UNIPRO: A Finnished Story?
Finland’s Fortum is buying Germany’s Uniper from E.ON with a view to concluding the deal in early-2018. Apart from increasing Fortum’s footprint in the Russian power market, the deal means a change in Unipro’s ultimate beneficiary, with sizeable related risks to Unipro’s currently compelling investment case. A potential adverse amendment to the dividend policy, changes in the management team, a forced asset sale, and a possible stock delisting are the key risk factors implied by the Fortum/Uniper deal. Until there is more clarity, we leave our BUY rating and RUB3.18 target price unchanged.
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