Interregional Distribution Grid Company of Siberia (MRKS: 90.70 Kopeck) drops 1.0% 01 March 2024

STOCK REVIEW

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Interregional Distribution Grid Company of Siberia's (MICEX: MRKS 90.70 Kopeck) stock price dropped 0.95 Kopeck (1.0%) from its previous trading session to close at 90.70 Kopeck.

Compared with the MOEX Russia Index which rose 124.4 points (4%) in the day, the relative price change was -5.0%.

Interregional Distribution Grid Company of Siberia is Russia's 8th largest Electric company by market cap.

There were 32,370,000 shares worth RUB29.4 million ($321,781) traded today. The volume was 0.4 times the average daily trading volume of 78.8 million shares.

Financial News

Quarterly Report (Q3/2023):

Quarterly Report Analysis Q3 2023: Interregional Distribution Grid Company of Siberia reports 7.0% sequential fall in Quarterly Revenue

Interregional Distribution Grid Company of Siberia (MICEX:MRKS), announced total revenue of RUB14.9b ($154m) for the quarter-ended 30 September 2023 [Q3/2023], down 7.0% from the previous quarter [Q2/2023].

Sequential Quarter comparison

Quarter on QuarterSep 30, 2023Jun 30, 2023Sep 30, 2023Jun 30, 2023Change
DescriptionRUB mRUB m$ m$ m(%)
Total Revenue14,87415,996.6154.1183.1Down 7
Profit/(Loss) after Tax(2,018.2)(300.5)(20.9)(3.4)Deterioration 571.5
Net Assets16,484.718,442.4170.8211.1Down 10.6

INTERREGIONAL DISTRIBUTION GRID COMPANY OF SIBERIA (MRKS) Stock Dashboard [traded in Russian Ruble, RUB] End-of-Day Fri, Mar 01

http://www.mrsk-sib.ru

EPS (FY2022)(1.0 Kopeck)Market CapRUB86 billion [US$943 million]
Shares Outstanding94,815,160,000ExchangeRUSSIAN [Micex, Classica]
Last90.70 Kopeck [RUB 1 = 100 Kopeck]SectorElectric [of 72 stocks]
Today's Volume32,370,000VI0.4
Ave Daily Volume78,770,203 sharesCurrency1.000 USD = 91.24 Russian Ruble (RUB)
52-Week Price Range0.29 - 1.14PV$1000 (1 yr)RUB2,974
US$2,453

Interregional Distribution Grid Company of Siberia share has been a three bagger in the past year. A year ago the exchange rate was USD 1 = 75.27 RUB. USD1000 would have bought RUB75,265. A year ago the Interregional Distribution Grid Company of Siberia share price was 30.50 Kopeck. RUB75,265 would have bought 246,770.5 Interregional Distribution Grid Company of Siberia shares on that day. Those 246,770.5 shares would be worth RUB223,821 at today's share price of 90.70 Kopeck. At today's exchange rate of USD1=91.24 RUB this is equivalent to USD2,453. PV$1000= $2,453.

Price Volume Snapshot past 3 months (RUB)

Past month to HighLowVWAPVolume Index *
01 Mar 20241.00.80.90.7
01 Feb 20241.10.71.02.5
29 Dec 20230.80.60.71.2

[*Volume Index of 0.7 means volume for the month was 0.7 times its 12-month average]

[VWAP is defined as the Volume Weighted Average Price]

DATA & ARCHIVE DOWNLOAD CENTER

MRKS: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA:

+ PRICE VOLUME - 5-YEAR HISTORY

MRKS: LINKS IN HTML TO FURTHER INFORMATION:

+ PRICE VOLUME CHARTS IN HTML

+ USD vs RUB EXCHANGE RATE CHARTS IN HTML

INDEX

SECTION 1 TODAY'S BULLISH SIGNALS

SECTION 2 ONGOING BULLISH PARAMETERS

SECTION 3 TODAY'S BEARISH SIGNALS

SECTION 4 ONGOING BEARISH PARAMETERS

SECTION 5 CORPORATE PROFILE

SECTION 6 FINANCIALS FY 2022

SECTION 7 TOP MANAGEMENT AND BOARD OF DIRECTORS

SECTION 8 PEER COMPARISON & RANKING OF MRKS

SECTION 9 CURRENCY SYNOPSIS: RUSSIAN RUBLE (RUB)

STOCK IDENTIFIERS

GLOSSARY

SECTION 1 TODAY'S BULLISH SIGNALS

1.1 PAST WEEK: WEAK MOMENTUM UP

MRKS gains 6.6% on weak volume 0.6 times average. Compared with the MOEX Russia Index which rose 124.4 points (or 4.0%) in the week, the relative price increase was 2.6%.

