"Открытие Капитал": EoN Russia – FY11 result highlights in line with consensus on EBITDA profitability // ПОКУПАТЬ
14 марта 2012 года
EoN reported its FY11 IFRS results on Tuesday (14 March), including highlights regarding the performance of its Russian units, OGK-4. Despite OGK-4 posting revenue and EBITDA figures below consensus estimates and our forecasts in absolute terms, its EBITDA margin improved by 4,1ppts to reach 34,3%, slightly outpacing the consensus (34,1%) and our estimate (33,3%). Guidance for 2013E EBITDA was confirmed at €0,8–1,0 bn, which is above our conservative projection of €0,72bn. Meanwhile, management’s 2012E capex figure was approximately 28% higher than our estimates, and thus in our view could damage the prospect for sizable dividends in 2012. Nevertheless, we reaffirm our BUY rating for the stock, with a target price of RUB3,32/share.
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