"Открытие Капитал": "VimpelCom" – FY11 results point to lower profitability // ДЕРЖАТЬ
16 марта 2012 года
We are reducing our target price for VimpelCom from $14 to $12/GDR and downgrading the stock from BUY to HOLD on the back of its weak 4Q11 results. We regard them as broadly negative, particularly the lower-than-expected EBITDA margin. We have reduced our EBITDA margin forecast for 2012–2014 from 42–42,5% to 40,4–40,9%, as we do not see enough evidence for improving operational efficiency, especially in Russia where we project stable margins going forward. Overall we do not see positive catalysts for the stock this year, but the company is cheap, has diversified assets and provides fundamental value over the long term, while its value mainly depends on proper execution of the strategy.
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