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IDGC North West (MRKZ) RUB

At a glance: strengths & risks
✓Revenue growing (+30%)✓Profit growing (+188%)✓Margins improving (13%→17%)✓Low leverage (0.3x EBITDA)✓Cheaper than own history (EV/EBITDA 0.8 vs avg 1.1)

Sector: Utilities

RU_MRKZ

Price chart

0.1229 RUBDay 1.49%

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
0.1229 RUB · 1.49%
Market cap
11.8 bn RUB

Growth

Δ revenue y/y
21.1%
Δ EBITDA y/y
39.7%

Multiples

P/E (LTM)
1.9x
3y avg: 2.4x
P/B (FY)
0.5x
P/E (ann.)
0.9x
EV/EBITDA (LTM)
0.8x
3y avg: 1.1x
EV/EBITDA (ann.)
0.5x

Cash return

Dividend yield
—
FCF yield (LTM)
31.4%

Value creation

fundamental value/yr, % of market cap
Value created / year
+131.4%
↓ details

Liquidity

Daily turnover (MOEX)
31.5 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)OK25.2
y/y 21.1%
4.5
y/y 48.9%
1.6
y/y 19.1%
6.1
y/y 39.7%
3.2
y/y 57.9%
5.0-2.486.8
y/y 21.0%
27.1
y/y 30.1%
50.0%1.0Report (PDF)
2025-12-31Q4 2025 (3M)OK24.6
y/y 29.0%
4.4
y/y 351.3%
1.8
y/y 40.1%
6.2
y/y 174.0%
3.0
y/y 1347.5%
4.7-4.583.7
y/y 17.5%
23.9
y/y 27.1%
23.0%4.1Report (PDF)
2025-09-30Q3 2025 (3M)OK18.9
y/y 34.5%
1.0
y/y —
1.2
y/y 0.6%
2.2
y/y 124.2%
0.4
y/y —
1.2-3.072.8
y/y 28.3%
20.9
y/y 12.5%
2.3%5.6Report (PDF)
2025-06-30Q2 2025 (3M)OK17.4
y/y 26.2%
-0.2
y/y -143.8%
1.4
y/y 6.8%
1.2
y/y -33.8%
-0.3
y/y —
0.7-1.672.7
y/y 31.4%
20.5
y/y 2.8%
-5.2%5.3Report (PDF)
2025-03-31Q1 2025 (3M)OK20.9
y/y 31.8%
3.0
y/y 54.6%
1.3
y/y 12.3%
4.3
y/y 38.5%
2.0
y/y -18.1%
2.0-1.771.7
y/y 27.8%
20.8
y/y 7.0%
40.8%4.7Report (PDF)
2024-12-31Q4 2024 (3M)OK19.1
y/y 25.1%
1.0
y/y 166.4%
1.3
y/y 5.2%
2.3
y/y 1043.3%
0.2
y/y 285.2%
11.2-5.571.2
y/y 27.8%
18.8
y/y 10.8%
9.6%5.3Report (PDF)
2024-09-30Q3 2024 (3M)OK14.1
y/y 20.0%
-0.3
y/y —
1.2
y/y 0.6%
1.0
y/y 1.9%
-0.9
y/y —
0.5-1.556.7
y/y 2.5%
18.6
y/y 0.9%
-6.1%10.4Report (PDF)
2024-06-30Q2 2024 (3M)OK13.8
y/y 13.4%
0.5
y/y 22.4%
1.3
y/y 1.4%
1.7
y/y 6.3%
0.0
y/y —
0.7-0.855.3
y/y 3.9%
20.0
y/y 5.2%
-0.3%9.1Report (PDF)
2024-03-31Q1 2024 (3M)OK15.8
y/y 8.3%
1.9
y/y 10.8%
1.2
y/y -0.3%
3.1
y/y 6.3%
2.5
y/y 80.7%
2.6-2.156.1
y/y 3.1%
19.5
y/y 3.5%
54.2%8.9Report (PDF)
2023-12-31Q4 2023 (3M)OK15.2
y/y —
-1.5
y/y —
1.2
y/y —
-0.2
y/y —
0.1
y/y —
3.0-3.155.7
y/y —
17.0
y/y —
-3.1%11.3Report (PDF)
2023-09-30Q3 2023 (3M)OK11.7
y/y —
-0.3
y/y —
1.2
y/y —
1.0
y/y —
-0.8
y/y —
-0.2-1.655.4
y/y —
18.4
y/y —
-5.5%11.7Report (PDF)
2023-06-30Q2 2023 (3M)OK12.1
y/y —
0.4
y/y —
1.3
y/y —
1.6
y/y —
-1.2
y/y —
0.9-1.553.2
y/y —
19.0
y/y —
-25.3%9.8Report (PDF)
2023-03-31Q1 2023 (3M)OK14.6
y/y —
1.8
y/y —
1.2
y/y —
3.0
y/y —
1.4
y/y —
7.3-1.454.4
y/y —
18.8
y/y —
—8.9Report (PDF)

