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IDGC Center & Volga (MRKP) RUB

Rosseti Centre and Volga Region operates electricity distribution grids in nine regions of central Russia and the Volga area.

At a glance: strengths & risks
✓Revenue growing (+12% y/y, Q2 2026)✓Profit growing (+21% y/y, Q2 2026)✓Low leverage (0.1x EBITDA)✓Dividend yield above fair (14% vs 10%)

Sector: Utilities

RU_MRKP

Price chart

0.5921 RUBDay 1.32%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
0.5921 RUB · 1.32%
Market cap
66.7 bn RUB

Growth

Δ revenue y/y
11.5%
Δ EBITDA y/y
11.2%

Multiples

P/E (LTM)
2.5x
3y avg: 2.5x
P/B (FY)
0.6x
P/E (ann.)
2.8x
EV/EBITDA (LTM)
1.2x
3y avg: 1.5x
EV/EBITDA (ann.)
1.3x

Cash return

Dividend yield
12.5%
FCF yield (LTM)
13.8%

Value creation

fundamental value/yr, % of market cap
Value created / year
+42.3%
↓ details

Liquidity

Daily turnover (MOEX)
29.8 mln RUB

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B RUB, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB RUBOperating profitB RUBD&AB RUBEBITDAB RUBNet profitB RUBOperating CFB RUBCapex + M&AB RUBAssetsB RUBEquityB RUBROE (annualized)Net debtB RUBSource
2026-06-30Q2 2026 (3M)OK39.5
y/y 11.5%
7.9
y/y 10.4%
4.1
y/y 12.7%
12.0
y/y 11.2%
6.0
y/y 20.7%
4.6-5.8216.2
y/y 11.8%
124.3
y/y 17.4%
19.2%-4.9Report (PDF)
2026-03-31Q1 2026 (3M)OK46.4
y/y 13.9%
11.9
y/y 20.8%
4.1
y/y 12.8%
15.9
y/y 18.6%
8.8
y/y 26.0%
13.2-6.7215.9
y/y 12.3%
126.4
y/y 18.5%
29.0%-5.0Report (PDF)
2025-12-31Q4 2025 (3M)OK50.1
y/y 19.4%
9.0
y/y 324.9%
3.3
y/y 0.0%
12.3
y/y 127.7%
6.7
y/y 469.5%
13.3-12.3211.1
y/y 12.6%
117.5
y/y 17.9%
20.6%2.6Report (PDF)
2025-09-30Q3 2025 (3M)OK39.9
y/y 18.0%
7.5
y/y 20.5%
3.7
y/y 12.5%
11.2
y/y 17.7%
4.9
y/y 10.7%
8.8-7.5196.3
y/y 8.0%
110.9
y/y 12.4%
6.0%7.3Report (PDF)
2025-06-30Q2 2025 (3M)OK35.4
y/y 13.5%
7.2
y/y 38.0%
3.6
y/y 7.3%
10.8
y/y 25.9%
5.0
y/y 5.6%
2.7-5.2193.4
y/y 8.9%
105.9
y/y 12.6%
18.7%3.5Report (PDF)
2025-03-31Q1 2025 (3M)OK40.7
y/y 11.2%
9.8
y/y 20.9%
3.6
y/y 8.8%
13.4
y/y 17.4%
7.0
y/y 14.5%
12.4-5.6192.3
y/y 10.8%
106.7
y/y 14.0%
27.2%3.0Report (PDF)
2024-12-31Q4 2024 (3M)OK41.9
y/y 9.6%
2.1
y/y -45.9%
3.3
y/y 5.6%
5.4
y/y -23.2%
1.2
y/y -19.7%
6.1-11.8187.5
y/y 11.5%
99.7
y/y 14.1%
16.6%10.5Report (PDF)
2024-09-30Q3 2024 (3M)OK33.8
y/y 12.9%
6.2
y/y 33.6%
3.3
y/y 10.4%
9.5
y/y 24.6%
4.4
y/y 37.9%
10.1-4.4181.8
y/y 14.2%
98.6
y/y 14.8%
6.1%6.3Report (PDF)
2024-06-30Q2 2024 (3M)OK31.2
y/y 4.8%
5.2
y/y 12.8%
3.4
y/y 10.2%
8.6
y/y 11.8%
4.7
y/y 56.5%
8.8-4.9177.7
y/y 14.7%
94.1
y/y 14.0%
20.1%7.9Report (PDF)
2024-03-31Q1 2024 (3M)OK36.6
y/y 7.6%
8.1
y/y 2.8%
3.3
y/y 13.6%
11.4
y/y 5.7%
6.1
y/y -3.5%
9.5-4.8173.6
y/y 12.1%
93.6
y/y 17.4%
27.1%12.5Report (PDF)
2023-12-31Q4 2023 (3M)OK38.3
y/y —
3.9
y/y —
3.1
y/y —
7.0
y/y —
1.5
y/y —
10.4-11.6168.2
y/y —
87.3
y/y —
16.2%17.7Report (PDF)
2023-09-30Q3 2023 (3M)OK29.9
y/y —
4.7
y/y —
3.0
y/y —
7.6
y/y —
3.2
y/y —
9.0-5.7159.2
y/y —
85.8
y/y —
5.1%17.4Report (PDF)
2023-06-30Q2 2023 (3M)OK29.8
y/y —
4.6
y/y —
3.1
y/y —
7.7
y/y —
3.0
y/y —
4.6-5.7154.9
y/y —
82.5
y/y —
14.9%21.0Report (PDF)
2023-03-31Q1 2023 (3M)OK34.1
y/y —
7.9
y/y —
2.9
y/y —
10.8
y/y —
6.3
y/y —
11.5-4.2154.9
y/y —
79.7
y/y —
—20.1Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)1 159
Long-term debt (incl. LT leases)29 030
− Cash & equivalents35 081
Net debt-4 892

