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IDGC Siberia (MRKS) USD

Rosseti Siberia operates electricity distribution grids across the Siberian regions, delivering power to households and industry.

At a glance: strengths & risks
✓Revenue growing (+21% y/y, Q2 2026)✓Margins improving (7%→13%, Q2 2026)

Sector: Utilities

RU_MRKS

Price chart

0.485 RUBDay -0.31%

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
0.485 RUB · -0.31%
Market cap
567 mln USD

Growth

Δ revenue y/y
29.1%
Δ EBITDA y/y
132.6%

Multiples

P/E (LTM)
42.2x
P/B (FY)
2.9x
P/E (ann.)
10.5x
EV/EBITDA (LTM)
—
EV/EBITDA (ann.)
4.9x

Cash return

Dividend yield
—
FCF yield (LTM)
—

Value creation

fundamental value/yr, % of market cap
Value created / year
+67.0%
↓ details

Liquidity

Daily turnover (MOEX)
10.3 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 M USD, 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK433.8
y/y 29.1%
40.0
y/y 319.7%
16.7
y/y 11.7%
56.7
y/y 132.6%
13.5
y/y —
-61.9-32.01475.2
y/y 16.3%
264.6
y/y 53.0%
23.5%615.6Report (PDF)
2025-12-31Q4 2025 (3M)OK513.7
y/y 152.9%
40.9
y/y 89.9%
15.5
y/y 1.5%
55.6
y/y 51.1%
10.0
y/y 381.9%
69.6-43.21451.5
y/y 56.4%
193.7
y/y 40.8%
7.3%550.8Report (PDF)
2025-06-30Q2 2025 (3M)OK335.9
y/y 81.8%
9.5
y/y —
14.9
y/y -8.8%
24.4
y/y 107.3%
-15.8
y/y —
17.9-27.91269.0
y/y 24.8%
172.9
y/y 4.3%
-40.7%633.9Report (PDF)
2024-12-31Q4 2024 (3M)OK203.1
y/y -24.8%
21.6
y/y 330.0%
15.3
y/y -15.0%
36.8
y/y 60.3%
2.1
y/y 161.2%
31.6-30.8927.8
y/y -1.6%
137.5
y/y -16.9%
-7.0%474.0Report (PDF)
2024-06-30Q2 2024 (3M)PARTIAL184.8
y/y -6.1%
-4.6
y/y -186.3%
16.4
y/y -17.4%
11.8
y/y -53.3%
-17.7
y/y —
23.4-21.61016.9
y/y 10.1%
165.8
y/y -21.8%
-42.6%467.0Report (PDF)
2023-12-31Q4 2023 (3M)OK269.9
y/y —
5.0
y/y —
18.0
y/y —
23.0
y/y —
-3.4
y/y —
35.0-39.7943.1
y/y —
165.5
y/y —
-21.1%437.6Report (PDF)
2023-09-30Q3 2023 (3M)OK157.6
y/y —
-16.1
y/y —
17.2
y/y —
1.1
y/y —
—
y/y —
9.9-21.2834.7
y/y —
169.2
y/y —
—407.1Report (PDF)
2023-06-30Q2 2023 (3M)OK196.8
y/y —
5.3
y/y —
19.8
y/y —
25.2
y/y —
-3.7
y/y —
50.6-22.5923.6
y/y —
211.9
y/y —
—431.7Report (PDF)

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

Short-term debt (incl. ST leases)125
Long-term debt (incl. LT leases)516
− Cash & equivalents26
Net debt616

Conversion to USD. Balance sheet: rate effective on 2026-06-30, fixing date 2026-06-30. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-04-01 — 2026-06-30. Source: Bank of Russia R01235. Rates

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006002023 q22023 q32023 q42024 q22024 q42025 q22025 q42026 q2

