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IDGC Volga (MRKV) RUB

Rosseti Volga operates electricity distribution grids in seven regions of the Volga area.

At a glance: strengths & risks
✓Revenue growing (+25% y/y, Q2 2026)✓Profit growing (+135% y/y, Q2 2026)✓Margins improving (13%→20%, Q2 2026)✓Low leverage (0.1x EBITDA)

Sector: Utilities

RU_MRKV

Price chart

0.2243 RUBDay -1.36%

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
0.2243 RUB · -1.36%
Market cap
42.2 bn RUB

Growth

Δ revenue y/y
25.0%
Δ EBITDA y/y
95.4%

Multiples

P/E (LTM)
3.0x
3y avg: 3.1x
P/B (FY)
0.8x
P/E (ann.)
3.0x
EV/EBITDA (LTM)
1.6x
3y avg: 1.3x
EV/EBITDA (ann.)
1.5x

Cash return

Dividend yield
—
FCF yield (LTM)
11.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
+62.2%
↓ details

Liquidity

Daily turnover (MOEX)
50.4 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
2026-06-30Q2 2026 (3M)OK34.7
y/y 25.0%
4.6
y/y 140.2%
2.4
y/y 43.9%
7.0
y/y 95.4%
3.5
y/y 134.5%
2.5-4.1101.0
y/y 17.3%
58.0
y/y 21.1%
24.1%0.9Report (PDF)
2026-03-31Q1 2026 (3M)OK36.6
y/y 15.7%
5.0
y/y 16.5%
1.7
y/y 0.0%
6.6
y/y 11.9%
3.8
y/y 26.1%
6.2-4.7101.9
y/y 18.7%
58.4
y/y 21.9%
26.6%0.1Report (PDF)
2025-12-31Q4 2025 (3M)OK37.1
y/y 57.6%
5.1
y/y 93.6%
1.8
y/y 12.0%
6.9
y/y 62.2%
3.9
y/y 306.7%
7.1-8.5100.4
y/y 24.2%
54.6
y/y 21.5%
21.5%2.1Report (PDF)
2025-09-30Q3 2025 (3M)OK32.8
y/y 55.4%
4.1
y/y 114.4%
1.8
y/y 10.1%
5.8
y/y 66.7%
3.0
y/y 132.2%
5.6-3.186.4
y/y 16.7%
50.9
y/y 15.6%
8.0%0.8Report (PDF)
2025-06-30Q2 2025 (3M)OK27.7
y/y 53.7%
1.9
y/y 1972.1%
1.7
y/y 6.8%
3.6
y/y 116.8%
1.5
y/y —
1.1-2.586.1
y/y 18.2%
47.9
y/y 12.2%
12.5%2.2Report (PDF)
2025-03-31Q1 2025 (3M)OK31.6
y/y 52.6%
4.3
y/y 83.3%
1.7
y/y 6.1%
5.9
y/y 52.4%
3.0
y/y 87.6%
5.3-2.685.9
y/y 19.2%
47.9
y/y 9.2%
25.6%1.2Report (PDF)
2024-12-31Q4 2024 (3M)OK23.5
y/y 13.8%
2.6
y/y 34.5%
1.6
y/y 17.0%
4.3
y/y 27.2%
1.0
y/y -31.1%
4.2-4.380.9
y/y 12.7%
44.9
y/y 6.6%
8.2%4.1Report (PDF)
2024-09-30Q3 2024 (3M)OK21.1
y/y 15.8%
1.9
y/y 157.5%
1.6
y/y 1.6%
3.5
y/y 51.4%
1.3
y/y 191.2%
3.5-2.174.0
y/y 14.2%
44.0
y/y 7.8%
3.9%4.2Report (PDF)
2024-06-30Q2 2024 (3M)OK18.0
y/y 0.3%
0.1
y/y -83.0%
1.6
y/y -1.3%
1.7
y/y -22.2%
-0.2
y/y -163.4%
3.0-1.072.9
y/y 9.7%
42.7
y/y 5.9%
-1.7%4.4Report (PDF)
2024-03-31Q1 2024 (3M)OK20.7
y/y 2.8%
2.3
y/y 80.8%
1.6
y/y -4.3%
3.9
y/y 33.4%
1.6
y/y 87.4%
2.4-3.972.0
y/y 5.9%
43.9
y/y 9.8%
14.7%6.4Report (PDF)
2023-12-31Q4 2023 (3M)OK20.7
y/y —
2.0
y/y —
1.4
y/y —
3.4
y/y —
1.4
y/y —
4.3-3.471.7
y/y —
42.1
y/y —
7.2%4.9Report (PDF)
2023-09-30Q3 2023 (3M)OK18.2
y/y —
0.7
y/y —
1.6
y/y —
2.3
y/y —
0.4
y/y —
3.7-1.464.8
y/y —
40.8
y/y —
1.4%4.7Report (PDF)
2023-06-30Q2 2023 (3M)OK18.0
y/y —
0.5
y/y —
1.6
y/y —
2.1
y/y —
0.3
y/y —
1.7-1.166.4
y/y —
40.3
y/y —
3.0%7.1Report (PDF)
2023-03-31Q1 2023 (3M)OK20.2
y/y —
1.3
y/y —
1.6
y/y —
2.9
y/y —
0.8
y/y —
3.9-2.768.0
y/y —
40.0
y/y —
—8.7Report (PDF)