Net debt / LTM EBITDA: -0.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

020 00040 00060 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%150%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) (₽ mln)

-10 000-5 00005 00010 00015 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

-5 00005 00010 00015 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.09x of reported net profit; after capex, 0.54x.
year20212022202320242025
cash flow / profit1.98x2.62x2.53x2.09x1.58x
accruals, % of assets-7.4%-11.8%-12.8%-9.6%-6.5%
Last twelve months (to 2026-06-30): 1.51x of profit came back as operating cash flow.
net debt / EBITDA 0.1x · EBIT covers interest 5.5x · capex 2.0x of depreciation · dividends 36% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Investment programme (Minenergo)

approved by order № 17@ от 24.12.2025 · period 2025–2032 · download order + appendix

ИПР financial plan (Form 19), ₽bn:

2023202420252026202720282029203020312032
Net profit (ИПР)13.613.622.724.130.534.640.042.345.449.0
Dividends (ИПР)4.45.75.98.07.99.211.212.114.916.7
div, % cur. MCap6.7%8.7%9.0%12.3%12.1%14.1%17.1%18.6%22.9%25.7%

Capex & funding sources, ₽bn:

20252026202720282029203020312032
Capex (funding)36.931.428.729.431.033.033.734.4
of which profit to investment13.310.48.89.310.311.111.511.4
depreciation13.714.214.715.215.516.016.617.1
attracted funds4.42.00.50.10.00.50.00.1

Investment-programme execution: plan vs actual, ₽bn:

20212022202320242025
ИПР plan (prior-year order)18.321.424.522.925.5
revised plan (same-year order)20.919.931.230.436.9
Actual capex (IFRS cash flow)17.517.927.125.530.6
actual vs plan96%84%111%111%120%

Plan for a year = the order approved late in the prior year; actual = IFRS cash paid for PP&E (incl. VAT, approximately comparable).

