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IDGC North West (MRKZ) USD

Rosseti North-West operates electricity distribution grids in the north-western regions of Russia, including Arkhangelsk, Vologda, Murmansk, Novgorod and Pskov regions, Karelia and Komi.

At a glance: strengths & risks
✓Revenue growing (+13% y/y, Q2 2026)✓Margins improving (7%→13%, Q2 2026)✓Low leverage (0.3x EBITDA)✓Cheaper than own history (EV/EBITDA 0.8 vs avg 1.1)

Sector: Utilities

RU_MRKZ

Price chart

0.1277 RUBDay 0.39%

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
0.1277 RUB · 0.39%
Market cap
171 mln USD

Growth

Δ revenue y/y
12.7%
Δ EBITDA y/y
119.7%

Multiples

P/E (LTM)
1.7x
3y avg: 2.4x
P/B (FY)
0.5x
P/E (ann.)
5.3x
EV/EBITDA (LTM)
0.8x
3y avg: 1.1x
EV/EBITDA (ann.)
1.3x

Cash return

Dividend yield
—
FCF yield (LTM)
—

Value creation

fundamental value/yr, % of market cap
Value created / year
+138.4%
↓ details

Liquidity

Daily turnover (MOEX)
16.5 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 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)OK0.3
y/y 12.7%
0.0
y/y —
0.0
y/y 14.7%
0.0
y/y 119.7%
0.0
y/y —
0.0-2.31.3
y/y 22.9%
0.4
y/y 34.9%
8.5%0.0Report (PDF)
2026-03-31Q1 2026 (3M)OK0.4
y/y 21.1%
0.1
y/y 48.9%
0.0
y/y 19.1%
0.1
y/y 39.7%
0.0
y/y 57.9%
0.1-2.41.2
y/y 21.0%
0.4
y/y 30.1%
50.0%0.0Report (PDF)
2025-12-31Q4 2025 (3M)OK0.3
y/y 29.0%
0.1
y/y 351.3%
0.0
y/y 40.1%
0.1
y/y 174.0%
0.0
y/y 1347.5%
0.1-4.51.2
y/y 17.5%
0.3
y/y 27.1%
23.0%0.1Report (PDF)
2025-09-30Q3 2025 (3M)OK0.3
y/y 34.5%
0.0
y/y —
0.0
y/y 0.6%
0.0
y/y 124.2%
0.0
y/y —
0.0-3.01.0
y/y 28.3%
0.3
y/y 12.5%
2.3%0.1Report (PDF)
2025-06-30Q2 2025 (3M)OK0.2
y/y 26.2%
0.0
y/y -143.8%
0.0
y/y 6.8%
0.0
y/y -33.8%
0.0
y/y —
0.0-1.61.0
y/y 31.4%
0.3
y/y 2.8%
-5.2%0.1Report (PDF)
2025-03-31Q1 2025 (3M)OK0.3
y/y 31.8%
0.0
y/y 54.6%
0.0
y/y 12.3%
0.1
y/y 38.5%
0.0
y/y -18.1%
0.0-1.71.0
y/y 27.8%
0.3
y/y 7.0%
40.8%0.1Report (PDF)
2024-12-31Q4 2024 (3M)OK0.3
y/y 25.1%
0.0
y/y 166.4%
0.0
y/y 5.2%
0.0
y/y 1043.3%
0.0
y/y 114.2%
0.2-5.51.0
y/y 27.8%
0.3
y/y 10.8%
9.6%0.1Report (PDF)
2024-09-30Q3 2024 (3M)OK0.2
y/y 20.0%
0.0
y/y —
0.0
y/y 0.6%
0.0
y/y 1.9%
0.0
y/y —
0.0-1.50.8
y/y 2.5%
0.3
y/y 0.9%
-6.1%0.1Report (PDF)
2024-06-30Q2 2024 (3M)OK0.2
y/y 13.4%
0.0
y/y 22.4%
0.0
y/y 1.4%
0.0
y/y 6.4%
0.0
y/y -107.8%
0.0-0.80.8
y/y 3.9%
0.3
y/y 5.2%
-0.3%0.1Report (PDF)
2024-03-31Q1 2024 (3M)OK0.2
y/y 8.3%
0.0
y/y 10.8%
0.0
y/y -0.3%
0.0
y/y 6.3%
0.0
y/y 80.7%
0.0-2.10.8
y/y 3.1%
0.3
y/y 3.5%
54.2%0.1Report (PDF)
2023-12-31Q4 2023 (3M)OK0.2
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0-3.10.8
y/y —
0.2
y/y —
-3.1%0.2Report (PDF)
2023-09-30Q3 2023 (3M)OK0.2
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0-1.60.8
y/y —
0.3
y/y —
-4.3%0.2Report (PDF)
2023-06-30Q2 2023 (3M)OK0.2
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0-1.50.7
y/y —
0.3
y/y —
3.6%0.1Report (PDF)
2023-03-31Q1 2023 (3M)OK0.2
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.0
y/y —
0.1-1.40.8
y/y —
0.3
y/y —
—0.1Report (PDF)

