"Открытие Капитал": Mosenergo: Weak 1Q12 IFRS results – competitiveness remains the issue // ДЕРЖАТЬ
10 июля 2012 года
Mosenergo published its 1Q12 IFRS results yesterday (9 July), a month later than expected. The figures were expectedly weak, with revenue slipping 4% to RUB58bn, EBITDA sliding 25% to RUB9.3bn, and net income dropping 32% to RUB5.3bn. A significant market reaction is unlikely, in our view, despite that the results were slightly below consensus and our estimates. With the share price down by 29% YtD, we think that the market has already priced in the most adverse results scenarios. Even with the fundamental upside potential, it is too early to call Mosenergo a BUY, thus we reiterate our HOLD rating.
- PDF 270 КБ