Week 9 of 2024: Up 6.6%; Interregional Distribution Grid Company of Siberia (MRKS) outperformed the MICEX Index in 3 out of 4 days. The price ranged between a high of 92.0 Kopeck on Thursday Feb 29 and a low of 85.0 Kopeck on Thursday Feb 22.

DateInterregional Distribution Grid Company of SiberiaClose [RUB]Change %Comment
Fri Mar 01Loses RUB901 million ($10 million) (1.0%) in MCap, steepest heavyweight fall in Electric sector0.91-1.0Steepest Fall
Thu Feb 29Keeps rising, up 8.0% in 4 days0.922.7Top Rise
Wed Feb 28Keeps rising, up 5.2% in 3 days0.891.8Price/MAP200 above 1 and rising
Thu Feb 22Strengthens above moving average price0.850.3Oversold: close to 14-day low

* RPC - Relative Price Change is % price change of stock less % change of the MICEX Index.

1.2 Rank in the top 19% by Price Performance in the Russian market

DescriptionValueRank
Price/MAP501.12In Top 9%
PV1000 [1 yr] $2,453In Top 16%
1-week Price Change %6.6In Top 16%
1-month Price Change %1.9In Top 19%

1.3 Uptrend

Beta > 1 combined with price rise. The Beta of the stock is 1.7.

Price/Moving Average Price of 1.37 and positive MACD:

- The Price/MAP 200 for Interregional Distribution Grid Company of Siberia is 1.37. Being higher than 1 is a bullish indicator. It is higher than the Price/MAP 200 for the MOEX Russia Index of 1.06, a second bullish indicator. The stock is trading above both its MAPs and the 50-day MAP of 81.11 Kopeck is higher than the 200-day MAP of 66.21 Kopeck, a third bullish indicator. The 200-day MAP has increased to 66.21 Kopeck, a fourth bullish indicator.

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 0.89 minus the 26-day EMA of 0.87 is positive, suggesting a bullish signal. Both the 12-day EMA as well as the 26-day EMA are rising, another bullish signal.

- The price to 50-day EMAP ratio is 1.1, a bullish indicator. In the past 50 days this ratio has exceeded 1.1, 20 times suggesting further upside. The 50-day EMAP has increased to 83.22 Kopeck. An increase is another bullish indicator.

Past Quarter:

- In the last three months the stock has hit a new 52-week high once.

1.4 Other Bullish Signals

MCap/Total Assets:

- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 1. Compared with the rest of the market the stock is undervalued.

SECTION 2 ONGOING BULLISH PARAMETERS

2.1 Past two-years

- The shares rose 9.55 Kopeck (45.6%) a year ago which accelerated to 60.20 Kopeck (197.4%) in the past year.

- Interregional Distribution Grid Company of Siberia rose for a second consecutive year. In the previous year the shares rose 9.55 Kopeck (45.6%).

2.2 Present Value of RUB1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PVRUB1000 > 1,204

PVRUB1,0003 mo ago1 yr ago3 yrs ago
MRKS.MICEXRUB1,205RUB2,974RUB2,387
Electric sectorRUB1,099RUB910RUB670
MOEX Russia IndexRUB1,040RUB1,433RUB965

2.3 The Best Periods [3 Mo, 1 Yr, 3 Yrs] with Price Change % > 20.4

3-Year price change of 138.7% for Interregional Distribution Grid Company of Siberia outperformed the change of -2.4% in the MICEX Index for a relative price change of 141.1%.

Price Change %QuarterYear3 Years
Interregional Distribution Grid Company of Siberia20.5197.4138.7
Electric sector9.9-7.9-33.2
MICEX Index445-2.4

2.4 Moving Annual Return of 197.4% in the past year:

Moving Annual Return was 197.4% in the past year. Based on a dynamic start date of 5 years ago, the real rate of return has averaged 61.5%. The Moving Annual Return has been positive in 4 of the last 5 years.

