DAX30
Gold
Brent Oil
EUR/USD
+ Auf Thema antworten
Seite 1 von 3 123 LetzteLetzte
Ergebnis 1 bis 33 von 94

Thema: FSK-EES Federal Grid (FEES)

  1. #1
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553

    FSK-EES Federal Grid (FEES)

    http://fsk-ees.ru/eng/images/tp_header1.jpg



    Homepage:
    http://www.fsk-ees.ru/ru/

    ...habe mir nun auch noch zum Schnäppchenpreis von $0.0045 eine Hand voll Federal TG (FEES) ins Depot gelegt :cool:

    http://www.imperium.de/animationen/anims5/jagt006.gif

  2. #2

    Dabei seit
    01/2005
    Beiträge
    14
    Homepage:
    http://www.fsk-ees.ru/ru/

    "Нажимая кнопку с надписью "Да, я подтверждаю" ниже, Вы подтверждаете, что Вы являетесь резидентом любого государства, кроме США, Канады, Австралии или Японии. Вы также подтверждаете, что Вы прочли и поняли настоящее уведомление, и что Вы являетесь лицом, которому в соответствии с применимым правом не запрещено получать информацию такого рода, которая приведена на данном сайте.

    ЕСЛИ ВЫ ЯВЛЯЕТЕСЬ РЕЗИДЕНТОМ США, КАНАДЫ, АВСТРАЛИИ ИЛИ ЯПОНИИ, ПОЖАЛУЙСТА, НАЖМИТЕ КНОПКУ "НЕТ, Я НЕ МОГУ ПОДТВЕРДИТЬ".

    Hallo Hasi,
    hast du das durchgelesen bevor du sie ins Depot gelegt hast ? ;) :cool:

  3. #3
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    Zitat Zitat von viko
    Homepage:
    http://www.fsk-ees.ru/ru/

    "Нажимая кнопку с надписью "Да, я подтверждаю" ниже, Вы подтверждаете, что Вы являетесь резидентом любого государства, кроме США, Канады, Австралии или Японии. Вы также подтверждаете, что Вы прочли и поняли настоящее уведомление, и что Вы являетесь лицом, которому в соответствии с применимым правом не запрещено получать информацию такого рода, которая приведена на данном сайте.

    ЕСЛИ ВЫ ЯВЛЯЕТЕСЬ РЕЗИДЕНТОМ США, КАНАДЫ, АВСТРАЛИИ ИЛИ ЯПОНИИ, ПОЖАЛУЙСТА, НАЖМИТЕ КНОПКУ "НЕТ, Я НЕ МОГУ ПОДТВЕРДИТЬ".

    Hallo Hasi,
    hast du das durchgelesen bevor du sie ins Depot gelegt hast ? ;) :cool:
    Da ich weder USAmerikaner, Kanadier, Australier noch Japaner bin, darf ich auf den Button klicken, oder meinst Du nicht ;)

    versuchs mal mit diesem Link: http://fsk-ees.ru/eng/

  4. #4
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    http://fsk-ees.ru/eng/images/tp_header1.jpg

    The FGC (RTS: FEES) said on New Year’s Eve that it will hold an SPO to raise cash for investment in 1H 2009. The company will place 146.5 billion shares at nominal price ($0.015 per share, Russian law prohibits share placement below nominal price), which is 4.5 times higher than current market price. No minorities will buy at that level, so we expect the government, which has a 77.6% stake in the company, to take 113.8 billion shares (pro rata), increasing share capital by about 10% and raising the government stake to about 80%. The grid company will thus obtain R56.9b ($1.72b) for investment financing.
    The SPO was expected by us and placement terms are as predicted. We expect the company to hold a further SPO in 2H 2009, so that placements in 2009 will bring all of the $4b financing shortfall for the company’s investment program. The new issues are already included in our model, so we rate the news as neutral and maintain our fair price and recommendation for the stock.

  5. #5
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    Russia grid co sees 5 bln rbl 09 net-deputy head

    MOSCOW, Feb 5 (Reuters) - The operator of Russia's national power grid, the Federal Grid Co., expects 2009 net profit of 5 billion roubles ($137.7 million) on about 80 billion roubles in revenue, deputy chief executive Alexander Chistyakov said on Thursday.

