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IDGC Ural (MRKU) USD

Rosseti Ural operates electricity distribution grids in Sverdlovsk and Chelyabinsk regions and Perm Krai.

At a glance: strengths & risks
✓Revenue growing (+15% y/y, Q2 2026)✓Profit growing (+149% y/y, Q2 2026)✓Margins improving (20%→23%, Q2 2026)✓Low leverage (0.6x EBITDA)

Sector: Utilities

RU_MRKU

Price chart

0.6754 RUBDay 0.27%

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
0.6754 RUB · 0.27%
Market cap
728 mln USD

Growth

Δ revenue y/y
23.2%
Δ EBITDA y/y
45.0%

Multiples

P/E (LTM)
2.9x
3y avg: 3.3x
P/B (FY)
0.7x
P/E (ann.)
2.6x
EV/EBITDA (LTM)
1.9x
3y avg: 2.2x
EV/EBITDA (ann.)
2.3x

Cash return

Dividend yield
9.0%
FCF yield (LTM)
14.4%

Value creation

fundamental value/yr, % of market cap
Value created / year
+109.4%
↓ details

Liquidity

Daily turnover (MOEX)
9.9 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)OK420.7
y/y 23.2%
87.7
y/y 126.6%
9.6
y/y -66.2%
97.3
y/y 45.0%
71.3
y/y 166.8%
65.7-60.92190.4
y/y 18.0%
1154.2
y/y 27.5%
25.3%153.2Report (PDF)
2026-03-31Q1 2026 (3M)OK477.0
y/y 38.5%
111.4
y/y 103.4%
32.3
y/y 29.8%
143.7
y/y 80.4%
77.1
y/y 130.8%
136.8-81.52026.3
y/y 19.8%
1100.5
y/y 26.3%
28.6%164.0Report (PDF)
2025-12-31Q4 2025 (3M)OK477.9
y/y 51.2%
79.0
y/y 269.8%
29.6
y/y 42.5%
108.7
y/y 157.1%
51.9
y/y 305.6%
84.1-77.02023.3
y/y 67.2%
1058.1
y/y 95.0%
16.0%218.8Report (PDF)
2025-09-30Q3 2025 (3M)OK396.1
y/y 27.8%
78.0
y/y 82.3%
26.9
y/y 24.0%
105.0
y/y 62.7%
48.0
y/y 74.6%
41.2-31.91786.4
y/y 29.5%
927.1
y/y 23.1%
7.0%269.5Report (PDF)
2025-06-30Q2 2025 (3M)OK341.6
y/y 19.3%
38.7
y/y -25.9%
28.4
y/y 13.8%
67.1
y/y -12.9%
26.7
y/y -39.2%
83.2-43.71856.4
y/y 26.3%
905.1
y/y 14.3%
12.0%283.5Report (PDF)
2025-03-31Q1 2025 (3M)OK344.5
y/y 4.7%
54.8
y/y 0.1%
24.9
y/y -12.9%
79.7
y/y -4.4%
33.4
y/y -47.6%
74.1-55.71691.0
y/y 22.7%
871.6
y/y 12.3%
18.9%236.9Report (PDF)
2024-12-31Q4 2024 (3M)OK324.0
y/y 1.4%
24.3
y/y 280.7%
21.7
y/y 47.2%
44.9
y/y 3401.8%
-20.2
y/y -24.9%
37.3-66.11210.2
y/y -11.8%
542.6
y/y -25.6%
17.0%197.7Report (PDF)
2024-09-30Q3 2024 (3M)OK310.0
y/y 18.5%
42.8
y/y -23.3%
21.7
y/y -2.4%
65.8
y/y -17.3%
27.5
y/y -28.9%
59.0-66.51380.0
y/y 17.2%
753.1
y/y 11.0%
4.7%203.9Report (PDF)
2024-06-30Q2 2024 (3M)OK286.2
y/y -4.5%
52.2
y/y 4.3%
25.0
y/y -4.8%
77.1
y/y 1.0%
44.0
y/y -2.3%
51.8-46.61469.4
y/y 14.3%
792.2
y/y 10.6%
22.4%228.9Report (PDF)
2024-03-31Q1 2024 (3M)OK329.1
y/y -15.9%
54.7
y/y -32.6%
28.6
y/y 1.5%
83.3
y/y -23.9%
63.8
y/y 6.8%
90.5-35.31378.1
y/y -2.1%
775.9
y/y 3.7%
33.9%128.7Report (PDF)
2023-12-31Q4 2023 (3M)OK307.8
y/y —
-8.1
y/y —
14.4
y/y —
19.0
y/y —
-11.2
y/y —
57.0-171.81372.0
y/y —
729.5
y/y —
18.1%224.2Report (PDF)
2023-09-30Q3 2023 (3M)OK261.5
y/y —
55.8
y/y —
22.3
y/y —
65.6
y/y —
38.7
y/y —
68.9-1.71177.2
y/y —
678.7
y/y —
7.4%149.0Report (PDF)
2023-06-30Q2 2023 (3M)OK299.8
y/y —
50.1
y/y —
26.2
y/y —
76.3
y/y —
45.0
y/y —
34.6-39.21285.7
y/y —
716.5
y/y —
24.6%188.7Report (PDF)
2023-03-31Q1 2023 (3M)OK391.5
y/y —
81.3
y/y —
28.2
y/y —
109.4
y/y —
59.8
y/y —
117.6-42.01407.4
y/y —
748.4
y/y —
—209.5Report (PDF)

