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IDGC Ural (MRKU) RUB

At a glance: strengths & risks
✓Revenue growing (+13%)✓Profit growing (+30%)✓Low leverage (0.6x EBITDA)

Sector: Utilities

RU_MRKU

Price chart

0.606 RUBDay -3.47%

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
0.606 RUB · -3.47%
Market cap
53.0 bn RUB

Growth

Δ revenue y/y
18.7%
Δ EBITDA y/y
54.7%

Multiples

P/E (LTM)
3.2x
3y avg: 3.0x
P/B (FY)
0.6x
P/E (ann.)
2.2x
EV/EBITDA (LTM)
1.9x
3y avg: 2.1x
EV/EBITDA (ann.)
1.5x

Cash return

Dividend yield
6.3%
FCF yield (LTM)
18.4%

Value creation

fundamental value/yr, % of market cap
Value created / year
+109.5%
↓ details

Liquidity

Daily turnover (MOEX)
34.3 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 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)OK37.7
y/y 18.7%
8.8
y/y 74.4%
2.6
y/y 11.3%
11.4
y/y 54.7%
6.1
y/y 97.9%
10.8-6.4164.7
y/y 16.4%
89.5
y/y 22.7%
28.3%13.3Report (PDF)
2025-12-31Q4 2025 (3M)OK38.4
y/y 20.2%
6.3
y/y 165.2%
2.4
y/y 11.4%
8.7
y/y 92.7%
4.2
y/y 309.3%
6.8-6.1158.3
y/y 14.8%
82.8
y/y 18.2%
16.7%17.1Report (PDF)
2025-09-30Q3 2025 (3M)OK32.0
y/y 15.4%
6.3
y/y 64.6%
2.2
y/y 12.0%
8.5
y/y 46.9%
3.9
y/y 57.7%
3.3-2.7148.0
y/y 15.7%
76.8
y/y 10.0%
7.0%22.3Report (PDF)
2025-06-30Q2 2025 (3M)OK27.7
y/y 7.2%
3.1
y/y -33.4%
2.3
y/y 2.2%
5.4
y/y -21.9%
2.2
y/y -45.4%
6.8-3.5145.7
y/y 15.6%
71.0
y/y 4.6%
12.1%22.2Report (PDF)
2025-03-31Q1 2025 (3M)OK31.8
y/y 6.6%
5.1
y/y 1.8%
2.3
y/y -11.4%
7.3
y/y -2.7%
3.1
y/y -46.7%
6.8-5.1141.5
y/y 11.2%
72.9
y/y 1.8%
17.2%19.8Report (PDF)
2024-12-31Q4 2024 (3M)OK31.9
y/y 11.6%
2.4
y/y 462.8%
2.1
y/y 51.2%
4.5
y/y 146.5%
-2.0
y/y -1283.0%
3.7-6.6137.9
y/y 12.1%
70.0
y/y 7.0%
14.6%20.1Report (PDF)
2024-09-30Q3 2024 (3M)OK27.7
y/y 12.2%
3.8
y/y -6.4%
1.9
y/y -4.4%
5.8
y/y -5.7%
2.5
y/y -10.8%
5.3-5.9127.9
y/y 11.6%
69.8
y/y 5.6%
4.8%18.9Report (PDF)
2024-06-30Q2 2024 (3M)OK25.9
y/y 6.1%
4.7
y/y 15.9%
2.3
y/y 5.8%
7.0
y/y 12.4%
4.0
y/y 8.5%
4.7-4.2126.0
y/y 12.6%
67.9
y/y 8.9%
22.8%19.6Report (PDF)
2024-03-31Q1 2024 (3M)OK29.8
y/y 4.9%
5.0
y/y -16.0%
2.6
y/y 26.6%
7.6
y/y -5.0%
5.8
y/y 33.2%
8.2-3.2127.3
y/y 17.3%
71.7
y/y 24.2%
33.8%11.9Report (PDF)
2023-12-31Q4 2023 (3M)OK28.6
y/y —
0.4
y/y —
1.4
y/y —
1.8
y/y —
-0.1
y/y —
10.0-14.8123.1
y/y —
65.4
y/y —
16.1%20.1Report (PDF)
2023-09-30Q3 2023 (3M)OK24.7
y/y —
4.1
y/y —
2.0
y/y —
6.1
y/y —
2.8
y/y —
1.8-0.2114.7
y/y —
66.1
y/y —
5.7%14.5Report (PDF)
2023-06-30Q2 2023 (3M)OK24.4
y/y —
4.1
y/y —
2.1
y/y —
6.2
y/y —
3.7
y/y —
2.8-3.2111.9
y/y —
62.4
y/y —
24.4%16.4Report (PDF)
2023-03-31Q1 2023 (3M)OK28.4
y/y —
5.9
y/y —
2.0
y/y —
8.0
y/y —
4.3
y/y —
8.5-3.1108.5
y/y —
57.7
y/y —
—16.1Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)24 871
Long-term debt (incl. LT leases)3 543
− Cash & equivalents15 083
Net debt13 332

