Enel Russia confirmed at BUY, TP RUB 0.98 - Green image, nice dividends
Still the closest quasi-benchmark on Russian renewables there is Despite the Murmansk windfarm delays, around 30% of EBITDA this year is to come from renewables (around 40% next year)
DY of 10% and higher long term (12-13% DY on average in 2022-23e)
Reassurance on dividends at the Strategy update next month could be welcomed by investors
Mothballed turbine equipment sale could be a positive short-term trigger (with an 8% upside)
BUY confirmed, TP down to RUB 0.98 from RUB 1.04 on higher capex and Murmansk windfarm delay assumptions
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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