"Открытие Капитал": Mosenergo – FY11 results likely to show weak 4Q, missing consensus // ПОКУПАТЬ
15 марта 2012 года
Mosenergo is slated to release its FY11 IFRS results on 19 March. Weak growth in market electricity prices in 4Q11 (+3.6%YoY and -8% QoQ, on our estimates) and a decline of almost 4,9% in heat production could undermine YoY growth. We expect Mosenergo’s full-year revenue to rise by 13% YoY to RUB164bn, with EBITDA climbing 18% to RUB23.7bn – implying the results could be below consensus. Nevertheless, we reaffirm our BUY rating on the stock, with a target price of RUB2,7/share.
- PDF 269 КБ