    The forecast was to Russian accounting standards. Figures for 2008 were not yet available

  6. #6
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    Federal Grid Company holds analyst meeting, gives very bullish 2009-
    2011 guidance


    Yesterday the Federal Grid Company’s Deputy CEO Alexander Chistyakov
    held an analysts meeting on the company’s 2008 RAS results. We summarize
    the key takeaways below:
    • The company has given very bullish expectations on the RAB
    parameters, which the company expects to be introduced at the
    beginning of 2010. These parameters exceed the expectations in our
    model. The company expects the initial RAB to reach R619 bln, or
    43% higher than we expected (R432 bln). We think this difference
    stems from the fact that the company intends to include in RAB
    investments made with government money as well as cash raised by
    a sale in assets. We did not incorporate this CAPEX in RAB in our
    model. The rates of return for the “old” RAB are expected to be at 6%
    in 2010, 9% in 2011 and 12% in 2012. As a result, the company

    [CODE]Figure 2: FGC guidance vs. Alfa estimates
    2008A 2009E, FGC 2009E, Alfa 2010E, FGC 2010E, Alfa 2011E, FGC 2011E, Alfa
    RAS RAS IFRS RAS IFRS RAS IFRS
    Revenue 68,485 82,793 83,762 137,502 144,000 176,917 163,289
    Operating expenses 63,329 73,288 76,818 93,367 92,223 102,630 106,143
    Operating income 5,156 9,505 6,943 44,134 51,777 74,287 57,146
    EBT 6,177 5,828 2,306 39,404 41,174 66,016 41,076
    Net income 4,465 4,579 1,745 31,523 31,159 52,813 31,085[/CODE]
    Source: Company data, Alfa Research
    • The company substantially cut its CAPEX program following recent
    government decisions, which results in around R150 bln each year
    over 2009-2011.
    • The company is facing some difficulty with cash collections for the
    stakes in some generating companies whose buyers were allowed by
    UES to pay in installments prior to UES’s breakup (July 1, 2008). Now
    Integrated Energy Systems is delaying its payments for TGK-6 and
    TGK-7’s stakes owned by the FGC, and the company is skeptical
    regarding these deals.
    In general, we view the results of the meeting as VERY POSITIVE for FGC
    shares given that the company has reiterated its plans to implement RABbased
    tariffs in 2010, and also giving us much more information on the
    parameters of RAB. We think that the Street has also been positively
    surprised by the company’s announcements and we therefore expect FGC
    shares to perform strongly in the short term, especially given that the stock
    has underperformed the power sector overall on the back of its recent rally.
    Meanwhile, we note that though these parameters are what the company
    wants, the Federal Tariff Service has the last word. We maintain our
    Overweight rating on Federal Grid Company.
    expects a 72.5% jump in the transmission tariff when RAB-based
    regulations are introduced in 2010 (we had expected only 40% if the
    FGC’s rates of return were incorporated). Given that the transmission
    tariff makes up only 5.5% of the end-user electricity price in Russia,
    the FGC expects it to result in an increase of only 3% in the end-user
    tariff.
    • The company gave its RAS guidance for 2009-2011 based on the
    expected RAB parameters, which has also beaten our expectations
    based on IFRS:

  7. #7
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553

  8. #8
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    Zitat Zitat von Hasi
    ...habe mir nun auch noch zum Schnäppchenpreis von $0.0045 eine Hand voll Federal TG (FEES) ins Depot gelegt :cool:

    http://www.imperium.de/animationen/anims5/jagt006.gif

    stehen heute bei $0.012 (+ 150% seit Kauf)

    FGC to upsize investments
    09/25/2009 11:01

    The Federal Grid Company’s intention to upsize its investment program and the anticipated upsurge in electricity transmission tariffs in 2010 should have a positive impact on FGC stock valuations.

    The first deputy board chairman of the Federal Grid Company (FGC), Sergei Ivanov, has revealed some of the company’s development plans.

    Firstly, the FGC has upsized its 2010-2012 investment program to RUB 519 billion. What is more important, there are currently no risks that could hinder the FGC from bringing its investment plans to life. Particularly, according to the updated investment program, the FGC is to allocate RUB 171 billion to investments in 2010, RUB 186.3 billion in 2011, and RUB 162.1 billion in 2012. Secondly, the FGC projects to spend RUB 14.4 billion in 2010 on building new power delivery facilities at generation companies, and RUB 32-33 billion a year in 2011-2012. The FGC plans to finance these projects out of revenues from connection fees, as well as out of its own funds. Thirdly, the Federal Tariff Service (FTS) is to announce a new tariff scheme for the FGC shortly. FGC management offered the FTS several tariff suggestions for 2010, which provided for a tariff growth of 30-78%. Ivanov believes that the definitive tariff scheme will most likely be close to the lower limit of this range.

    Since both the FGC and the FTS have already announced on repeated occasions that the Federal Grid Company plans to switch to the RAB tariff system in 2010, the company’s decision to upsize its investment program should lead to a growth in electricity transmission rates. Both the FGC and the regulatory authority have already voiced the possible extent of the tariff hike.

    In our opinion, this news will have a positive impact on FGC stock valuations. The fair value of the Federal Grid Company (RTS: FEES) on 31 December 2010 is USD 0.014 per share.