Source — Minenergo ИПР order + Form 19 financial plan (МРСК consolidated). Net profit and dividends are the ИПР's own planned figures (correction proposal preferred), not actuals.

Transmission tariff: indexation

Regulated indexation (plan, RF average). Distribution grid transmission-tariff indexation (other consumers): 2026 from Oct +15.2% · 2027 from Jul +15.2% (households 17.5%) · 2028 from Jul +9.7% (households 12.0%) · 2029 from Jul +7.2%

Russian MinEc socio-economic forecast 2027–2029 (24 Sep 2026): 1prime.ru/20260924/indeksatsija-873658230.html, energo-news.ru/archives/201504

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +42.3%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (12 005 − 10 801) × 4.28
5 158
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (66 728 + -4 892) ÷ 51 395
1.2x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (1.2 + 6.5) ÷ 2
3.9x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 8 366 + 1 + 0 − 0
8 366
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (5 158 × 3.9 + 8 366) ÷ 66 728
+42.3%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +16% vs +9% the year before — a +6.9 pp move. 3-year CAGR +13%.
revenue growth by year: 2023 +16% · 2024 +9% · 2025 +16%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 1.2x · 3-year 75th pct 1.6x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Utilities. Each peer is shown as it trades and re-priced onto this company's market (Russia) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Inter RAORussia2.60.2x0.2x
FGC UESRussia1.91.8x1.8x
LenenergoRussia2.21.9x1.9x
NEXTERA ENERGY INCUS162.817.4x3.3x
RushydroRussia2.93.6x3.6x
CPFL EnergiaBrazil11.36.2x3.6x
CemigBrazil6.56.4x3.7x
DEWA (Dubai Electricity & Water)UAE36.19.9x4.0x
Equatorial EnergiaBrazil12.110.8x6.3x
En+ GroupRussia2.96.4x6.4x
Manila Electric (Meralco)Philippines8.212.9x8.9x
EnergisaBrazil32.923.0x13.4x
Group median6.4x3.7x
Group average8.4x4.8x
This companyRussia0.91.2x1.2x

Group median 6.4x as traded, 3.7x adjusted; this company 1.2x — a 67% discount.

Group average 8.4x as traded, 4.8x adjusted; against the average this company is at a 75% discount. The average sits 30% above the median: Energisa (13.4x) skews the group.

At the adjusted group median the market cap would be +212% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.1x, Russia 4.0x, South Africa 5.1x, Kazakhstan 6.2x, India 18.8x, Indonesia 4.7x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-20; the company's own is live.

Dividend — grid ИПР model

Expected dividend: 8049 mln RUB · 12.3% · upside -12%

ИПР-planned dividend (company pays) Last actual payout: 2026.

YearИПР plan, mlnActual, mln
20277890—
20289207—
202911173—
203012108—
203114908—
203216744—

For grids the dividend is judged from the ИПР plan, discounted by actual payment practice and board decisions (the ИПР plan is often not executed).

Dividend potential

Dividend-model upside: +44%

The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)26 bn RUB
Payout ratio36%
Free cash flow (FY, OCF − capex) — not a cap (leverage 0.1x)7 bn RUB
Recent actual dividend (3-yr median)0.07 ₽
= Forecast dividend per share0.08 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-7.2 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price0.579 ₽
Forecast dividend yield14.4%
Fair price (dividend-based)0.830 ₽

Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.

Three-year model and IRR with caveats

Expected IRR: +17% (bear +2% … bull +39%)

price in 3 years 0.590 ₽ (+2% к 0.580 ₽); dividends along the way 0.290 ₽ (+50% цены); base — LTM на 2026-06-30 (H1)