Year-over-year change

-100%0%100%200%2023 q22023 q32023 q42024 q22024 q42025 q22025 q42026 q2

Cash flow

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

-100-75-50-25025502023 q22023 q32023 q42024 H12024 H22025 q22025 q42026 q2

Net debt / cash ($ mln)

02004006008002023 q22023 q32023 q42024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 15.38x of reported net profit; after capex, 3.19x. Loss years (2022, 2023, 2024) are left out of the ratio.
year20212022202320242025
cash flow / profit14.59x———16.16x
accruals, % of assets-12.3%-15.8%-18.9%-6.8%-15.1%
Last twelve months (to H1 2026): 0.86x of profit came back as operating cash flow.
net debt / EBITDA 2.8x · EBIT covers interest 1.1x · capex 1.8x of depreciation
● EBIT covers interest 1.1x.
Regulated utilities and networks run on long-dated debt against a tariff-set asset base; the leverage bar is set higher for them here.
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 № 28@ от 26.12.2025 · period 2025–2029 · download order + appendix

ИПР financial plan (Form 19), ₽bn:

2023202420252026202720282029203020312032203320342035
Net profit (ИПР)-0.7-0.71.710.624.425.432.134.334.036.338.740.742.9
Dividends (ИПР)0.00.00.00.06.37.310.110.410.311.412.112.214.4
div, % cur. MCap0.0%0.0%0.0%0.0%13.8%16.0%22.2%22.8%22.6%24.9%26.4%26.7%31.4%

Capex & funding sources, ₽bn:

20252026202720282029
Capex (funding)16.523.018.021.727.4
of which profit to investment9.512.69.711.615.4
depreciation3.95.26.26.66.8
attracted funds0.42.60.41.53.2

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

20212022202320242025
ИПР plan (prior-year order)10.29.613.611.216.3
revised plan (same-year order)10.17.512.814.816.5
Actual capex (IFRS cash flow)8.46.411.211.013.9
actual vs plan82%66%82%98%85%

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: +67.0%

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)
= (57 − 24) × 3.06
54
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (567 + 616) ÷ 174
6.8x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (6.8 + 6.5) ÷ 2
6.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 18 + 0 + 0 − 0
18
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (54 × 6.7 + 18) ÷ 567
+67.0%

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

Caveats:

  • FCF (LTM) approximated by latest FY (ended 2025-12-31, before the latest reported period 2026-06-30)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • EBITDA growth from 3-yr FY trend, min of avg & latest YoY (anomalous latest-period delta)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +72% vs +12% the year before — a +59.9 pp move. 3-year CAGR +27%.
revenue growth by year: 2023 +7% · 2024 +12% · 2025 +72%
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 4.3x · 3-year 75th pct 15.1x

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 RAORussia2.30.2x0.2x
FGC UESRussia1.61.7x1.7x
LenenergoRussia1.91.9x1.9x
NEXTERA ENERGY INCUS163.117.5x3.1x
CPFL EnergiaBrazil11.46.3x3.4x
CemigBrazil6.56.4x3.4x
RushydroRussia2.43.6x3.6x
DEWA (Dubai Electricity & Water)UAE36.29.9x3.8x
Equatorial EnergiaBrazil12.210.9x5.8x
En+ GroupRussia2.56.4x6.4x
Manila Electric (Meralco)Philippines7.812.5x8.1x
EnergisaBrazil33.023.1x12.4x
Group median6.4x3.5x
Group average8.4x4.5x
This companyRussia0.64.3x4.3x

Group median 6.4x as traded, 3.5x adjusted; this company 4.3x — a 22% premium.

Group average 8.4x as traded, 4.5x adjusted; against the average this company is at a 5% discount. The average sits 28% above the median: Energisa (12.4x) skews the group.

At the adjusted group median the market cap would be -35% 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 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividend — grid ИПР model

No dividend expected

no dividend in the ИПР plan this year Last actual payout: 2020.

