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IDGC South (MRKY) RUB

Rosseti South operates electricity distribution grids in Rostov, Volgograd and Astrakhan regions and Kalmykia.

At a glance: strengths & risks
✓Revenue growing (+154% y/y, Q2 2026)✓Profit growing (+720% y/y, Q2 2026)✓Margins improving (14%→19%, Q2 2026)✓Cheaper than own history (EV/EBITDA 2.9 vs avg 6.0)

Sector: Utilities

RU_MRKY

Price chart

0.0704 RUBDay 0.57%

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
0.0704 RUB · 0.57%
Market cap
48.8 bn RUB

Growth

Δ revenue y/y
153.8%
Δ EBITDA y/y
254.2%

Multiples

P/E (LTM)
4.2x
3y avg: 10.5x
P/B (FY)
5.6x
P/E (ann.)
5.0x
EV/EBITDA (LTM)
2.9x
3y avg: 6.0x
EV/EBITDA (ann.)
2.6x

Cash return

Dividend yield
5.4%
FCF yield (LTM)
19.9%

Value creation

fundamental value/yr, % of market cap
Value created / year
+16.8%
↓ details

Liquidity

Daily turnover (MOEX)
3.1 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)OK45.2
y/y 153.8%
5.4
y/y 237.2%
3.1
y/y 288.1%
8.6
y/y 254.2%
2.5
y/y 719.6%
4.2-7.4215.2
y/y 272.3%
87.3
y/y 762.4%
11.2%39.4Report (PDF)
2026-03-31Q1 2026 (3M)OK50.2
y/y 146.7%
7.7
y/y 193.4%
3.0
y/y 307.4%
10.7
y/y 218.7%
5.0
y/y 346.4%
7.0-8.5213.5
y/y 278.4%
87.4
y/y 787.3%
23.4%38.2Report (PDF)
2025-12-31Q4 2025 (3M)OK36.2
y/y 141.5%
5.4
y/y -7.5%
1.6
y/y 115.1%
6.9
y/y 6.3%
1.1
y/y -68.8%
2.7-3.4206.5
y/y 272.7%
82.4
y/y 843.5%
11.8%≈ 21.4Evidence
2025-09-30Q3 2025 (3M)OK22.6
y/y 44.0%
3.7
y/y 32.2%
0.8
y/y 31.7%
4.5
y/y 32.1%
3.1
y/y 101.8%
3.2-1.759.9
y/y 26.7%
12.9
y/y 142.3%
36.0%21.4Report (PDF)
2025-06-30Q2 2025 (3M)OK17.8
y/y 47.8%
1.6
y/y 20.9%
0.8
y/y 25.5%
2.4
y/y 22.4%
0.3
y/y -30.1%
0.0-1.157.8
y/y 21.5%
10.1
y/y 168.6%
12.0%23.4Report (PDF)
2025-03-31Q1 2025 (3M)OK20.4
y/y 49.0%
2.6
y/y 47.7%
0.7
y/y 17.5%
3.4
y/y 39.7%
1.1
y/y 62.4%
1.3-1.356.4
y/y 20.0%
9.8
y/y 197.2%
47.9%22.4Report (PDF)
2024-12-31Q4 2024 (3M)OK15.0
y/y 19.1%
5.8
y/y 3241.6%
0.7
y/y 15.2%
6.5
y/y 1343.2%
3.5
y/y 580.0%
1.9-3.055.4
y/y 11.3%
8.7
y/y 237.2%
87.3%22.6Report (PDF)
2024-09-30Q3 2024 (3M)OK15.7
y/y 20.8%
2.8
y/y 10.7%
0.6
y/y 1.6%
3.4
y/y 8.9%
1.5
y/y -0.0%
1.8-0.947.3
y/y -10.4%
5.3
y/y 60.0%
45.1%21.6Report (PDF)
2024-06-30Q2 2024 (3M)OK12.1
y/y -0.9%
1.3
y/y 4.1%
0.6
y/y 2.5%
2.0
y/y 3.6%
0.4
y/y -35.3%
1.1-1.147.6
y/y -10.1%
3.8
y/y 115.1%
48.4%22.5Report (PDF)
2024-03-31Q1 2024 (3M)OK13.7
y/y 2.9%
1.8
y/y -27.5%
0.6
y/y -0.7%
2.4
y/y -22.0%
0.7
y/y -55.5%
-2.1-1.047.0
y/y -14.3%
3.3
y/y 208.2%
92.9%22.6Report (PDF)
2023-12-31Q4 2023 (3M)OK12.6
y/y —
-0.2
y/y —
0.6
y/y —
0.5
y/y —
-0.7
y/y —
2.4-1.849.8
y/y —
2.6
y/y —
102.0%19.5Report (PDF)
2023-09-30Q3 2023 (3M)OK13.0
y/y —
2.5
y/y —
0.6
y/y —
3.2
y/y —
1.5
y/y —
2.7-0.852.7
y/y —
3.3
y/y —
80.8%20.1Report (PDF)
2023-06-30Q2 2023 (3M)OK12.2
y/y —
1.3
y/y —
0.6
y/y —
1.9
y/y —
0.7
y/y —
1.0-1.352.9
y/y —
1.8
y/y —
187.5%22.0Report (PDF)
2023-03-31Q1 2023 (3M)OK13.3
y/y —
2.4
y/y —
0.6
y/y —
3.1
y/y —
1.5
y/y —
1.6-1.554.9
y/y —
1.1
y/y —
—21.6Report (PDF)

