InterRAO Company News - New strategy: no major news, close to Kommersant's draft
Today the company held a Strategy Update, which was close to the Strategy Draft obtained by Kommersant at end-July, so we see no major news here. The main points are as follows:-The strategy implies mostly non-organic growth from the stipulated RUB 142 bn in EBITDA in 2019 (RUB 133 bn by our estimates adjusted for lease payments) to RUB 210 bn in 2025e and RUB 320 bn in 2030e via M&A, new generation capacity construction (with localised turbines, the auction for 2026-28e is expected this year) and modernisation, both with guaranteed returns.
Inter RAO UES PJSC is a functioning operator of electricity exports and imports in the territory of Russia. Co. represents the interests of two Russian power sector participants: RAO UES of Russia and Rosenergoatom concern, which possess 60 and 40% of the shares respectively. Co. is engaged in arranging transboundary electricity supplies, to provide both domestic and foreign consumers with electric power. Co. is also engaged in pursuing effective investment activities. Co. is developing several areas of activity, including: electric power export and import supplies; electricity sales in home and foreign markets; investment activities; and foreign asset management.
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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