PJSC Enel Russia is a wholesale generation company in Russia. Co.'s main areas of operation are production of power and heat, supply (sale) of power and heat, receipt (purchase) of power and heat from the wholesale power (capacity) market. Co. is active in four production branches around Russia: in the Ural region - Reftinskaya GRES, Sredneuralskaya GRES, in the northern Caucasus - Nevinnomysskaya GRES, and in Central Russia - Konakovskaya GRES. Co.'s aggregate installed capacity is 9,677 MW for power and 2,382 GCal/h for heat. Co. provides power and heat to both industrial enterprises and household consumers via local power distribution networks.
theScreener is the market leader for independent valuations of financial securities, equities, sectors and markets, and new funds. theScreener's ratings, analyses are used by leading banks, asset managers and financial portals. Approximately 10,000 workstations benefit from theScreener's services, with over millions of customer accounts actively analysed.
Enel Russia presented its strategy update for 2020-22 yesterday at its capital markets day. In addition to providing the earnings outlook and areas of strategic focus, the company also presented its dividend guidance for the period: it guides paying a fixed dividend of just R0.0848 per share per year in 2020-2022, for a dividend yield of 8.3%. The capex guidance was above our previous estimates, although this will be compensated for by the fact that the company plans to sell a mothballed power train in 2021. We believe that the fundamental value of Enel Russia remains more or less the same and...
China cuts key lending rate, Fed bets Ahead: Riding liquidity, ‘V’-pattern growth hopes. The People’s Bank of China today cut its one-year loan prime rate – from 4.15% to 4.05%, and the five-year rate from 4.80% to 4.75% – to support the economy in the wake of ‘C’-virus fallout. Across the pond, the US Fed (FOMC 28-29 minutes) underscored the threat, calling the virus a new risk to the global growth outlook – a characterization that may generate speculation the Fed may be inclined to follow the path of the PBoC. Brent is supportive, trading at $59+ bbl on renewed ‘V’-pattern growth bets owing...
Today Enel Russia has presented the Strategy Update for 2020-22e which was disappointing overall due to the guidance on new dividends being too conservative and below our estimates. In our view, the latter especially overshadows the green story of the company and the possible upside from the planned sale of the Italian-made turbines in 2021e. The key takeaways from the event are listed below:
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