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IDGC Center & Volga (MRKP) RUB

At a glance: strengths & risks
Revenue growing (+16%)Profit growing (+43%)Margins improving (24%→29%)Low leverage (0.1x EBITDA)Cheaper than own history (EV/EBITDA 1.0 vs avg 1.5)Dividend yield above fair (17% vs 11%)

Sector: Utilities

RU_MRKP

Price chart

0.4812 RUBDay -2.89%

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
0.4812 RUB · -2.89%
Market cap
54.2 bn RUB

Growth

Δ revenue y/y
13.9%
Δ EBITDA y/y
18.6%

Multiples

P/E (LTM)
2.1x
3y avg: 2.5x
P/B (FY)
0.5x
P/E (ann.)
1.5x
EV/EBITDA (LTM)
1.0x
3y avg: 1.5x
EV/EBITDA (ann.)
0.8x

Cash return

Dividend yield
8.3%
FCF yield (LTM)
14.7%

Value creation

fundamental value/yr, % of market cap
Value created / year

Liquidity

Daily turnover (MOEX)
63.4 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
2026-03-31Q1 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)

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-20 000020 00040 00060 00080 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%0%100%200%300%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF (₽ mln)

-10 000-5 00005 00010 00015 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash (₽ mln)

-5 00005 00010 00015 00020 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Investment programme (Minenergo)

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. MCap8.1%10.4%10.8%14.8%14.5%16.9%20.6%22.3%27.4%30.8%

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: 2026 from Oct +15.2% · 2027 from Jul +15.3% · 2028 from Jul +11.2%

Russian MinEc socio-economic forecast 2026–2028 (Sep 2025) + FAS orders

Fundamental value creation

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

Value created per year: +69.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (15 924 − 13 423) × 3.15
7 882
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (54 230 + -4 963) ÷ 50 191
1.0x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (1.0 + 6.5) ÷ 2
3.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 7 944 + 2 + 0 − 0
7 946
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (7 882 × 3.7 + 7 946) ÷ 54 230
+69.0%

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).

Dividend — grid ИПР model

Expected dividend: 8049 mln RUB · 14.8% · upside +4%

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: +63%

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)25 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 rate14.2%
Historical yield spread to rate (3-yr median)-7.3 pp
= Fair dividend yield10.8%
3 · Valuation → upside
Current price0.482 ₽
Forecast dividend yield16.6%
Fair price (dividend-based)0.780 ₽

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

Dividend history

Paid, trailing 12-mo: 0.07 RUB/sh · 15.0%

Pay yearDividend /sh
20260.07 ₽
20250.05 ₽
20240.04 ₽
20230.03 ₽
20220.03 ₽
20210.03 ₽
20200.02 ₽
20190.04 ₽
Payments by period
PeriodEx-date/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

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.
27.05.26Material 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 месяца 2026 года, в которой прибыль составила 8,8 млрд руб. (+25,7% к прошлому году), а выручка - 46,4 млрд руб. (+14% к аналогичному периоду 2025 года). Основной фактор роста выручки - увеличение тарифов на передачу электроэнергии.
29.06.26AGM / BoardРешения совета директоров (наблюдательного совета)
26 июня 2026 года Совет директоров ПАО «Россети Центр и Приволжье» утвердил новые регламенты и положения, в том числе Регламент размещения временно свободных денежных средств и Положение о Корпоративном секретаре. Председателем Совета директоров избран Евгений Ляпунов. Все решения были приняты с высоким уровнем поддержки среди членов совета.
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.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=12093

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.

MRKP (ticker RU_MRKP) is a Russian electric power distribution company that operates regional electricity grids and provides transmission services to consumers and businesses in its service area.

Frequently asked questions

What is IDGC Center & Volga (MRKP)'s P/E ratio?
IDGC Center & Volga (MRKP) trades at a P/E of 2.1x (price to trailing 12-month earnings).
What is IDGC Center & Volga (MRKP)'s EV/EBITDA?
IDGC Center & Volga (MRKP) trades at 1.0x EV/EBITDA.
What is IDGC Center & Volga (MRKP)'s P/B ratio?
IDGC Center & Volga (MRKP) trades at a P/B of 0.5x.
What is IDGC Center & Volga (MRKP)'s dividend yield?
IDGC Center & Volga (MRKP)'s trailing 12-month dividend yield is 8.3%.
What is IDGC Center & Volga (MRKP)'s return on equity (ROE)?
IDGC Center & Volga (MRKP)'s ROE is 29.0%.
What is IDGC Center & Volga (MRKP)'s market capitalization?
IDGC Center & Volga (MRKP)'s market cap is 54.2 bn RUB.