"Открытие Капитал": EoN Russia – despite a weak 4Q11, we expect FY11 result highlights in line with consensus // ПОКУПАТЬ
12 марта 2012 года
EoN is slated to release its FY11 IFRS results on 14 March, which should provide indications regarding the performance of its Russian units, OGK-4. Weak growth in market electricity prices in 4Q11 (+3.6% YoY and -8% QoQ, on our estimates) should be offset by the strong performance of new builds. We expect EoN Russia’s revenue to rise by 40% YoY to RUB 70 bn, with EBITDA climbing 63% to RUB 23,8 bn – with the company’s results likely to be in line with consensus. Consequently, we reaffirm our BUY rating on the stock, with a target price of RUB 3,32/share.
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