IC FINAM starts analytical coverage of OAO WGC-1 . According to the results of the evaluation, the value of its shares at the end of 2010, valued at $ 0,044 and given a recommendation of buy. WGC-1 is the largest WGCs largest installed capacity with a modern and efficient plants. However, unlike the rest of WGC, the company has been privatized and are not attracted significant funding to implement investprogrammy. Now, the further development of OGK-1 will depend on the decisions of its management company - Inter RAO .
OAO First Generation Company of the Wholesale Electricity Market (WGC-1) produces electricity and heat. The company sells electricity in the wholesale market, and heat - in the retail market. Sale of electricity is the main activity WGC-1, which brings it to 97% of total revenues. The composition of productive assets of the company consists of five power plants (TPP): Verkhnetagilskaya GRES, GRES Iriklinskaya, Kashirskoye TPP, Perm GRES, GRES Urengoy. The two existing power Nizhnevartovsk GRES included in the charter capital of JSC Nizhnevartovsk GRES. The total installed electric power stations WGC-1 of 9 531 MW and heat - 2 788 Gcal /h.
The main drivers of growth in share prices WGC-1 analysts FINAM provide a new strategic shareholder. The state company, Inter RAO has received in the management stakes FGC and RusGidro in OGK-1 (total 62% of Criminal Code), is their non-core assets. Over time, Inter RAO intends to enter into capital WGC-1, - said analyst IK FINAM Constantine Raleigh. - This will allow the generating companies to obtain funds to finance its investment program. But the question remains the price of placement shares in OGK - 1 to joining Inter RAO in its capital.
WGC-1 is also characterized by high capacity utilization. Because the SFC of the stations the company is one of the lowest in the segment, the power load controllers to a greater extent than some other power WGCs. This assures us a higher rate of utilization of installed capacity than competitors, and will create additional value for the liberalization of the electricity market, analysts believe FINAM.
They note that WGC-1 is currently experiencing difficulties in financing its investment program because of its privatization scheme, developed by RAO UES, has not taken place. Nevertheless, the chance to adjust the investment program the company is high enough, said Mr. Reilly: lobbying opportunities Inter RAO and understanding of the complex regulator of the financial situation WGC-1 could lead to the transfer time to a number of projects genkompanii, a large load capacity in a declining power is questionable.
Among the risks for WGC-1 analysts provide a high debt load. Unlike other WGCs that finance its investment program through funds raised during the privatization of these companies, WGC-1 has had to finance its investment program for the debt and equity, - said Mr. Reilly. — This creates additional risks in terms of instability in financial markets.
According to analysts' FINAM business WGC-1 is also typical of the risks inherent to the entire segment of thermal generation. First of all, it is the absence of long-term market power is not very high liquidity of the company's shares, the lack of significant dividend payments, it is doubtful a full load of some newly built facilities.
FINAM was the recommendation of shares of OAO WGC-1
IC FINAM starts analytical coverage of OAO WGC-1 . According to the results of the evaluation, the value of its shares at the end of 2010, valued at $ 0,044 and given a recommendation of buy. WGC-1 is the largest WGCs largest installed capacity with a modern and efficient plants. However, unlike the rest of WGC, the company has been privatized and are not attracted significant funding to implement investprogrammy. Now, the further development of OGK-1 will depend on the decisions of its management company - Inter RAO .
OAO First Generation Company of the Wholesale Electricity Market (WGC-1) produces electricity and heat. The company sells electricity in the wholesale market, and heat - in the retail market. Sale of electricity is the main activity WGC-1, which brings it to 97% of total revenues. The composition of productive assets of the company consists of five power plants (TPP): Verkhnetagilskaya GRES, GRES Iriklinskaya, Kashirskoye TPP, Perm GRES, GRES Urengoy. The two existing power Nizhnevartovsk GRES included in the charter capital of JSC Nizhnevartovsk GRES. The total installed electric power stations WGC-1 of 9 531 MW and heat - 2 788 Gcal /h.
The main drivers of growth in share prices WGC-1 analysts FINAM provide a new strategic shareholder. The state company, Inter RAO has received in the management stakes FGC and RusGidro in OGK-1 (total 62% of Criminal Code), is their non-core assets. Over time, Inter RAO intends to enter into capital WGC-1, - said analyst IK FINAM Constantine Raleigh. - This will allow the generating companies to obtain funds to finance its investment program. But the question remains the price of placement shares in OGK - 1 to joining Inter RAO in its capital.
WGC-1 is also characterized by high capacity utilization. Because the SFC of the stations the company is one of the lowest in the segment, the power load controllers to a greater extent than some other power WGCs. This assures us a higher rate of utilization of installed capacity than competitors, and will create additional value for the liberalization of the electricity market, analysts believe FINAM.
They note that WGC-1 is currently experiencing difficulties in financing its investment program because of its privatization scheme, developed by RAO UES, has not taken place. Nevertheless, the chance to adjust the investment program the company is high enough, said Mr. Reilly: lobbying opportunities Inter RAO and understanding of the complex regulator of the financial situation WGC-1 could lead to the transfer time to a number of projects genkompanii, a large load capacity in a declining power is questionable.
Among the risks for WGC-1 analysts provide a high debt load. Unlike other WGCs that finance its investment program through funds raised during the privatization of these companies, WGC-1 has had to finance its investment program for the debt and equity, - said Mr. Reilly. — This creates additional risks in terms of instability in financial markets.
According to analysts' FINAM business WGC-1 is also typical of the risks inherent to the entire segment of thermal generation. First of all, it is the absence of long-term market power is not very high liquidity of the company's shares, the lack of significant dividend payments, it is doubtful a full load of some newly built facilities.
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