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

Short-term debt (incl. ST leases)480
Long-term debt (incl. LT leases)7 633
− Cash & equivalents7 253
Net debt860

Net debt / LTM EBITDA: 0.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

010 00020 00030 00040 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)

-2 000-1 00001 0002 0003 0004 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

02 0004 0006 0008 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 4.08x of reported net profit; after capex, 0.56x. Loss years (2022) are left out of the ratio.
year20212022202320242025
cash flow / profit7.97x—4.59x3.58x1.69x
accruals, % of assets-10.6%-10.9%-14.9%-11.6%-7.8%
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 12.4x · capex 1.7x of depreciation · dividends 31% 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 № 26@ от 26.12.2025 · period 2025–2029 · download order + appendix

ИПР financial plan (Form 19), ₽bn:

20232024202520262027202820292030
Net profit (ИПР)2.33.210.914.625.333.442.244.7
Dividends (ИПР)1.21.44.05.08.88.710.011.1
div, % cur. MCap2.8%3.4%9.7%12.1%21.2%21.1%24.2%26.9%

Capex & funding sources, ₽bn:

20252026202720282029
Capex (funding)19.217.417.016.918.2
of which profit to investment7.15.95.64.75.9
depreciation7.58.18.38.37.9
attracted funds0.80.20.40.40.0

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

2021202320242025
ИПР plan (prior-year order)7.88.611.212.0
revised plan (same-year order)—9.713.319.2
Actual capex (IFRS cash flow)7.28.611.416.6
actual vs plan92%100%101%138%

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: +62.2%

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)
= (7 042 − 3 604) × 3.76
5 789
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (42 237 + 860) ÷ 26 452
1.6x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (1.6 + 6.5) ÷ 2
4.1x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 1 348 + 1 390 + 0 − 0
2 738
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (5 789 × 4.1 + 2 738) ÷ 42 237
+62.2%

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

Caveats:

  • 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 +55% vs +8% the year before — a +46.7 pp move. 3-year CAGR +25%.
revenue growth by year: 2023 +15% · 2024 +8% · 2025 +55%
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 1.6x · 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 RAORussia2.40.3x0.3x
FGC UESRussia1.71.7x1.7x
LenenergoRussia1.91.9x1.9x
NEXTERA ENERGY INCUS170.618.0x3.2x
CPFL EnergiaBrazil11.36.2x3.3x
CemigBrazil6.56.4x3.4x
RushydroRussia2.63.6x3.6x
DEWA (Dubai Electricity & Water)UAE36.510.0x3.8x
Equatorial EnergiaBrazil12.010.8x5.8x
En+ GroupRussia2.56.4x6.4x
Manila Electric (Meralco)Philippines7.412.1x7.8x
EnergisaBrazil32.823.0x12.3x
Group median6.4x3.5x
Group average8.4x4.5x
This companyRussia0.51.6x1.6x

Group median 6.4x as traded, 3.5x adjusted; this company 1.6x — a 54% discount.

Group average 8.4x as traded, 4.5x adjusted; against the average this company is at a 63% discount. The average sits 27% above the median: Energisa (12.3x) skews the group.

At the adjusted group median the market cap would be +121% 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 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividend — grid ИПР model

Expected dividend: 4977 mln RUB · 12.1% · upside -14%

ИПР-planned dividend (company pays) Last actual payout: 2025.

YearИПР plan, mlnActual, mln
202539921394
20264977—
20278767—
20288723—
20299971—
203011087—

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: -46%

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)14 bn RUB
Payout ratio38%
Free cash flow (FY, OCF − capex) — not a cap (leverage 0.1x)2 bn RUB
Recent actual dividend (3-yr median)0.01 ₽
= Forecast dividend per share0.01 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-11.0 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price0.219 ₽
Forecast dividend yield5.4%
Fair price (dividend-based)0.120 ₽

