InterRAO - 3Q19 IFRS Results in Line; Awaiting New Strategy in 2Q20
Today, InterRAO reported 3Q19 IFRS results that were in line with our expectations. The management indicated during the earnings call that the status quo in terms of dividends, the treasury stake and cash pile is to be kept until a new strategy is announced in 2Q20. We treat the results and call as neutral for the stock and still see InterRAO as offering deep fundamental value, although whether that value materializes depends on the details of the new strategy.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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