Metric, RUB mlnLTM, actual
12m to 30.06.2026
2027
12m to 30.06
2028
12m to 30.06
2029
12m to 30.06
Revenue175.8 bn200.6 bn221.8 bn243.7 bn
Revenue growth—+14%+11%+10%
EBITDA51.4 bn55.9 bn58.7 bn61.2 bn
EBITDA margin29.2%27.9%26.5%25.1%
less D&A15.1 bn16.3 bn17.3 bn18.3 bn
EBIT36.3 bn39.6 bn41.4 bn42.8 bn
less net interest-129502600806
less tax10.0 bn9.8 bn10.2 bn10.5 bn
Net profit26.4 bn29.3 bn30.6 bn31.5 bn
Capex32.4 bn36.5 bn40.4 bn44.4 bn
Capex to revenue18.4%18.2%18.2%18.2%
Free cash flow7.4 bn
operating cash flow less capex
9.1 bn7.5 bn5.4 bn
Net debt-4.9 bn-3.6 bn-2045.5 bn
Net debt / EBITDA-0.1x-0.1x-0.0x0.1x
Dividend per share0.070 ₽0.090 ₽0.100 ₽0.100 ₽
Yield on current price12.1%15.5%17.2%17.2%
Where the growth comes from
Revenue-growth sourceweightgrowth: yr 1 · 2 · 3
Regulated tariff indexation
Минэкономразвития, Прогноз социально-экономического развития РФ на 2026 и плановый период 2027–2028 (сентябрь 2025)		57%+15% · +11% · +11%
Realised pace (acceleration/deceleration)
LTM YoY +16%; acceleration +4.1pp
LTM г/г по отчётности		43%+13% · +10% · +8%
Model assumptions
Exit multipleEV/EBITDA 1.17x (1.00x…1.72x)
No re-rating: min(current 1.2x, three-year median 1.4x). Re-rating to 1.7x on a falling rate is the bull case
Second valuation: discounted cash flow0.540 ₽ (discount 13.1%, terminal growth 4.0%)
71% of that value sits beyond the three-year horizon
Key rate by year13.2% · 9.8% · 8.1% (averaged over the 12 months to each model year end, not over the calendar year)
Cost inflation6.2% · 5.6% · 5.3%
Dividend policy36% of net profit
Year-3 EBITDA margin target25.1%
Current CPI (actual)6.3%, на 2026-09-30
Capexcapex/revenue intensity held at the base level, floored at 80% of D&A: growth may need no new plant, but wear still does
D&Agrows slower than revenue — elasticity 0.6: assets outlive the sales they carry
Interestgross debt × (that year's key rate + 1.5pp) less cash yield at 0.85 of the rate. Debt is refinanced at par; free cash after dividends accumulates and cuts net debt
Tax25% of pre-tax profit when positive; losses earn no tax credit
Working capitalneutral: FCF = EBITDA − capex − interest − tax
Governanceno flags: the dividend has not faded against profit, payouts were not suspended, no audit qualification and no manual penalty — quality multiplier 1.00
Forecast accuracy measured on history
Historical forecast checkobsmedian errorbias±20%
Revenue184%0.98x100%
EBITDA187%0.96x89%
Net profit1610%0.90x69%

The model is anchored at each past reporting date with only the data available then, and its one-year-ahead forecast is compared with the actual. Rates and inflation are actuals, so this checks the operating forecast, not macro guessing.

Independent one-year estimates: eninvs Company_Forecast — 0.802 ₽; Frontier див-модель — 0.830 ₽. Ours on the same horizon — 0.610 ₽. Dropped as broken: eninvs DividendPrediction (8.343e-10)

Checks and caveats
  • ⚠ Cash conversion is not measured: of 4 reported years only 1 were comparable, and in 1 of them the formula cash flow was negative. The forecast runs on the uncorrected formula — where the correction could be measured it cuts roughly a third
  • ✓ Growth sources: market, momentum
  • ✓ Revenue CAGR +11%
  • ✓ Year-3 margin 25% inside history 21%–29%
  • ✓ Year-3 net debt/EBITDA 0.1x
  • ✓ Three-year dividends — 50% of the current price
  • ✓ IRR +17%
  • ✓ Base is fresh: report 4 months old
  • ✓ Historical check (18 observations): median EBITDA miss 1.8 pp of margin, within ±5 pp in 89% of cases, relative error 7% at bias 0.96x, revenue 4%
  • ✓ Exit multiple and discounted cash flow agree (1 vs 1, 1.09x); in the DCF 71% of value sits in the terminal value
  • ✓ One-year value agrees with an independent estimate: eninvs Company_Forecast (0.76x). Compared with: eninvs Company_Forecast, Frontier див-модель