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

Short-term debt (incl. ST leases)299
Long-term debt (incl. LT leases)62
− Cash & equivalents209
Net debt153

Net debt / LTM EBITDA: 0.3x

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)

01002003004005002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%-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)

-40-200204060802024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01002003002024 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 2.18x 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%-9.4%-6.6%
Last twelve months (to 2026-06-30): 1.32x 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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Investment programme (Minenergo)

approved by order № 5@ от 28.11.2025 · period 2025–2029 · 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. MCap8.0%11.2%0.0%9.5%15.9%18.9%19.9%20.3%

Capex & funding sources, ₽bn:

20252026202720282029
Capex (funding)18.723.916.917.316.3
of which profit to investment6.410.65.35.13.9
depreciation6.18.08.89.59.9
attracted funds0.30.00.00.00.0

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

20202021202320242025
ИПР plan (prior-year order)10.611.512.815.617.7
revised plan (same-year order)8.7—19.715.718.7
Actual capex (IFRS cash flow)11.113.421.219.917.5
actual vs plan104%117%166%128%99%

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: +109.4%

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)
= (97 − 67) × 4.67
141
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (728 + 153) ÷ 455
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
= 130 + 71 + 0 − 0
201
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (141 × 4.2 + 201) ÷ 728
+109.4%

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)

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).

EV/EBITDA — daily history

Current 2.0x · 3-year 75th pct 2.4x

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 companyRussia0.71.9x1.9x

Group median 6.4x as traded, 3.5x adjusted; this company 1.9x — a 45% discount.

Group average 8.4x as traded, 4.5x adjusted; against the average this company is at a 57% discount. The average sits 28% above the median: Energisa (12.4x) skews the group.

At the adjusted group median the market cap would be +105% 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

Expected dividend: 5628 mln RUB · 9.5% · upside -32%

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: -9%

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)18 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)-7.1 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price0.678 ₽
Forecast dividend yield9.0%
Fair price (dividend-based)0.610 ₽

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

Dividend history

Paid, trailing 12-mo: 0.06 RUB/sh · 9.0%

Pay yearDividend /sh
20260.06 ₽
20250.04 ₽
20240.09 ₽
20230.02 ₽
20220.02 ₽
20200.01 ₽
20190.00 ₽
20180.02 ₽
Payments by period
PeriodLast day to buy/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

25.09.26Material event★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
24 сентября 2026 года ПАО 'Россети Урал' получило в доверительное управление 2,13 млрд. обыкновенных акций АО 'Облкоммунэнерго', что составляет 75% уставного капитала компании. Это событие может существенно повлиять на стоимость акций эмитента.
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.
19.10.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Россети Урал» единогласно принял решения по нескольким вопросам, включая отчеты об исполнении бизнес-планов и инвестиционной программы за 1 полугодие 2026 года. Также утвержден План работы Совета директоров на 2026-2027 гг.
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.
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.

Frequently asked questions

What is IDGC Ural (MRKU)'s P/E ratio?
IDGC Ural (MRKU) trades at a P/E of 2.9x (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 0.7x.
What is IDGC Ural (MRKU)'s dividend yield?
IDGC Ural (MRKU)'s trailing 12-month dividend yield is 9.0%.
What is IDGC Ural (MRKU)'s return on equity (ROE)?
IDGC Ural (MRKU)'s ROE is 25.3%.
What is IDGC Ural (MRKU)'s market capitalization?
IDGC Ural (MRKU)'s market cap is 728 mln USD.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
РосcетУрБ4floatfloat101.94—329K—put 10.2025
РосcетУрБ3floatfloat109.99—245K—put 10.2025

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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