MRKSClose (RUB)Annual Return %
Mar 010.91197.4
1 Yr ago0.345.6
2 Yrs ago0.21(44.9)
3 Yrs ago0.3868.9
4 Yrs ago0.2340.7

Close 5 years ago 16.0 Kopeck

2.5 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 33.1%

TSR %1 yr3 yrs5 yrs10 yrs
MRKS.MICEX197.433.241.436

2.6 Increased Volume, up 749% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT) has increased 749.3% to 78.8 million shares.

Avg. Daily Volume Traded 12 months ended Mar 01, million shares

YearADVT
202478.8
202325.5
202214572.3
20214.7
20209.3

2.7 Increased VWAP, up 174% in 5 years

In the past five years Volume Weighted Average Price (VWAP) has increased by 173.5% to 73.84 Kopeck. Based on a dynamic start date of five years ago, there have been declines in VWAP in 2 out of 5 years.

Past five years, 12 months ended Mar 01 (RUB)

YearHigh PriceVWAPLow Price
20241.140.740.29
20230.490.310.19
20220.870.330.16
20210.450.270.16
20200.380.270.16

2.8 Increased share turnover, up 2,307% in 5 years

In the past five years, average daily share turnover has increased 2307.2% to RUB57.6 million ($631,532). This suggests increased liquidity.

Past five years, 12 months ended Mar 01 (RUB million)

YearAverage Daily Turnover
202457.6
20237.0
20224127.7
20211.2
20202.4

SECTION 3 TODAY'S BEARISH SIGNALS

Price to Book of 5 > Electric sector (of 72 stocks) average of 0.8:

- The Price to Book of 5 indicates overvaluation compared with sector average of 0.8 and 1.1 for the Russian Market.

3.1 Rank in the bottom 11% by Relative Valuation in the Russian market

DescriptionValueRank
Price to Book Value5In Bottom 11%

3.2 Other Bearish Signals

- Total Liabilities/EBITDA of 15.1 is more than 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.

SECTION 4 ONGOING BEARISH PARAMETERS

4.1 Rank in the bottom 9% by Gearing in the Russian market

DescriptionValueRank
Total Debt to Equity2.4In Bottom 9%

4.2 Deteriorated EBIT Margins:

EBIT margin is negative and has deteriorated from 9.2% to -0.9% in the past year.

FYEBIT Margins (%)
2022-0.9
20179.2
20166.5
2014-18.9
2013-1.1

4.3 High Debt to Equity (%) and Increasing

The debt to equity ratio of 236.7% is above a safe benchmark figure of 70%. Moreover, it has deteriorated in the past two years.

YearsDebt to Equity (%)
Dec 2022236.75
Dec 2017151.39
Dec 2016115.9
Dec 2014130.65
Dec 201346.35

4.4 Quarterly Trend in Revenue and Net Profit Margin:

- Net Profit margin has been negative in recent quarters. [All figures in %]

Qtr-endedRevenue GrowthNet Profit Margin
Sep 23 [Q3 vs Q2]-7-13.6
Jun 23 [Q2 vs Q3]--1.9

4.5 Satisfies 2 out of 9 criteria of Joseph Piotroski [pass mark 5]:

- Positive operating cashflow.

- Good quality of earnings [operating cashflow exceeds net income].

But does not meet the following 7 criteria of Joseph Piotroski:

- Positive net income.

- Return on Assets improvement.

- Improvement in long-term debt to total assets.

- Improvement in current ratio.

- Total shares on issue unchanged (or reduction in total shares on issue).

- Improvement in gross margin.

- Improvement in asset turnover.

SECTION 5 CORPORATE PROFILE

5.1 Activities

Interregional Distribution Grid Company of Siberia also known as MRSK Sibiri, distributes electric power to the industrial and private customers in Altay, Kemerovo, Omsk, Tomsk and Buryat regions of Russian Federation. It is Russia's 8th largest Electric company by market capitalisation.