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

Short-term debt (incl. ST leases)22 908
Long-term debt (incl. LT leases)35 066
− Cash & equivalents18 598
Net debt39 376

Net debt / LTM EBITDA: 1.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

020 00040 00060 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (₽ mln)

-5 00005 00010 00015 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

010 00020 00030 00040 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 1.92x of reported net profit; after capex, 0.36x. Loss years (2021) are left out of the ratio.
year20212022202320242025
cash flow / profit—19.15x2.55x0.45x1.30x
accruals, % of assets-17.0%-11.9%-9.4%6.0%-0.8%
Last twelve months (to 2026-06-30): 1.48x of profit came back as operating cash flow.
capex 2.1x 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 № 38@ от 23.12.2024 · period 2024–2028 · download order + appendix

ИПР financial plan (Form 19), ₽bn:

20232024202520262027202820292030203120322033
Net profit (ИПР)8.618.114.912.937.445.648.452.553.653.752.1
Dividends (ИПР)1.90.00.35.98.09.310.611.712.813.213.6
div, % cur. MCap4.0%0.0%0.6%12.0%16.4%19.1%21.9%24.1%26.4%27.1%27.9%

Capex & funding sources, ₽bn:

20242025202620272028
Capex (funding)5.87.55.94.13.8
of which profit to investment1.81.50.80.70.7
depreciation2.22.22.12.42.3
attracted funds1.43.73.00.90.8

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: +20.1%

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)
= (8 573 − 2 420) × 3.59
5 520
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (48 771 + 39 376) ÷ 30 766
2.9x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (2.9 + 6.5) ÷ 2
4.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -16 025 + 0 + 0 − 0
-16 025
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (5 520 × 4.7 + -16 025) ÷ 48 771
+20.1%

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

Caveats:

  • growth discounted x0.25: EBITDA grew but net profit FELL while net debt rose - debt-funded growth not reaching equity (interest drag)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +72% vs +11% the year before — a +61.4 pp move. 3-year CAGR +30%.
revenue growth by year: 2023 +16% · 2024 +11% · 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).

Dividend — grid ИПР model

Expected dividend: 5863 mln RUB · 12.0% · upside -14%

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

YearИПР plan, mlnActual, mln
20289274—
202910636—
203011736—
203112826—
203213204—
203313582—

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

Paid, trailing 12-mo: 0.00 RUB/sh · 5.4%

Pay yearDividend /sh
20260.00 ₽
20190.01 ₽
20180.01 ₽
20160.00 ₽
20140.00 ₽
Payments by period
PeriodEx-date/sh
2026 q22026-06-230.00 ₽
2019 q22019-06-170.01 ₽
2018 q22018-06-180.01 ₽
2016 q22016-06-220.00 ₽
2014 q32014-07-100.00 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

27.08.26Filing★ ▲ Финансовые результаты деятельности эмитента (компаний группы эмитента) (прогнозные, предварительные, фактические)
В первом полугодии 2026 года выручка ПАО «Россети Юг» составила 95,4 млрд. руб., что на 150% больше, чем в аналогичном периоде 2025 года. EBITDA увеличилась до 20,8 млрд. руб. (+243,4%), а чистая прибыль достигла 7,4 млрд. руб. (+425,5%). Увеличение показателей связано с реорганизацией через присоединение АО «Россети Кубань».
20.03.26Material event★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
19 марта 2026 года Банк России аннулировал индивидуальный код 011D дополнительного выпуска обыкновенных акций ПАО 'Россети Юг'. Это может оказать влияние на стоимость ценных бумаг компании.
10.09.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Россети Юг» утвердил Программу модернизации электросетевых объектов на период 2026-2030 гг. Все 11 членов совета проголосовали 'ЗА' принятие решения. Программа, утвержденная ранее на период 2025-2029 гг., признана утратившей силу.
11.06.26AGM / BoardРешения общих собраний участников (акционеров)
10 июня 2026 года на годовом собрании акционеров ПАО «Россети Юг» был утвержден годовой отчет и бухгалтерская отчетность за 2025 год. Также было решено выплатить дивиденды в размере 0,00377 руб. на акцию, с датой определения акционеров 24 июня 2026 года. Кворум по всем вопросам повестки дня составил 96,9%.

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 South (MRKY) — from primary filings.

Frequently asked questions

What is IDGC South (MRKY)'s P/E ratio?
IDGC South (MRKY) trades at a P/E of 4.2x (price to trailing 12-month earnings).
What is IDGC South (MRKY)'s EV/EBITDA?
IDGC South (MRKY) trades at 2.9x EV/EBITDA.
What is IDGC South (MRKY)'s P/B ratio?
IDGC South (MRKY) trades at a P/B of 5.6x.
What is IDGC South (MRKY)'s dividend yield?
IDGC South (MRKY)'s trailing 12-month dividend yield is 5.4%.
What is IDGC South (MRKY)'s return on equity (ROE)?
IDGC South (MRKY)'s ROE is 11.2%.
What is IDGC South (MRKY)'s market capitalization?
IDGC South (MRKY)'s market cap is 48.8 bn RUB.

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