YearИПР plan, mlnActual, mln
203010437—
203110336—
203211385—
203312068—
203412181—
203514362—

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

Illiquid — forecast not shown

The line trades very thinly (low average daily turnover), so the model dividend forecast is unreliable and is not shown. Actual (sporadic) payments are in the dividend-history card below.

Dividend history

Pay yearDividend /sh
20200.00 ₽
20190.00 ₽
20180.00 ₽
20150.00 ₽
20130.00 ₽
20090.00 ₽
Payments by period
PeriodLast day to buy/sh
2020 q12020-01-100.00 ₽
2019 q22019-06-200.00 ₽
2018 q22018-06-150.00 ₽
2015 q32015-07-060.00 ₽
2013 q22013-05-150.00 ₽
2009 q22009-05-120.00 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

19.10.26Filing★ ▼ Сообщение об изменении или корректировке информации, ранее опубликованной в Ленте новостей
ПАО «Россети Сибирь» проведет внеочередное общее собрание акционеров с заочным голосованием, дата окончания приема бюллетеней - 19.11.2026. На повестке дня вопросы о реорганизации и увеличении уставного капитала, а также предусмотрены цены выкупа акций: 0,5253 руб. за обыкновенные и 0,1208 руб. за привилегированные акции.
19.10.26AGM / Board★ ▼ Решения совета директоров (наблюдательного совета)
Совет директоров ПАО «Россети Сибирь» рекомендовал Общему собранию акционеров реорганизовать компанию путем присоединения к ней ПАО «Россети Томск», АО «Россети Сибирь Тываэнерго» и АО «Региональные электрические сети». Также предложено увеличить уставный капитал на 4,12 млрд. руб. путем размещения 41,17 млрд. акций номиналом 0,10 руб. каждая. Все решения были приняты единогласно.
13.10.26Filing★ ▼ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня
Совет директоров ПАО «Россети Сибирь» проведет заседание 16 октября 2026 года, на котором будут обсуждены рекомендации по реорганизации компании и увеличению уставного капитала. Также будет подготовлено заочное голосование для акционеров.
08.09.26Filing★ Созыв общего собрания участников (акционеров)
ПАО «Россети Сибирь» проведет внеочередное общее собрание акционеров с заочным голосованием, которое завершится 19 ноября 2026 года. В повестке дня - реорганизация компании и увеличение уставного капитала. Установлены цены выкупа акций: 0,5253 руб. за обыкновенную акцию и 0,1208 руб. за привилегированную акцию.
27.08.26Material event★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «Россети Сибирь» объявило о значительном росте финансовых показателей за первое полугодие 2026 года: выручка увеличилась на 22% до 73,4 млрд. руб., EBITDA выросла на 99% до 13,7 млрд. руб., а чистая прибыль составила 5,4 млрд. руб. по сравнению с убытком в 391,3 млн. руб. в 2025 году.
25.06.26AGM / BoardРешения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Россети Сибирь» было принято решение не выплачивать дивиденды по результатам 2025 года, а распределить прибыль на резервный фонд (84 тыс. руб.) и на развитие (1,596 млн. руб.). Собрание состоялось 22 июня 2026 года, кворум по всем вопросам повестки дня был достигнут.

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 Siberia (MRKS) — from primary filings.

Frequently asked questions

What is IDGC Siberia (MRKS)'s P/E ratio?
IDGC Siberia (MRKS) trades at a P/E of 42.2x (price to trailing 12-month earnings).
What is IDGC Siberia (MRKS)'s P/B ratio?
IDGC Siberia (MRKS) trades at a P/B of 2.9x.
What is IDGC Siberia (MRKS)'s return on equity (ROE)?
IDGC Siberia (MRKS)'s ROE is 23.5%.
What is IDGC Siberia (MRKS)'s market capitalization?
IDGC Siberia (MRKS)'s market cap is 567 mln USD.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
РосСиб1Р01floatfloat100.40-0.24%12.5M837K03.2029
РосСиб1Р02floatfloat100.25+0.18%27K1.1M07.2030

Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.

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