"Открытие Капитал": Transneft: 2Q11 IFRS results preview // ПОКУПАТЬ
19 сентября 2011 года
We expect Transneft to report its 2Q11 IFRS results tomorrow (20 September). The company’s financial results are typically viewed by equity investors through the prism of the significant undervaluation of the company’s shares to their fair value. Likewise, the market takes into account the substantial obstacles to share price performance created by the company’s poor track record in terms of corporate governance and investor relations. However, Transneft recently started opening up to the investment community (e.g., by scheduling a meeting for analysts for tomorrow, the second such event this year). This suggests that the relative importance of its financial performance to equity investors should improve over time.
We retain our positive investment stance on Transneft, based upon expectations that the company will need to revamp its funding model by raising equity in the foreseeable future. We see little room for raising tariffs and debt – the company’s two traditional funding pillars – beyond 2011. Indeed, this would only be possible if corporate governance at Transneft improves, which in turn would have a positive impact on its current share price, we think.
- PDF 207 КБ