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

Short-term debt (incl. ST leases)228
Long-term debt (incl. LT leases)20
− Cash & equivalents240
Net debt8

Net debt / LTM EBITDA: 0.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values (₽ mln)

01002003004002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

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

Cash flow

FCF (₽ mln)

-500501002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (₽ mln)

0501001502024 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 4.99x of reported net profit; after capex, 1.85x. Loss years (2021, 2022, 2023) are left out of the ratio.
year20212022202320242025
cash flow / profit———8.32x1.66x
accruals, % of assets-12.0%-12.2%-20.7%-18.4%-4.1%
Last twelve months (to 2026-06-30): 1.47x of profit came back as operating cash flow.
net debt / EBITDA 0.3x · EBIT covers interest 5.9x · capex 1.5x of depreciation · dividends 0% 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 № 24@ от 25.12.2025 · period 2025–2029 · download order + appendix

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%89.4%101.0%125.8%146.1%159.2%169.8%178.2%

Capex & funding sources, ₽bn:

20252026202720282029
Capex (funding)10.422.419.68.86.3
of which profit to investment3.69.69.83.30.8
depreciation3.64.24.95.15.1
attracted funds2.24.43.00.00.0

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

20212022202320242025
ИПР plan (prior-year order)6.95.57.58.216.4
revised plan (same-year order)5.86.310.39.210.4
Actual capex (IFRS cash flow)5.45.77.67.510.8
actual vs plan79%104%101%92%66%

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

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: +138.4%

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)
= (36 − 16) × 6.68
47
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (171 + 8) ÷ 238
0.8x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (0.8 + 6.5) ÷ 2
3.6x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 66 + 0 + 0 − 0
66
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (47 × 3.6 + 66) ÷ 171
+138.4%

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).

EV/EBITDA — daily history

Current 0.8x · 3-year 75th pct 2.8x

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 RAORussia2.30.1x0.1x
FGC UESRussia1.61.8x1.8x
LenenergoRussia2.11.9x1.9x
NEXTERA ENERGY INCUS157.817.0x2.9x
CPFL EnergiaBrazil10.15.8x3.3x
CemigBrazil6.06.0x3.4x
RushydroRussia2.43.5x3.5x
DEWA (Dubai Electricity & Water)UAE37.010.1x3.8x
Manila Electric (Meralco)Philippines7.59.3x4.9x
Equatorial EnergiaBrazil9.89.8x5.5x
En+ GroupRussia2.66.3x6.3x
EnergisaBrazil25.618.8x10.6x
Group median6.2x3.5x
Group average7.5x4.0x
This companyRussia0.20.8x0.8x

Group median 6.2x as traded, 3.5x adjusted; this company 0.8x — a 78% discount.

Group average 7.5x as traded, 4.0x adjusted; against the average this company is at a 81% discount.

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 22.2x, Russia 3.8x, South Africa 5.1x, Kazakhstan 6.6x, India 18.5x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-01; the company's own is live.

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
PeriodLast day to buy/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

22.09.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Россети Северо-Запад» провел заседание 18 сентября 2026 года, на котором были приняты несколько решений, включая утверждение перечня взаимозависимых лиц и ключевых показателей эффективности для АО «Псковэнергоагент» на 2026-2027 годы. На заседании присутствовали все 11 членов совета, кворум был соблюден. Принятые решения не касаются прав по ценным бумагам.
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 1.7x (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 8.5%.
What is IDGC North West (MRKZ)'s market capitalization?
IDGC North West (MRKZ)'s market cap is 171 mln USD.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
РСетиСЗ1Р1floatfloat100.85+0.33%13K1.5M05.2027

Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map