Велес Капитал ИК

investment company

Unipro

IFRS 9M 2019 preview

November 11, 2019

Unipro will present its 9M 2019 consolidated results on November 12.

Conference call is scheduled at MSK14:00 on Tuesday, November 12.

We expect financial results to be strong. A slowdown in output volume and electricity prices at the day-ahead market in 3Q 2019 were graded by strong estimates of 1H 2019.

As a result, we expect EBITDA to rise 16% YoY and the net profit to rise 25% YoY.

The company is on the verge of launching the 3rd unit of Berezovskaya GRES, which will add RUB 12 bn per year to its EBITDA. The unit will be commissioned in 1Q 2020.

We assume that despite the significant increase in estimates, the market will be focused on comments of the management on Fortum-Uniper deal.

Comments of the Unipro top officials might have cleared out the further strategy of defending from the unfriendly acquisition on behalf of the Finish side. It was mentioned earlier, that Unipro might receive a status of strategic facilities for all of its stations, but not for just one station in Surgut.

Given analytic materials of Veles Capital can only be used in information purposes. The company does not guarantee completeness of given information and its reliability, as well as it is not responsible for any straight or consequential loss resulting from a non-purpose use. Given document cannot be considered as the reason for buying or selling either, one or another shares.

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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