"Открытие Капитал": Transneft – more visibility // ПОКУПАТЬ
11 мая 2012 года
The investment case for Transneft has become clearer. In the past, Transneft represented an obscure deep value investment opportunity without visible catalysts, though possessing a substantial revaluation potential. Today, we view Transneft as a 2015 dividend play, and believe the stock has 2-3 fold revaluation potential, based upon our estimated 2015E dividend yield of 20% and fair valuation range of $3,691-$5,369 per preferred share. With this report, we have increased our target price for Transneft’s preferred shares by 31% to $3,691 per preferred share, retaining our BUY rating.
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