Finam awarded recommendation buy ordinary shares of OAO WGC-2 with a target price of $ 0,074 at the end of 2010. According to analysts, at current market quotations are not taken into account several factors that can have a positive impact on the value of shares of the generating company. Among them - a likely decrease in the value of the investment program, the disclosure of building effective capacity in the liberalization of the electricity market and the activities of the new management team.
In RAO UES of Russia in the WGC-2 was formed and approved by one of the most ambitious investment programs in the segment of the WGC, which involved the implementation of large-scale projects in areas with questionable need for new facilities. The current majority shareholder of the company is trying to reduce the amount of its investment commitments to improve the efficiency of investment projects, because of the crisis the previous level of new capacity will not be in demand, and financing, there are serious difficulties - analyst Finam Constantine Reilly. - Adoption new investment programs have a positive impact on free cash flows WGC-2 and, consequently, at its cost.
Analysts of investment company noted the good quality characteristics of most stations WGC-2. They have a small age and a high level of fuel efficiency compared to competitors. In this regard, GRES WGC-2 are working with a high rate of utilization of installed capacity and are able to earn extra income in a free market of electricity - the study says.
In Finam positively evaluate the presence of a strong strategic investor in OGK-2 in the face of Gazprom, for which electricity is a core business and allows for a significant synergistic effect of the gas and electric units. In the fuel balance of OGK-2 gas occupies 75%, so the company can count on a stable supply of primary fuel for its stations - says Mr Reilly. - It is also a strong lobbying position of Gazprom's management may allow OGK-2 defend the interests of the company before the regulators.
In a research note also indicates that after a complete change of top managers, who was dissatisfied with Gazprom in OGK-2 was formed a new team of managers with significant experience in the energy sector. According to analysts Finam, new management can increase the effectiveness of OGK-2 .
Among the factors that could have a negative impact on the quotes WGC-2 - possible sanctions by the regulator. During the verification of the investment program The Chamber found that it is implementing several projects with a lag of more than 12 months of the plan - said Mr. Reilly. - If the OGC fails to adopt the proposed adjustments to its investment management, she faces significant penalties for breach of contracts for the provision of power.
Analysts Finam notes that additional pressures on performance WGC-2 provides a low diversification of the assets of the company. More than 67% of production capacity located in the ECO Urals, in connection with the company's business is largely dependent on the dynamics of economic development is in the region. In this case, about half capacity WGC-2 was at one station - Surgut GRES-1, that also increases the operational risks - the study says.
Department of Public Relations and Media Investment Holding Finam. officials flaunt statistics on the harvest of grain. Meanwhile, Ukraine is losing ground in the international market ...
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