UNIPRO: Still BUY after Berezovskaya News
After last week’s 2Q17 earnings release and call we refreshed our Unipro model to incorporate the new Berezovskaya (BTPP) recovery guidance (capex and timeframe). The stock still combines a good earnings growth case supported by attractive dividend potential, with ample dividend upside after the damaged unit’s recovery. We maintain our BUY call especially after the stock correction last week, while we cut our 12M target price to RUB3.18.
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