5.2 Contact Details

Websitehttp://www.mrsk-sib.ru

SECTION 6 FINANCIALS FY 2022

6.1 Financials, FY 2022 [year-ended 31 December 2022 ]

Interregional Distribution Grid Company of Siberia Gross Profit up 34%

Interregional Distribution Grid Company of Siberia (MICEX:MRKS) reported gross profit for the year-ended 31 December 2022 [FY2022] of RUB60.8b ($827m), up 34% from RUB45.4b (0) in the previous year.

Highlights

Annual Report: FY2022

Company Name : Interregional Distribution Grid Company of Siberia (MRKS)
December 31FY2022FY2022
DescriptionRUB m$ m
Sales Revenue64,751.7880.6
EBITDA4,250.257.8
EBIT(554.9)(7.5)
Pre-Tax Profit/(Loss)(554.9)(7.5)
Profit/(Loss) after Tax(186.6)(2.5)
Working Capital(31,056.3)(422.4)
Current Assets13,824.7188
Current Liabilities44,881610.4
Shareholders' Funds17,762.6241.6
Total Liabilities64,291.1874.4
Total Assets82,053.81,116
Current Debt9,165.9124.7
Non-Current Debt15,339.4208.6
Total Debt42,053571.9
Operating Cash Flow7,814.8106.3
Net Assets17,762.6241.6
Net Tangible Assets17,137.8233.1

Per Share figures

December 31FY2022FY2022
DescriptionKopeck US c
Sales64.80.9
Working Capital(31.1)(0.4c)
Shareholders' Funds17.80.2
Total Liabilities64.40.9
Total Assets82.11.1
Current Debt9.20.1
Non-Current Debt15.40.2
Total Debt42.10.6
Net Tangible Assets170.2

Performance Ratios

December 31FY2022
Return on Equity (%)(1.1)
Return on Assets (%)(0.2)
Total debt to net tangible assets (%)245.4
Debt/Equity2.4
Common Size Ratios by Assets %
Current Debtors to Total Assets 10.1

Currency Conversion (December 31, 2022): $1 = RUB73.53

SECTION 7 TOP MANAGEMENT AND BOARD OF DIRECTORS

7.1 Top Management

Top Management [Two top executives with tenure > 10 yrs]

NameDesignationSince Appointment
Konstantin PetukhovChairman, Director13 Yrs, 2 Mos
Elena SankoCorporate Secretary10 Yrs, 2 Mos

7.2 Board Of Directors

Board Of Directors [Fourteen directors with tenure > 10 yrs]

NameSince Appointment
Veniamin Pinkhasik10 Yrs, 2 Mos
Mikhail Bychko10 Yrs, 2 Mos
Mikhail Kuznetsov10 Yrs, 2 Mos
Egor Prokhorov10 Yrs, 2 Mos
Kirill Trubitsyn10 Yrs, 2 Mos
Oleg Bindar10 Yrs, 2 Mos
Vladimir Rashevskiy11 Yrs, 2 Mos
Sergey Mironosetskiy-
Andrey Abramov-
Evgeny Mitkin-
Ruslan Yakovlev-
Aleksey Leontev-
Aleksey Petukhov-
Vladimir Leontev-

SECTION 8 PEER COMPARISON & RANKING OF MRKS

8.1 BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING:

Interregional Distribution Grid Company of Siberia vs Russian Market

Out of 156 stocks in the Russian Market, Interregional Distribution Grid Company of Siberia is ranked Ninety-seventh(97) by Price/Net Tangible Assets, 131st(131) by Discount to 52-Wk High, 133rd(133) by EBITDA Margin% and 163rd(163) by Total Debt/Equity.

Russian AvgMRKSMRKS Rank
Price/Net Tangible Assets1.1x5.02x97
Discount to 52-Wk High (%)8.520.4131
EBITDA Margin%17.66.6133
Total Debt/Equity (the lower the better)0.5x2.4x163
Premium to 52-Wk Low (%)60.6207.5165
Net Profit $272.3 M(2 M)210

Negative values are shown in brackets.

8.2 MARKET SHARE

Interregional Distribution Grid Company of Siberia vs Electric sector [Electric sector Total in Brackets]

Revenue of RUB64.8 billion ($709.7 million)[2.3% of aggregate sector revenue of RUB3,675.5 billion; down from 3.4% in the previous year.]

