Securities
Ordinary shares of IDGC of Centre, JSC have been traded on the Russian stock exchanges (the MICEXMoscow Interbank Currency Exchange and RTSRussian Trading System Stock Exchange) since May 21, 2008. From August 16, 2011 the Company’s shares were transferred from the MICEX B quotation list to the second level A quotation list, which expanded the potential range of investors.
The Company’s are present in several Russian indexes, including the MICEX Start Cap Index (MIСEX SC), MICEX Power Index (MICEX PWR), RTS-2 Index (RTS-2) and RTS Electric Utilities Index (RTSeu).
Key information on the turnover of securities of IDGC of Centre, JSC :
| Prices and capitalisation | |
|---|---|
| Share price (close of December 30, 2011) | RUB 0.6167 |
| Share price (close of December 30, 2011) | USD 0.019 |
| Capitalisation (at the weighted average price as of December 30, 2011) | RUB 25,153 mn |
| Capitalisation (as of December 30, 2011) | USD 786 mn |
| Identifiers and indexes | |
| Identification codes of stock exchanges and trading systems (main) | MICEX Stock Exchange: MRKC RTS: MRKC, MRKCG Bloomberg: MRKC RX Reuters: MRKC.MM |
| Inclusion in the stock indexes | MICEX: MICEX PWR, MICEX SC; RTS: RTSeu, RTS-2 |
| Inclusion in quotation lists | MICEX Stock Exchange: B list — from April 08, 2009 till August 15, 2011 A2 list — after August 16, 2011 |
| Parameters of securities | |
| Type of shares | Ordinary uncertified registered |
| Number of issue | 1-01-10214-А |
| Nominal value | RUB 0.10 |
| Number of outstanding shares | 42,217,941,468 units |
| Number of authorised shares: | 258,532 unitsThe shares indicated represent the difference between the authorised (42,218,200,000) and outstanding (42,217,941,468) shares in the course of the Company’s reorganisation as regional grid companies were affiliated to it in 2008. |
2011 proved difficult for the whole electric power industry due to strengthening of the government regulation of electric power prices. This negatively affected the capitalisation of IDGC of Centre, JSC , which decreased for the year by 55%, from RUB 55.98 bn to RUB 25.15 bn. The general dynamics of share price changes within the year may be characterised as descending, which may be explained by the pressure of the negative news background on the quotes.
The minimum price for one share amounted to RUB 0.5471 (December 29, 2011), maximum — RUB 1.368 (February 02, 2011). The MICEX Stock Exchange accounts for 97% of the total market turnover of Company shares and RTS trading venue for only 3%.
In December 2011, two major Russian stock exchanges — MICEX and RTS — were consolidated, resulting in the formation of the integrated MICEX-RTS exchange. On this exchange, the Company’s shares are presented in two sectors: the Main Market where trades are calculated in RUB (corresponding to MICEX), and the Classica sector where trades are calculated in USD (corresponding to RTS).
Trading turnover and number of transactions with shares of IDGC of Centre, JSC in 2010-2011
| Venue | Number of transactions | Turnover, mn units | Turnover, % of outstanding shares | Turnover | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | |||
| MICEX (Main Market) | 66,962 | 29,962 | 3,357.47 | 1,380.05 | 7.95 | 3.27 | 3,662.18 | RUB mn | 1,449.46 | RUB mn |
| RTS Classica market | 58 | 44 | 76.13 | 37.27 | 0.18 | 0.09 | 2.78 | USD mn | 1.46 | USD mn |
| RTS exchange market | 39 | 21 | 2.99 | 9.60 | 0.01 | 0.02 | 2.74 | RUB mn | 12.25 | RUB mn |
Source: MICEX Stock Exchange, RTS Stock Exchange
Share price changes for IDGC of Centre, JSC and trading volume at the MICEX Stock Exchange in comparison with key events in the activities of the Company in 2011-2012:
Source: MICEX Stock Exchange, Company press release
Share price changes for IDGC of Centre, JSC against MICEX PWR Index and Network Index:
Source: MICEX Stock Exchange, Company calculations.
At year-end 2011, the MICEX PWR Index was down 40% and the Grid IndexThe Network Index is calculated by IDGC of Centre, JSC according to a procedure similar to the calculation procedure used for MICEX industry indexes. The Network Index calculation basis includes shares of all operating IDGCs traded on the organised market. 47%, compared with which the capitalisation of IDGC of Centre, JSC dropped 55%. Despite the difficult situation in the industry, Company shares showed the best result in market multipliers and financial standing indicators compared with similar Russian and foreign companies.
The undervaluation of shares of IDGC of Centre, JSC by P/E multiplier amounted to 7.5% in comparison with other IDGCs and to 29% in comparison with similar foreign companies. IDGC of Centre, JSC’s financial indicators for annual revenue growth rate and return on equity exceeded those of similar Russian companies. At the end of 2011, according to a consensus analysts’ forecast, the growth potential for the Company’s share value was 127%.
Key data for the Company’s securities market (RTS):
| IndicatorIndicators are calculated on the basis of RAS data. | 2009 | 2010 | 2011 | |||
|---|---|---|---|---|---|---|
| Year-end closing price, RUB | 0.802 | 1.304 | 0.6167 | |||
| Year high, RUB | 0.984 | 1.536 | 1.368 | |||
| Year low, RUB | 0.28 | 0.729 | 0.5471 | |||
| Average daily trading volumeAverage value at the MICEX Stock Exchange. | ||||||
| RUB mn | 4.46 | 14.77 | 5.84 | |||
| mn units | 7.26 | 13.54 | 5.56 | |||
| Earnings per share (EPSEarnings per share), RUB | 0.03 | 0.11 | 0.12 | |||
| Dividend yield (as of the end of the year)Calculated as (dividends/number of shares/closing price at year-end), for 2011 is calculated on the basis of forecast dividends in the amount of RUB 422,179,414.68 | — | 1.11% | 1.62% | |||
| EV/EBITDAEarnings Before Interest, Tax, Depreciation and Amortisation; indicator showing the profit of the Company before deduction of income taxes, accrued interest on loans and depreciation | 5.85 | 6.37 | 3.17 | |||
| P/E | 25.56 | 11.68 | 4.83 | |||
| EV/RAB | 0.47 | 0.59 | 0.36 | |||
Additional information on the securities market is indicated in the respective section of the corporate website of the Company: http://mrsk-1.com/en/investors/securities/
The Network Index is calculated by IDGC of Centre, JSC according to a procedure similar to the calculation procedure used for MICEX industry indexes. The Network Index calculation basis includes shares of all operating IDGCs traded on the organised market.