Велес Капитал ИК

investment company

TGK-1

9M19 IFRS results

November 11, 2019

TGK-1 presented its 9M 2019 IFRS results – Positive

The results outperformed our targets. EBITDA was at 36.7% and the net profit increased by 27.6% YoY.

The sales dynamics principal drivers were the increased electricity sales at the day-ahead market and from heat sales, as well as measures for operating performance improvement.

There will be no conference call hosted and the next comments by the management might be available in December’19 at the annual Energy Day of Gazprom PAO.

We reiterate our price target of TGK-1 at RUB 0.027 per share and the recommendation BUY. The 9M results provide for us expecting strong FY results. We assume the TGK-1 stock yet obtains certain growth potential with the possible rise in dividends as a major driver.

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All rights on this bill belong to Veles Capital. Reproduction and/or spreading of the analytic materials Veles Capital cannot take place without a company’s authorization. © Veles Capital 2019

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