"Открытие Капитал": "Enel OGK-5" – 9M12 IFRS results – Expect growth, supported by expansion in dark spread and robust output // ПОКУПАТЬ
6 ноября 2012 года
Enel OGK-5 is slated to release its 9M12 IFRS figures on 8 November. We expect YoY revenue growth to advance 9%, EBITDA to rise 12%, and net income to stay flat YoY. The 40% QoQ rise in the company’s dark spread in 3Q12, coupled with healthy 6% YoY electricity output growth, are the main reasons for strong results, in our view. We believe management will reiterate its previous FY12 EBITDA guidance at RUB15bn, but hope that the actual FY12 figure will outpace the guidance. We raise our target price by 8% to RUB2.49/share as we roll the target price over to YE13.
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