"Открытие Капитал": ENRC – 1H12 financial review // ДЕРЖАТЬ
16 августа 2012 года
ENRC released its 1H12 financial results yesterday, 15 August. The results were weak, with revenue, EBITDA and net income all below consensus forecasts. The 1H12 EBITDA margin, at 35%, was down substantially YoY (1H11: 48%), driven down YoY by lower commodity prices and lower sales volumes. The outlook for 2H12E is no brighter. The shares closed down close to 10% yesterday. We expect to see the shares to remain under pressure until the 2 October market update, which should remove some uncertainty regarding the capex outlook for the company.
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