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

-10 000010 00020 00030 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%0%100%200%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF (₽ mln)

-4 000-2 00002 0004 0006 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash (₽ mln)

02 5005 0007 50010 00012 5002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Investment programme (Minenergo)

ИПР financial plan (Form 19), ₽bn:

20232024202520262027202820292030203120322033
Net profit (ИПР)-0.42.23.74.931.727.431.035.638.841.443.5
Dividends (ИПР)0.00.00.00.010.912.315.317.819.420.721.7
div, % cur. MCap0.0%0.0%0.0%0.0%78.0%88.1%109.7%127.4%138.8%148.1%155.4%

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

By region of presence (single-rate котловой, other consumers), 2025 vs 2026:

RegionTariff 2026, ₽/kWhYoY
Республика Коми3.570+22.6%
Республика Карелия5.094+19.9%
Мурманская обл.2.805+19.0%
Архангельская обл.5.146+18.2%
Вологодская обл.4.259+15.7%
Новгородская обл.4.407+14.0%
Псковская обл.4.508+10.9%
Average across regions+17.2%

Раскрытие Россети Северо-Запад: единый котловой тариф (ЕКТ), Excel

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +131.4%

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)
= (6 063 − 4 341) × 2.57
3 216
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (11 772 + 1 036) ÷ 15 593
0.8x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (0.8 + 6.5) ÷ 2
3.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 3 693 + 1 + 0 − 0
3 693
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (3 216 × 3.7 + 3 693) ÷ 11 772
+131.4%

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)
  • EBITDA-growth term clamped to ±market cap

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +30% vs +17% the year before — a +13.5 pp move. 3-year CAGR +19%.
revenue growth by year: 2023 +11% · 2024 +17% · 2025 +30%
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

No dividend expected

board declined the dividend ИПР plan 1714 mln not credited. Last actual payout: 2020.

YearИПР plan, mlnActual, mln
202812326—
202915341—
203017816—
203119417—
203220717—
203321738—

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

No dividend planned

Board recommended no dividend for FY2025 — the ИПР's 2026 dividend plan (1.7bn) won't be realised

Dividend history

Pay yearDividend /sh
20200.00 ₽
20190.00 ₽
20170.00 ₽
20160.00 ₽
20140.00 ₽
20130.00 ₽
Payments by period
PeriodEx-date/sh
2020 q22020-06-050.00 ₽
2020 q12020-01-100.00 ₽
2019 q22019-06-210.00 ₽
2017 q22017-06-220.00 ₽
2016 q22016-06-230.00 ₽
2014 q32014-07-070.00 ₽
2013 q22013-05-100.00 ₽

Dividends

No dividend rows found for this issuer.

Corporate events

17.07.26AGM / BoardРешения совета директоров (наблюдательного совета)
16 июля 2026 года Совет директоров ПАО «Россети Северо-Запад» принял несколько ключевых решений, включая досрочное прекращение полномочий Генерального директора АО «ПСК» и назначение нового Генерального директора на срок до 15.11.2027. Также был утвержден бизнес-план АО «Энергосервис Северо-Запада» на 2026 год.
09.06.26AGM / BoardРешения общих собраний участников (акционеров)
4 июня 2026 года проведено годовое собрание акционеров ПАО «Россети Северо-Запад». Принято решение не выплачивать дивиденды по обыкновенным акциям за 2025 год, а распределить нераспределенную прибыль в размере 3,7 млн. руб. на развитие компании. Также избран новый состав Совета директоров и Ревизионной комиссии.
09.04.26Material eventИнформация об иных событиях (действиях), оказывающих, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг
ПАО «Россети Северо-Запад» прекращает участие в ООО «Сетевые инвестиции», что может повлиять на стоимость акций. Ликвидация ООО запланирована на срок до 1 года с момента принятия решения.

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 North West (MRKZ) — from primary filings.

Frequently asked questions

What is IDGC North West (MRKZ)'s P/E ratio?
IDGC North West (MRKZ) trades at a P/E of 1.9x (price to trailing 12-month earnings).
What is IDGC North West (MRKZ)'s EV/EBITDA?
IDGC North West (MRKZ) trades at 0.8x EV/EBITDA.
What is IDGC North West (MRKZ)'s P/B ratio?
IDGC North West (MRKZ) trades at a P/B of 0.5x.
What is IDGC North West (MRKZ)'s return on equity (ROE)?
IDGC North West (MRKZ)'s ROE is 50.0%.
What is IDGC North West (MRKZ)'s market capitalization?
IDGC North West (MRKZ)'s market cap is 11.8 bn RUB.