8.3 GLOBAL RANK [out of 46,739 stocks] AND RANK OF INTERREGIONAL DISTRIBUTION GRID COMPANY OF SIBERIA IN THE EUROPE REGION [out of 7,470 stocks]

DescriptionValueGlobal RankIn Eur Region
MCap ($)942.5M8,8481,463
Total Assets ($)899.3M11,2271,913
Revenue ($)709.7M8,5301,451
Net Profit ($)(2M)33,9475,049
Return on Equity %(1.1)29,5894,394
Net Profit Margin %(0.3)28,3744,275
Price to Book4.930,9943,864
PV1000 (1Year) $*2,4531,599220
$* Change (1Year) %141.61,506196

* 1 year ago $1 = RUB 75.27

Mar 01, 2024: $ 1 equals RUB 91.24

8.4 RANK OF INTERREGIONAL DISTRIBUTION GRID COMPANY OF SIBERIA IN THE RUSSIAN MARKET [out of 198 stocks] AND IN THE ELECTRIC SECTOR [out of 60 stocks]

DescriptionValueIn Russian MarketIn Electric sector
MCap (RUB)86B658
Total Assets (RUB)82.1B8117
Revenue (RUB)64.8B7416
Net Profit (RUB)(186.6M)17156
Return on Equity %(1.1)14845
Net Profit Margin %(0.3)16356
Price to Book5.011937
PV1000 (1Year) RUB2,9743724

SECTION 9 CURRENCY SYNOPSIS: RUSSIAN RUBLE (RUB)

9.1 % Change of RUB vs Currency Basket Period-Based

In the past year the Russian Ruble fell 17.3% against the US Dollars; in the past three years the Russian Ruble fell 18.9% against the US Dollars.

LastCountry1-day %1-week %1-Year %3-Yrs %
RUB1=0.011USDUnited States Of America-2.7-17.3-18.9
RUB1=0.079CNYChina0.12.7-13.4-9.6
RUB1=1.654JPYJapan0.42.8-8.115.0
RUB1=0.01EUREuropean Union0.12.9-18.3-8.4
RUB1=14.656KRWSouth Korea-0.22.4-15.1-2.7
RUB1=0.015SGDSingapore0.13.0-16.9-17.2
RUB1=0.018NZDNew Zealand-0.34.0-14.9-0.8
RUB1=0.009GBPUnited Kingdom0.13.2-21.0-9.2
RUB1=0.017AUDAustralia-0.33.2-13.9-0.5
RUB1=0.086HKDHong Kong0.12.8-17.6-18.2
RUB1=0.01CHFSwitzerland0.63.6-21.7-20.8
RUB1=0.015CADCanada-0.32.7-17.5-11.9
RUB1=0.114SEKSweden-0.13.3-17.62.0
RUB1=0.116NOKNorway-0.33.3-15.22.6
RUB1=0.187MXNMexico-0.32.3-22.8-33.3

STOCK IDENTIFIERS

ISIN: RU000A0JPPF0

PermID: 4298011023

RIC: MRKS.MM

GLOSSARY

ADVT: Average Daily Volume of shares Traded

Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Current Ratio: Current Assets/Current Liabilities (times)

Debt/Equity: Net Debt/Net Assets %

EBIT Margin : Earnings Before Interest and Tax/Revenue (%)

Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods

PV1000: Present value of 1000 invested 1 year/'n' years ago

Price Close/Moving Avg Price: Latest Price/Moving Average Price

Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)

Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index

Return on Assets: Net Profit/Total Assets (%)

Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)

TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend

Volume Index (VI): Number of shares traded in the period/Average number of shares traded for the period

Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

Disclaimer: While this document is based on information sources which are considered reliable, it has been prepared without consideration of your specific investment objectives, financial situation or needs, so you should carry out your own analysis or seek professional investment advice before an investment decision is made. The document contains unbiased, independent equities data and analysis from Jupiter International (Australia) Pty Ltd trading as BuySellSignals (AFS Licence 222756), who provide round the clock analysis on every stock, every sector, every market, every day. BuySellSignals is not a broker, and does not have executing, corporate advisory or investment banking functions. Jupiter International (Australia) Pty Ltd, its directors, employees and contractors do not represent, warrant or guarantee, expressly or impliedly, that the information contained in this document is complete or accurate.

Data for the BuySellSignals algorithms is drawn from annual reports, company websites and similar sources of publicly available data. It should be used as a guide only.

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