OGK-2 Q2 21 Earnings Preview - Higher prices and generation to support the results
OGK-2 Q2 21 Earnings Preview - Higher prices and generation to support the results-EBITDA is to hike yoy in Q2 21e on the back of higher electricity and capacity prices as well as higher electricity production
-NI to be propped by stronger yoy EBITDA
OGK-2 is to report its Q2 21e IFRS results by the end of this week or early next week. Overall, we expect the results to be stronger yoy on EBITDA supported by a whole array of factors: higher power generation (+12% yoy), recovering open-market electricity prices (+16% yoy in the European part of Russia), a higher share of open-market electricity sales and, most importantly, extra high guaranteed returns for most CSA units (excluding the Cherepovetskaya CCGT-unit which is still under repair).
Outlook and recommendation: Overall, we forecast EBITDA 29% up yoy propping NI and FCF. During the conference call on the IFRS results, we will seek the managements outlook regarding Cherepovetskayas repairs and the FY21e capex guidance.
OGK-2 JSC is primarily engaged in the generation and sale of electric and heat power. Co. consists of the following power stations (plants): Troitskaya GRES, Stavropolskaya GRES, Pskovskaya GRES, Serovskaya GRES, Surgutskaya GRES-1, Kirishkaya GRES, Ryazanskaya GRES, Novochercasskaya GRES, Krasnoyarskaya GRES-2, and Cherepovetskaya GRES.
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