Unipro - Good 2018 Results, New Dividend Policy Not Enough for a Rally
Unipro has reported 2018 IFRS results and also presented a new dividend policy that envisages R20 bln of dividends to be paid annually in 2020-22. In our view, the DPS of R0.32, 43% higher than the previous DPS of R0.22, is a positive step for shareholders, though we believe the company can afford an even higher dividend. Given that Unipro also presented a rather conservative guidance for 2019 and said it did not expect a significant contribution from Berezovskaya in 2019, we continue to see limited upside and reiterate our HOLD recommendation.E.ON Russia is engaged in the wholesale electricity market, it produces and sells electric and heat power. As of Dec. 31, 2012, the structure of Co. includes five heat power plants with the total installed capacity of 10,345 MW/2,125.9 Gcal/h: Surgutskaya GRES-2 (Khanty-Mansi Autonomous Area, Tyumen Region), Berezovskaya GRES (Krasnoyarsk Territory), Shaturskaya GRES (Moscow Region), Smolenskaya GRES (Smolensk Region) and Yaivinskaya GRES (Perm Territory).
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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