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

Three-year model and IRR with caveats

Expected IRR: +21% (bear +0% … bull +51%)

price in 3 years 0.280 ₽ (+28% к 0.220 ₽); dividends along the way 0.090 ₽ (+41% 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
Revenue141.1 bn167.8 bn189.9 bn211.4 bn
Revenue growth—+19%+13%+11%
EBITDA26.5 bn31.9 bn36.5 bn41.2 bn
EBITDA margin18.7%19.0%19.2%19.5%
less D&A7.7 bn8.5 bn9.2 bn9.8 bn
EBIT18.8 bn23.3 bn27.4 bn31.4 bn
less net interest-141378331390
less tax4.8 bn5.7 bn6.8 bn7.8 bn
Net profit14.1 bn17.2 bn20.3 bn23.3 bn
Capex19.7 bn22.7 bn25.7 bn28.6 bn
Capex to revenue14.0%13.5%13.5%13.5%
Free cash flow1.6 bn
operating cash flow less capex
3.0 bn3.7 bn4.4 bn
Net debt8601.0 bn2.3 bn5.8 bn
Net debt / EBITDA0.0x0.0x0.1x0.1x
Dividend per share0.010 ₽0.020 ₽0.030 ₽0.040 ₽
Yield on current price4.5%9.1%13.6%18.2%
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 +36%; acceleration +1.8pp
LTM г/г по отчётности		43%+24% · +16% · +11%
Model assumptions
Exit multipleEV/EBITDA 1.44x (1.28x…2.11x)
No re-rating: min(current 1.6x, three-year median 1.4x). Re-rating to 2.1x on a falling rate is the bull case
Second valuation: discounted cash flow0.230 ₽ (discount 13.1%, terminal growth 4.0%)
80% 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 policy38% of net profit
Year-3 EBITDA margin target19.5%
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%
Revenue189%0.98x83%
EBITDA1822%0.82x50%
Net profit1232%0.68x17%

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 — 0.234 ₽; Frontier див-модель — 0.120 ₽. Ours on the same horizon — 0.240 ₽. Dropped as broken: eninvs DividendPrediction (2.649e-10)

Checks and caveats
  • ⚠ Year-3 margin 19% is above the best year on record (19%), though inside the +10% tolerance
  • ⚠ Historical check (18 observations): median EBITDA miss 3.0 pp of margin, within ±5 pp in 72% of cases, relative error 22% at bias 0.82x, revenue 9%
  • ⚠ The miss is one-sided: across 18 measurements the median EBITDA forecast came to 0.82 of actual — the model consistently FAILS TO KEEP UP with this business. So the IRR here is more a floor than a ceiling; erring this way is safer, but the precision cannot be relied on
  • ⚠ Cash conversion is not measured: of 4 reported years only 1 were comparable, and in 2 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 +14%
  • ✓ Year-3 net debt/EBITDA 0.1x
  • ✓ Three-year dividends — 41% of the current price
  • ✓ IRR +21%
  • ✓ Base is fresh: report 4 months old
  • ✓ Exit multiple and discounted cash flow agree (0 vs 0, 1.22x); in the DCF 80% of value sits in the terminal value
  • ✓ One-year value agrees with an independent estimate: eninvs Company_Forecast (1.02x). 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

Pay yearDividend /sh
20250.01 ₽
20240.01 ₽
20220.00 ₽
20200.01 ₽
20190.01 ₽
20180.01 ₽
20170.01 ₽
20160.00 ₽
Payments by period
PeriodLast day to buy/sh
2025 q32025-07-080.01 ₽
2024 q32024-07-030.01 ₽
2022 q22022-06-240.00 ₽
2020 q22020-06-050.00 ₽
2020 q12020-01-100.01 ₽
2019 q22019-06-060.01 ₽
2018 q22018-06-110.01 ₽
2017 q22017-06-220.01 ₽
2016 q22016-06-240.00 ₽
2015 q22015-06-250.00 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

22.06.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
ПАО «Россети Волга» объявило о дате фиксации прав акционеров на получение дивидендов по обыкновенным акциям, которые будут определены 2 июля 2026 года. Дивиденды будут объявлены по результатам 2025 года.
02.10.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Россети Волга» провел заочное голосование 29 сентября 2026 года, в котором участвовали 9 из 11 членов. Принято решение о приоритетных направлениях деятельности компании, голосование прошло единогласно. Протокол заседания составлен 1 октября 2026 года.
22.06.26AGM / BoardРешения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Россети Волга» 18 июня 2026 года было принято решение о выплате дивидендов в размере 0,0212 руб. на акцию. Также утверждены годовые отчеты за 2025 год и избраны члены Совета директоров и Ревизионной комиссии.

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 Volga (MRKV) — from primary filings.

Frequently asked questions

What is IDGC Volga (MRKV)'s P/E ratio?
IDGC Volga (MRKV) trades at a P/E of 3.0x (price to trailing 12-month earnings).
What is IDGC Volga (MRKV)'s EV/EBITDA?
IDGC Volga (MRKV) trades at 1.6x EV/EBITDA.
What is IDGC Volga (MRKV)'s P/B ratio?
IDGC Volga (MRKV) trades at a P/B of 0.8x.
What is IDGC Volga (MRKV)'s return on equity (ROE)?
IDGC Volga (MRKV)'s ROE is 24.1%.
What is IDGC Volga (MRKV)'s market capitalization?
IDGC Volga (MRKV)'s market cap is 42.2 bn RUB.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
РстВол1Р-1floatfloat100.52+0.00%174K9.7M12.2028

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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