"Открытие Капитал": "Mosenergo" – 1Q12 IFRS figures should see a YoY decline, but unlikely to move the share price // ДЕРЖАТЬ
8 июня 2012 года
Mosenergo intends to publish its 1Q12 IFRS sometime next week. We anticipate weak data on the back of a 2.9% decrease in electricity output, a flat heat output, and a 9% decline in the company’s average electricity price. We see revenue slipping 3% to RUB 58.3bn, EBITDA sliding 20% to RUB 10.2bn, and net income dropping 24% to RUB 6.1bn. Nevertheless, we expect a neutral market reaction due to the lack of consensus estimates. With the share price down by 15% over the past four weeks, we think that the market has already priced in the most adverse results scenarios.
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