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IDGC Volga (MRKV) USD

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

0.1973 RUBDay -0.63%

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
0.1973 RUB · -0.63%
Market cap
521 mln USD

Growth

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

Multiples

P/E (LTM)
2.6x
3y avg: 3.1x
P/B (FY)
0.7x
P/E (ann.)
2.6x
EV/EBITDA (LTM)
1.4x
3y avg: 1.3x
EV/EBITDA (ann.)
1.3x

Cash return

Dividend yield
—
FCF yield (LTM)
—

Value creation

fundamental value/yr, % of market cap
Value created / year
+69.6%
↓ details

Liquidity

Daily turnover (MOEX)
18 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 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.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK0.5
y/y 25.0%
0.1
y/y 140.2%
0.0
y/y 43.9%
0.1
y/y 95.4%
0.0
y/y 134.5%
0.0-4.11.4
y/y 17.3%
0.8
y/y 21.1%
24.1%0.0Report (PDF)
2026-03-31Q1 2026 (3M)OK0.5
y/y 15.7%
0.1
y/y 16.5%
0.0
y/y 0.0%
0.1
y/y 11.9%
0.1
y/y 26.1%
0.1-4.71.4
y/y 18.7%
0.8
y/y 21.9%
26.6%0.0Report (PDF)
2025-12-31Q4 2025 (3M)OK0.5
y/y 57.6%
0.1
y/y 93.6%
0.0
y/y 12.0%
0.1
y/y 62.2%
0.1
y/y 306.7%
0.1-8.51.4
y/y 24.2%
0.8
y/y 21.5%
21.5%0.0Report (PDF)
2025-09-30Q3 2025 (3M)OK0.5
y/y 55.4%
0.1
y/y 114.4%
0.0
y/y 10.1%
0.1
y/y 66.7%
0.0
y/y 132.2%
0.1-3.11.2
y/y 16.7%
0.7
y/y 15.6%
8.0%0.0Report (PDF)
2025-06-30Q2 2025 (3M)OK0.4
y/y 53.7%
0.0
y/y 1972.1%
0.0
y/y 6.8%
0.1
y/y 116.8%
0.0
y/y —
0.0-2.51.2
y/y 18.2%
0.7
y/y 12.2%
12.5%0.0Report (PDF)
2025-03-31Q1 2025 (3M)OK0.4
y/y 52.6%
0.1
y/y 83.3%
0.0
y/y 6.1%
0.1
y/y 52.4%
0.0
y/y 87.6%
0.1-2.61.2
y/y 19.2%
0.7
y/y 9.2%
25.6%0.0Report (PDF)
2024-12-31Q4 2024 (3M)OK0.3
y/y 13.8%
0.0
y/y 34.5%
0.0
y/y 17.0%
0.1
y/y 27.2%
0.0
y/y -31.1%
0.1-4.31.1
y/y 12.7%
0.6
y/y 6.6%
8.2%0.1Report (PDF)
2024-09-30Q3 2024 (3M)OK0.3
y/y 15.8%
0.0
y/y 157.5%
0.0
y/y 1.6%
0.0
y/y 51.4%
0.0
y/y 191.2%
0.0-2.11.0
y/y 14.2%
0.6
y/y 7.8%
3.9%0.1Report (PDF)
2024-06-30Q2 2024 (3M)OK0.3
y/y 0.3%
0.0
y/y -83.0%
0.0
y/y -1.3%
0.0
y/y -22.2%
0.0
y/y -163.4%
0.0-1.01.0
y/y 9.7%
0.6
y/y 5.9%
-1.7%0.1Report (PDF)
2024-03-31Q1 2024 (3M)OK0.3
y/y 2.8%
0.0
y/y 80.8%
0.0
y/y -4.3%
0.1
y/y 33.4%
0.0
y/y 87.4%
0.0-3.91.0
y/y 5.9%
0.6
y/y 9.8%
14.7%0.1Report (PDF)
2023-12-31Q4 2023 (3M)OK0.3
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.1-3.41.0
y/y —
0.6
y/y —
7.2%0.1Report (PDF)
2023-09-30Q3 2023 (3M)OK0.3
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.1-1.40.9
y/y —
0.6
y/y —
1.4%0.1Report (PDF)
2023-06-30Q2 2023 (3M)OK0.3
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0-1.10.9
y/y —
0.6
y/y —
3.0%0.1Report (PDF)
2023-03-31Q1 2023 (3M)OK0.3
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.1-2.71.0
y/y —
0.6
y/y —
—0.1Report (PDF)

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

Short-term debt (incl. ST leases)7
Long-term debt (incl. LT leases)107
− Cash & equivalents102
Net debt12

Net debt / LTM EBITDA: 0.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

02004006002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (₽ mln)

-40-20020402024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

0204060801002024 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 25 декабря 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. MCap3.1%3.7%10.7%13.3%23.5%23.4%26.7%29.7%

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

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: +69.2%

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)
= (99 − 51) × 3.76
81
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (521 + 12) ÷ 371
1.4x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (1.4 + 6.5) ÷ 2
4.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 19 + 19 + 0 − 0
38
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (81 × 4.0 + 38) ÷ 521
+69.2%

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).

Dividend — grid ИПР model

Expected dividend: 4977 mln RUB · 13.4% · upside -5%

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: -40%

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)12 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)-11.2 pp
= Fair dividend yield10.5%
3 · Valuation → upside
Current price0.198 ₽
Forecast dividend yield6.0%
Fair price (dividend-based)0.120 ₽

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

Dividend history

Pay yearDividend /sh
20250.01 ₽
20240.01 ₽
20220.00 ₽
20200.01 ₽
20190.01 ₽
20180.01 ₽
20170.01 ₽
20160.00 ₽
Payments by period
PeriodEx-date/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.
27.08.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Россети Волга» одобрил прекращение участия в АО «ЧАК» в результате добровольной ликвидации. Решение поддержали 11 из 11 членов совета. Дата принятия решения - 26.08.2026.
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 2.6x (price to trailing 12-month earnings).
What is IDGC Volga (MRKV)'s EV/EBITDA?
IDGC Volga (MRKV) trades at 1.4x EV/EBITDA.
What is IDGC Volga (MRKV)'s P/B ratio?
IDGC Volga (MRKV) trades at a P/B of 0.7x.
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 521 mln USD.

Bonds by this issuer

IssueYTMCouponPrice, %Volume, ₽Maturity
РстВол1Р-1floatfloat100.8243K12.2028

YTM and turnover from MOEX; floaters have no fixed YTM. Not investment advice.

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