"Открытие Капитал": OGK-2 – downgrade on weak 1H12 results – recovery in profitability unlikely to be seen in the short term // ПРОДАВАТЬ
30 августа 2012 года
OGK-2 released its 1H12 IFRS results yesterday, 29 August. The expectedly weak figures came close to our forecasts, thus no recovery in profitability is in sight, in our view. As a result, we have downgraded out target price by 66% to RUB0.3/share (from RUB0.9) and our HOLD rating to a SELL. Before any improvement is seen in the company’s EBITDA (at least up to the level we saw for the combined EBITDA of OGK-2 and OGK-6 prior to consolidation) OGK-2 shares are unlikely to appreciate. Meanwhile, disappointing guidance from management for FY12 EBITDA brings consensus downgrade risks.
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