Net debt / LTM EBITDA: 0.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

010 00020 00030 00040 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%-50%0%50%100%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF (₽ mln)

-7 500-5 000-2 50002 5005 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash (₽ mln)

05 00010 00015 00020 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 2.18x of reported net profit; after capex, 0.37x.
year20212022202320242025
cash flow / profit4.01x4.12x2.18x2.13x1.78x
accruals, % of assets-11.4%-10.0%-10.2%-8.4%-6.6%
Last twelve months (to 2025-Q2): 1.57x of profit came back as operating cash flow.
net debt / EBITDA 0.6x · EBIT covers interest 4.3x · capex 2.0x of depreciation
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.

Investment programme (Minenergo)

approved by order № 28@ от 05.12.2024 · period 2024–2028 · download order + appendix

ИПР financial plan (Form 19), ₽bn:

20232024202520262027202820292030
Net profit (ИПР)12.914.215.815.929.235.740.142.4
Dividends (ИПР)4.86.60.05.69.411.211.812.0
div, % cur. MCap8.6%12.0%0.0%10.2%17.1%20.3%21.4%21.8%

Capex & funding sources, ₽bn:

20242025202620272028
Capex (funding)15.717.714.413.510.8
of which profit to investment3.94.23.63.00.5
depreciation6.47.67.98.38.5
attracted funds1.02.20.50.00.0

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: +107.9%

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)
= (11 366 − 7 348) × 2.99
12 023
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (52 983 + 13 332) ÷ 34 011
1.9x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (1.9 + 6.5) ÷ 2
4.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 6 374 + 0 + 0 − 0
6 374
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (12 023 × 4.2 + 6 374) ÷ 52 983
+107.9%

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

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +13% vs +9% the year before — a +3.9 pp move. 3-year CAGR +13%.
revenue growth by year: 2023 +19% · 2024 +9% · 2025 +13%
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: 5628 mln RUB · 10.2% · upside -27%

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

YearИПР plan, mlnActual, mln
202503271
202656285351
20279424—
202811206—
202911805—
203012021—

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: -13%

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)16 bn RUB
Payout ratio48%
Free cash flow (FY, OCF − capex) — not a cap (leverage 0.6x)6 bn RUB
Recent actual dividend (3-yr median)0.06 ₽
= Forecast dividend per share0.06 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-7.6 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price0.630 ₽
Forecast dividend yield9.7%
Fair price (dividend-based)0.550 ₽