A forecast, not investment advice. Related-market prices are held at today's level, so the model answers what the business earns and is worth if markets stay here — it does not predict prices.

Dividend history

Paid, trailing 12-mo: 0.07 RUB/sh · 12.5%

Pay yearDividend /sh
20260.07 ₽
20250.05 ₽
20240.04 ₽
20230.03 ₽
20220.03 ₽
20210.03 ₽
20200.02 ₽
20190.04 ₽
Payments by period
PeriodLast day to buy/sh
2026 q22026-06-290.07 ₽
2025 q22025-06-300.05 ₽
2024 q22024-06-270.04 ₽
2023 q22023-06-210.00 ₽
2023 q12023-01-040.03 ₽
2022 q22022-06-230.03 ₽
2021 q22021-06-110.03 ₽
2020 q12020-01-100.02 ₽
2019 q22019-06-210.04 ₽
2018 q22018-06-080.04 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

28.08.26Material event★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «Россети Центр и Приволжье» опубликовало промежуточную финансовую отчетность за 3 и 6 месяцев 2026 года, согласно которой прибыль составила 14,8 млрд руб. (+23,3% к прошлому году), выручка – 85,9 млрд руб. (+12,9%). EBITDA возросла до 30,4 млрд руб. (+13,0%).
16.06.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
ПАО «Россети Центр и Приволжье» объявит дивиденды по обыкновенным акциям по итогам 2025 года, фиксирующая дата для акционеров - 30.06.2026. Протокол общего собрания акционеров, на котором принято решение о фиксирующей дате, датирован 16.06.2026.
14.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Россети Центр и Приволжье» утвердил ключевые показатели эффективности на 2026-2028 годы, включая минимальные и предельные значения для 2026 года, которые будут использованы для оценки вознаграждения руководства. Решение было принято с результатами голосования: 8 «ЗА», 0 «ПРОТИВ», 3 «ВОЗДЕРЖАЛИСЬ».
16.06.26AGM / BoardРешения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Россети Центр и Приволжье» 16 июня 2026 года было утверждено распределение прибыли за 2025 год, включая дивиденды в размере 0,0725 руб. на акцию. Также избраны новые члены Совета директоров и Ревизионной комиссии, а аудитором на 2026 год назначены ООО «Б1 - Аудит» и ООО «Интерком-Аудит». Кворум по всем вопросам повестки дня составил 77,01%.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of IDGC Center & Volga (MRKP) — from primary filings.

Frequently asked questions

What is IDGC Center & Volga (MRKP)'s P/E ratio?
IDGC Center & Volga (MRKP) trades at a P/E of 2.5x (price to trailing 12-month earnings).
What is IDGC Center & Volga (MRKP)'s EV/EBITDA?
IDGC Center & Volga (MRKP) trades at 1.2x EV/EBITDA.
What is IDGC Center & Volga (MRKP)'s P/B ratio?
IDGC Center & Volga (MRKP) trades at a P/B of 0.6x.
What is IDGC Center & Volga (MRKP)'s dividend yield?
IDGC Center & Volga (MRKP)'s trailing 12-month dividend yield is 12.5%.
What is IDGC Center & Volga (MRKP)'s return on equity (ROE)?
IDGC Center & Volga (MRKP)'s ROE is 19.2%.
What is IDGC Center & Volga (MRKP)'s market capitalization?
IDGC Center & Volga (MRKP)'s market cap is 66.7 bn RUB.

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