Enel Russia 3Q 20 - CCGT maintenance and RUB depreciation drive results down
Today, the company has presented its 3Q 20 IFRS results which came in below our expectations on both EBITDA and NI driven down yoy by the maintenance of new CCGT units (affecting fuel consumption and EBITDA margins) and FX revaluation in net interest income, apart from the Reftinskaya sale last year. Although the company still hopes to reach the 2020e targets on EBITDA, we consider this unlikely. Nevertheless, on the positive side, the company confirms the fixed dividends (RUB 3 bn/year for 2020-21e). Overall, we treat the results as negative, with extra pressure to be exerted on the stock by the managements announcement of a possible several-month delay in the launch of the Azov project (to be ready next year).PJSC Enel Russia is a wholesale generation company in Russia. Co.'s main areas of operation are production of power and heat, supply (sale) of power and heat, receipt (purchase) of power and heat from the wholesale power (capacity) market. Co. is active in four production branches around Russia: in the Ural region - Reftinskaya GRES, Sredneuralskaya GRES, in the northern Caucasus - Nevinnomysskaya GRES, and in Central Russia - Konakovskaya GRES. Co.'s aggregate installed capacity is 9,677 MW for power and 2,382 GCal/h for heat. Co. provides power and heat to both industrial enterprises and household consumers via local power distribution networks.
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