"Открытие Капитал": "RusHydro" – Foray into Far East diminishes fundamental attractiveness, but regulatory risks are overestimated // ПОКУПАТЬ
26 января 2012 года
We believe that the valuation of RusHydro is a trade-off between its fundamental attractiveness and the regulatory risks erceived by the market. Government actions are contributing to the latter perception, thus resulting in the stock’s underperformance. However, recent developments provide some support for RusHydro, despite the foray into the Far East diminishing its fundamental attractiveness. We have updated our model given the consolidation of the Far Eastern energy company and changes in RusHydro’s retail segment. Despite the lack of short-term drivers, we reiterate our BUY rating, but lower our target price from RUB1.90 to RUB1.47.
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