"Открытие Капитал": "RusHydro" – 1H12 IFRS preview – no surprises expected, neutral market reaction likely // ДЕРЖАТЬ
19 октября 2012 года
RusHydro is slated to release its 1H12 IFRS results on 22 October. Strong electricity price dynamics in Siberia, along with an output recovery in the Centre and resilience in the retail segment, should support the company’s financials, while a dismal 2Q12 in the Far East will slightly spoil them. Overall for the group, we forecast the 1H12 adjusted EBITDA margin to fall below 1Q12 to ~20% and the adjusted net income margin to remain flat QoQ at 9%. We expect a neutral market reaction to the results, as most of the relevant figures have already been disclosed. We trim our target price by 3% to RUB0.99/share on revisions to our FY12 net income forecast, and maintain our HOLD rating.
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