InterRAO - 2Q19 Results Preview: Another Strong Quarter
InterRAO will release its 2Q19 results on August 14. We expect another strong set of results. The 1H19 EBITDA growth of 30% that we expect could prompt the company to update its 2019 guidance. We plan to adjust our forecasts after the release of the results and believe that the consensus will have to adjust as well. However, major triggers for the stock are likely to appear only toward the end of the year, when the updated strategy, including the new approach to dividends, is expected to be finalized. Nevertheless, we believe that the continuous improvement of the business itself should be supportive for the stock.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.
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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