"Открытие Капитал": TGK-2: Weak FY11 IFRS results leave little hope of stock recovery // ДЕРЖАТЬ
2 июля 2012 года
TGK-2’s FY11 IFRS results, released on 29 June, remained weak. EBITDA and net income are in the red, leaving little hope that the company could attract money to fulfil its capacity supply agreement obligations. TGK-2’s financials will only improve with commissioning of new capacity. Such weak results and ongoing corporate conflicts leave little hope for a recovery in the share price. We therefore lower our target price by 39%, but maintain our HOLD rating.
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