"ВТБ Капитал": Rosneft: 2Q11 Results Preview // ПОКУПАТЬ
27 июля 2011 года
We expect strong numbers, even if they are lower than in 1Q11. "Rosneft" plans to publish 2Q11 results on 29 July that would be the first ‘normalised’ set of numbers (1Q11 figures were inflated by a number of one-off items).
EBITDA and net income are predictably down to a very strong normalised level. We estimate that EBITDA decreased from 6,621mn in 1Q11 to 5,346mn in 2Q11. Net income is expected to be down to 2,834mn from 3,883mn. We believe the results justify a reiteration of our Buy recommendation on the stock, while they also support our bullish stance on the sector in general.
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