InterRAO UES - Keeping the Value Locked Away
InterRAO UES's capital markets day yesterday did not reveal any new triggers for the stock, and we believe that the status quo will continue. We see deep value, but there are no obvious short-term drivers at the moment. We would therefore expect the fundamental value to remain locked away until there is a clear message regarding a potential change in the dividend policy or a large M&A deal. The message we did get from the company yesterday is that an increase in dividends is not to be expected in the near term and that large M&A deals are unlikely to happen any earlier than 2-3 years from now.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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