"Открытие Капитал": Inter RAO – 1H12 IFRS should reveal YoY drop in EBITDA, while revenue and net income should slightly advance // ПОКУПАТЬ
3 октября 2012 года
Inter RAO is slated to release its 1H12 IFRS figures on 5 October. We anticipate revenue to advance by 4% YoY to RUB265bn, a slight rise in adjusted net income to RUB9.9bn (+8% YoY), and adjusted EBITDA to fall 27% YoY to RUB17.8bn. The main contribution to revenue (56%) should come from the retail segment, while the contributions to adjusted EBITDA (59%) and net income (60%) come from the generation segment. Due to a lack of consensus, we expect a neutral market reaction. The successful monetisation of non-core assets and a possible weight increase in the MSCI Russia due to Inter RAO’s increased free float and charter capital, cause us to maintain our BUY rating, with a target price of RUB0.035/share.
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