RusHydro confirmed at BUY, TP RUB 1.01 - All eyes on Zagorskaya-2 and dividends
New dividend policy and guaranteed-return projects steady DY close to 10% long term (and already for 21e) and minimize unprofitable investments We estimate NPV of guaranteed-return modernisation investment at around 4% of Market Cap
Excl. these investments, FCFY to reach 13% in 2023e and be enough to cover dividend payments
The biggest positive short-term trigger is the decision on Zagorskaya-2 which could add >20% to Market Cap
BUY confirmed, TP of RUB 1.01
PJSC RusHydro is a hydro-generating company based in Russia. Co. is engaged in the generation and sale of electricity and capacity on the Russian wholesale and retail markets, as well as generation and sale of heat energy. The main activity of Co. is production of power from renewable energy sources, developing power generation using water flows, tidal, wind and geothermal energy. It has an installed electricity generation capacity of 38.5 GW; and heat capacity of 16.2 GCal/h.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
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