ENEL RUSSIA: Gone with the Wind
We increase our 12M target price for Enel Russia to RUB1.31/share from RUB1.20/share after revisiting our model to include the newly-won 291MW wind capacity projects. With the stock being the best-performer among Russian power generators this year and now trading with modest 3% upside potential, we believe the market is already pricing in the attractive-though-risky wind story, and we cut our rating to HOLD from Buy.
Since its inception in 1991, ATON has built a reputation for combining in-depth local knowledge of the Russian market with the highest international standards in research, sales and trade execution. As a result, we have been able to attract many of the leading domestic and international institutional fund management groups as our clients. As one of the leading independent investment banks in Russia, we offer the full range of institutional brokerage service, including:
- Detailed fundamental analysis of economics, sectors and companies, with the widest coverage universe in Russia and the CIS;
- Timely trading ideas to help clients take advantage from short-term pricing discrepancies;
- Competitive prices and prompt execution of trades;
- An on-line platform providing easy access to all our research products and tools.
- Client-focused Service
- We employ state-of-the art technology to ensure the highest quality of investment services as well as the highest level of data protection.
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