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

Dividend history

Paid, trailing 12-mo: 0.06 RUB/sh · 9.7%

Pay yearDividend /sh
20260.06 ₽
20250.04 ₽
20240.09 ₽
20230.02 ₽
20220.02 ₽
20200.01 ₽
20190.00 ₽
20180.02 ₽
Payments by period
PeriodEx-date/sh
2026 q22026-06-300.06 ₽
2025 q32025-07-040.04 ₽
2024 q22024-06-130.09 ₽
2023 q22023-06-210.01 ₽
2023 q12023-01-040.02 ₽
2022 q22022-06-240.02 ₽
2020 q22020-06-050.01 ₽
2020 q12020-01-100.00 ₽
2019 q22019-05-300.00 ₽
2018 q22018-06-090.02 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

18.05.26Filing★ ▲ Сообщение об изменении или корректировке информации, ранее опубликованной в Ленте новостей
Компания 'Россети Урал' сообщила о приобретении права распоряжаться голосами на 14,4 млрд акций (16,45%) после приобретения доли участия в эмитенте. Ранее лицу принадлежало 8,9 млрд акций (10,20%). Дата приобретения права - 2026-05-08.
16.03.26Buyback★ ▲ Приобретение эмитентом собственных голосующих акций (долей) или депозитарных расписок на акции эмитента
ПАО «Россети Урал» приобрело 27,9 млн голосующих акций, что увеличило его долю до 27,9 млн акций. Приобретение состоялось 11.03.2026 на основании решения Арбитражного суда Свердловской области.
11.03.26Filing★ ▲ Присвоение или изменение рейтинга эмитента рейтинговым агентством или иной организацией на основании договора
Кредитный рейтинг ПАО «Россети Урал» изменен с уровня ruАА+ (прогноз «Позитивный») на уровень ruААА (прогноз «Стабильный») 10.03.2026. Это изменение может повлиять на инвестиционную привлекательность компании.
11.08.26BuybackПриобретение лицом права распоряжаться определенным количеством голосов, приходящихся на голосующие акции (доли), составляющие уставный капитал эмитента
Международная компания «Т-Технологии» приобрела косвенное распоряжение 6,5 млрд. голосов (7,43%) голосующих акций ПАО «Россети Урал» через 50,01% долю в МКООО «Каталитик Пипл». Сделка была завершена на основании приобретения доли участия в эмитенте.
07.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Россети Урал» утвердил планы по снижению просроченной дебиторской задолженности за услуги по передаче электрической энергии и задолженности за поставленную электроэнергию. Также были избраны новые составы комитетов по надежности, стратегии и кадрам, все решения приняты единогласно. Важные даты: 07.08.2026 - дата события, 05.08.2026 - окончание приема опросных листов.
22.06.26AGM / BoardРешения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Россети Урал» 17 июня 2026 года было принято решение о выплате дивидендов в размере 0,0612 руб. на акцию по результатам 2025 года. Также утверждены годовой отчет и бухгалтерская отчетность за 2025 год, избран новый Совет директоров и Ревизионная комиссия, а также назначена аудиторская организация.

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 Ural (MRKU) — from primary filings.

MRKU is the ticker for the Moscow Exchange itself, which operates Russia’s main stock, bond, derivatives, and currency markets, as well as providing clearing and settlement services.

Frequently asked questions

What is IDGC Ural (MRKU)'s P/E ratio?
IDGC Ural (MRKU) trades at a P/E of 3.2x (price to trailing 12-month earnings).
What is IDGC Ural (MRKU)'s EV/EBITDA?
IDGC Ural (MRKU) trades at 1.9x EV/EBITDA.
What is IDGC Ural (MRKU)'s P/B ratio?
IDGC Ural (MRKU) trades at a P/B of 0.6x.
What is IDGC Ural (MRKU)'s dividend yield?
IDGC Ural (MRKU)'s trailing 12-month dividend yield is 6.3%.
What is IDGC Ural (MRKU)'s return on equity (ROE)?
IDGC Ural (MRKU)'s ROE is 28.3%.
What is IDGC Ural (MRKU)'s market capitalization?
IDGC Ural (MRKU)'s market cap is 53.0 bn RUB.

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