Joint-Stock Company Interregional Distribution Grid Company of the North-West (MCX:MRKZ) May Not Be As Efficient As Its Industry

Public Joint-Stock Company Interregional Distribution Grid Company of the North-West’s (MISX:MRKZ) most recent return on equity was a substandard 4.77% relative to its industry performance of 9.23% over the past year. … View our latest analysis for Interregional Distribution Grid Company of the North-West Peeling the layers of ROE – trisecting a company’s profitability Return on Equity (ROE) is a measure of Interregional Distribution Grid Company of the North-West’s profit relative to its shareholders’ equity. … Since Interregional Distribution Grid Company of the North-West’s return does not cover its cost, with a difference of -14.74%, this means its current use of equity is not efficient and not sustainable.

Simply Wall St -

Should You Be Tempted To Buy Public Joint-Stock Company Interregional Distribution Grid Company of the North-West (MCX:MRKZ) Because Of Its PE Ratio?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for MRKZ Price per share = RUB0.05 Earnings per share = RUB0.011 ∴ Price-Earnings Ratio = RUB0.05 ÷ RUB0.011 = 4.7x The P/E ratio isn’t a metric you view in isolation and only becomes useful when you compare it against other similar companies. … For example, if you inadvertently compared lower risk firms with MRKZ, then investors would naturally value MRKZ at a lower price since it is a riskier investment. … Similarly, if you accidentally compared higher growth firms with MRKZ, investors would also value MRKZ at a lower price since it is a lower growth investment.

Simply Wall St -

Company Info

Description

Public Joint-Stock Company Interregional Distribution Grid Company of the North-West owns and operates electric power transmission and distribution grids in the North-Western region of Russia. It operates through Transmission, Energy Retail, and Other segments. The company operates 167.8 thousand kilometers (km) of overhead transmission lines; 8.3 thousand km of cable power lines; and 1,172 substations. It also provides payment collection, power metering, and health and recreation services. The company was founded in 2004 and is headquartered in Saint Petersburg, Russia. Public Joint-Stock Company Interregional Distribution Grid Company of the North-West is a subsidiary of Rosseti, Public Joint Stock Company.

Details
Name: Public Joint-Stock Company Interregional Distribution Grid Company of the North-West
MRKZ
Exchange: MISX
Founded: 2004
RUB5,076,653,926
95,785,923,138
Website: http://www.mrsksevzap.ru
Address: Public Joint-Stock Company Interregional Distribution Grid Company of the North-West
Constitution Square, 3A,
Office 16N,
Saint Petersburg,
196247,
Russia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
MISX MRKZ Ordinary Shares Micex - Rts RU RUB 28. May 2008
Number of employees
Current staff
Staff numbers
0
Interregional Distribution Grid Company of the North-West employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 21:34
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/05
Last earnings filing: 2019/03/19
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.