"Открытие Капитал": Enel OGK-5 – high capex lacking growth component precludes large dividends // ДЕРЖАТЬ
21 марта 2012 года
We are cutting our target price by 13% to RUB2,31 and downgrading the stock from Buy to HOLD after incorporating Enel OGK-5’s notably higher capex guidance over the next five years of ~RUB44,7bn. This implies that OGK-5’s FCF will barely come into positive territory in 2012E, we estimate, thus precluding sizable dividends this year, and likely delaying approval of its dividend policy until 2013. Moreover, with much of this higher capex lacking a growth component, investor sentiment could turn negative towards the stock.
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