Latest Reports
If you have any questions, please contact Alex Nekrasa: research@gainsfort.com or +380.44.206.8414
Jan 31, 2011
President Yanukovych eventually signed the prolongation of the energy sector stabilisation law till 2013 and instructed the Government to offset GenCos debts during 1H11. The extension of bankruptcy protection and fostering of commercial debt settlements are positive for Zakhidenergo and...
Jan 18, 2011
President Yanukovych vetoed the extension of GenCos’ bankruptcy protection. This should be neutral in the short-term but creates a risk of bankruptcy attacks by private suppliers on a longer timeframe. To mitigate the risk, the State is likely to promote payables settlement and block private...
Target: CEEN -- USD 3.40, DNEN -- USD 130, DOEN -- USD 18, ZAEN -- USD 62
Jan 17, 2011
GenCos’ 2011 revenues will strengthen by 30% due to cost-plus pricing and reaccelerating fuel costs. However, only a fraction of incremental costs will be passed on to end users. The companies will break even in 2011 and rely more heavily on credit facilities under a tight balance between...
Target: USD 0.88
Jan 10, 2011
We change our view on YASK taking into account its capacity expansion and better prospects on export markets. Our updated valuation yields USD 0.88 per share, which is 43% above the current market price and we upgrade the stock to Buy.
Target: USD 140
Sell
Dec 15, 2010
DNEN is overpriced by 8% and we rate the stock Sell. Dniproenergo will remain a captive buyer of coal from DTEK, the energy holding that controls the GenCo and is highly likely to privatise it in 2011. After the privatisation, corporate restructuring can raise the risk of an asset transfer and a...
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