"Открытие Капитал": Inter RAO – mixed 1H12 figures; limited upside due to strong growth in fuel costs and pressure in retail, despite short-term drivers // ДЕРЖАТЬ

8 октября 2012 года

Акция:

IRAO, ИнтерРАО

Аналитик:

АО "Открытие Брокер"

Inter RAO released its 1H12 IFRS figures 5 October. The results came in slightly below our forecast in terms of profitability, but outperformed consensus on all lines, thanks to the RUB1.4bn contribution to EBITDA received from the monetisation of non-core assets. Given management’s pessimistic guidance for FY12 EBITDA of RUB26-29bn, stronger growth in coal costs, continuing pressure on retail margins, and the change in our forecast for treasury shares, we lower our target price by 14% to RUB0.03/share and downgrade our rating from a BUY to a HOLD. Though we believe there are short-term drivers for the stock that could support the shares, we do not see attractive fundamental upside potential for Inter RAO shares.

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