Finam lowered its assessment of the target price of ordinary shares in OAO “FGC UES” at the end of 2010, from $ 0.0193 to $ 0.0135. Recommendation for listed securities remains the same - “Buy”. Review of the target stock price of FGC is connected with the adoption FTS parameters for the transition of the company for tariff setting by the method of RAB, as well as new financial projections of management.
By the end of 2009, a key issue for investors are the parameters of regulation of tariffs by the method of RAB for FGC. Company management has published its proposals to the Federal Service for Tariffs (FST), which, however, were largely corrected by the governor. “The proposed management of the transition FSK parameters company RAB has been approved by FST, - analyst IK” Finam “Denis Kruglov. - Part of the key parameters of the regulator was modified downward, causing a negative market reaction. Approved FST size of invested capital was at 27, 6% below the proposed company, which, in our opinion, is the most significant negative decision, as this value is one of the key in the calculation of the tariff.
In connection with the fact that the key parameters of the RAB-regulation did not significantly coincided with the proposals of the company, management of FGC adjusted financial projections. Despite their decline, it is planned to maintain the profitability of the company at a fairly high level: for example, net profit margin in 2011 is projected at 26%. “Reducing financial projections was predictable step, but we view positively the fact that the leadership of FGC has kept plans for the profitability of the company at the same level”, - said Mr. Kruglov.
Despite the fact that the decision taken by the FTS have been below expectations, approved for the FSK parameters of the transition to RAB analysts believe the investment company generally positive. “First, the positive fact that the company moved to a new progressive tariff setting, which will encourage management to improve efficiency. Secondly, on the basis of the established dynamics of tariffs and the new forecasts, FGC is still able to generate significant cash flow. In Thirdly, the transition to RAB increases transparency and predictability of financial performance of FGC, decreasing thus the risks of investing in these stocks, “- said in a research note.
According to analysts Finam, with the transition to RAB shares of FGC can become a reliable tool for investment with an acceptable yield. “Therefore we do not expect the market FGC rapid growth, which was demonstrated in 2009,” - commenb19ted Mr. Kruglov.
“Finam” downgraded shares of FGC UES
Finam lowered its assessment of the target price of ordinary shares in OAO “FGC UES” at the end of 2010, from $ 0.0193 to $ 0.0135. Recommendation for listed securities remains the same - “Buy”. Review of the target stock price of FGC is connected with the adoption FTS parameters for the transition of the company for tariff setting by the method of RAB, as well as new financial projections of management.
By the end of 2009, a key issue for investors are the parameters of regulation of tariffs by the method of RAB for FGC. Company management has published its proposals to the Federal Service for Tariffs (FST), which, however, were largely corrected by the governor. “The proposed management of the transition FSK parameters company RAB has been approved by FST, - analyst IK” Finam “Denis Kruglov. - Part of the key parameters of the regulator was modified downward, causing a negative market reaction. Approved FST size of invested capital was at 27, 6% below the proposed company, which, in our opinion, is the most significant negative decision, as this value is one of the key in the calculation of the tariff.
In connection with the fact that the key parameters of the RAB-regulation did not significantly coincided with the proposals of the company, management of FGC adjusted financial projections. Despite their decline, it is planned to maintain the profitability of the company at a fairly high level: for example, net profit margin in 2011 is projected at 26%. “Reducing financial projections was predictable step, but we view positively the fact that the leadership of FGC has kept plans for the profitability of the company at the same level”, - said Mr. Kruglov.
Despite the fact that the decision taken by the FTS have been below expectations, approved for the FSK parameters of the transition to RAB analysts believe the investment company generally positive. “First, the positive fact that the company moved to a new progressive tariff setting, which will encourage management to improve efficiency. Secondly, on the basis of the established dynamics of tariffs and the new forecasts, FGC is still able to generate significant cash flow. In Thirdly, the transition to RAB increases transparency and predictability of financial performance of FGC, decreasing thus the risks of investing in these stocks, “- said in a research note.
According to analysts Finam, with the transition to RAB shares of FGC can become a reliable tool for investment with an acceptable yield. “Therefore we do not expect the market FGC rapid growth, which was demonstrated in 2009,” - commenb19ted Mr. Kruglov.
Department of Public Relations and Media Investment Holding Finam.
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