  9. #9
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553

  10. #10
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    FGC energy transmission tariffs may rise by 52.4% next year


    The head of the Federal Tariff Service, Sergei Novikov, projects tariffs for electricity transmission services rendered by the FGC to rise by 52.4% in 2010. This increases the likelihood of the company’s transition to RAB on the favorable tariff-setting terms earlier suggested by FGC management, and should have a positive impact on FGC stock valuations.

    In 2010, energy transmission tariffs for the Federal Grid Company (FGC) may be increased by 52.4%, according to the materials prepared by the director of the Russian Federal Tariff Service (FTS), Sergei Novikov, for the "government hour" at the State Duma. Next year, according to the FTS, prices for electricity purchased on the wholesale energy market are to rise by 5.4% in the first price zone (European territories of Russia and the Urals) and by 3.7% in the second price zone (Siberia). Wholesale electricity prices in the far-eastern regions, which are not part of any price-zone, are projected to grow by 7.7%.

    Similar tariff growth projections for 2010 had already been voiced by FGC management; however, Novikov’s words once again confirmed the assumption that the FGC’s transition to RAB in 2010 will take place on the terms earlier suggested by company management. In our opinion, these transition parameters should be favorable for the FGC’s fundamental value.

    In our opinion, this news will have a positive impact on FGC stock valuations in the mid-term. Our fair value for the Federal Grid Company (RTS: FEES) on 31 December 2010 is USD 0.014 per share with a BUY rating.

  11. #11
    Premium-Mitglied
    Dabei seit
    03/2002
    Ort
    Schweiz
    Beiträge
    142

  12. #12
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    RMG zu Federal Grid
    Angehängte Dateien Angehängte Dateien

  13. #13
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    FGC shows good 1H 2009 IFRS financials
    Federal Grid Company (FGC) (RTS: FEES) reported positive 1H 2009 IFRS results. Revenue decreased by 9% y-o-y to $1270m (26% growth in rubles), in line with estimates. Operating income was better than forecasts thanks to more effective cost control. EBITDA margin increased from 40% to 43% while we had expected flat performance. Net income almost doubled to $240m as the company sold some generating stocks and also due to lower interest expenses.


    We like the improved operating efficiency of FGC as it will allow the company to earn additional gains under RAB regulation.

  14. #14
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    Federal Grid Company [N/R] held an analyst meeting
    yesterday;
    positive
    Event:
    FGC held an analyst meeting yesterday. Below are the key takeaways.
    View:
    FGC’s RAS revenues were up 24% • y-o-y reaching RUB85bn in 2009. EBITDA increased
    by 26% up to RUB40.4bn, demonstrating EBITDA Margin of 47.5%. Paper loss
    amounted to RUB60bn due to a one-time impairment loss, but we expect to see 3X
    growth in net income y-o-y up to RUR15bn in 2009 IFRS results.
    FGC plans to have its GDRs listed in London or Frankfurt not later than 2011.
    • FGC’s 2010-2012 investment program amounts to RUB519bn, around 30% of it will
    be financed by debt issuance at a cost of around 7.5%. Currently, FGC is significantly
    underleveraged and its total debt-to-EBITDA ratio amounts to 0.3x. The company is
    also working on cashing out of the stakes in the generation companies it holds on its
    balance sheet in the near future.
    • The company is considering switching to a 5-year RAB-system during the current
    3-year period which will end in 2012. This would allow the company to increase its
    transparency and its cash flow predictability. It would also make it possible for the
    company to borrow more at a lower cost.
    Valuation:
    FGC currently trades at an EV/RAB multiple of 0.63x, which is below the EM electricity
    transmission companies average of 1.2x.
    Action:
    We do not cover FGC stock at this point, but overall find the meeting with the analysts
    positive and expect the stock to show some positive reaction.

  15. #15
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    Siemens signs deal with Russia’s Federal Grid Company (FGC)
    01 June 2010

    FGC, the operator of the Russian high-voltage transmission grid, and Siemens plan to cooperate on implementing new Siemens technologies - such as low-loss high-voltage DC transmission (HVDC) and smart grids - on FGC infrastructure.
    Siemens and FGC say they want to work together to optimise “efficiency-enhancing technologies” for the Russian power grid, and ensure that they are then put to use. An additional goal is the expansion of local production facilities for modern and efficient systems and equipment such as power transformers, high-voltage switching devices and medium-voltage switchgear.

    FGC, which owns the 118,000 kilometer Russian long-distance power grid, has said it will invest EUR12 million between 2010 to 2012 to develop the grid. Russia represents the fourth largest power market in the world.

  16. #16
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    We decrease FGC’s fair value to RUB 0.38 per share for end-2010 due to a possible limit on tariff increases
    However, we believe that transition to a five-year regulatory period should allow adequate
    increases. Buy reiterated.
    FEES RX: BUY | Fair Value: USD 0.0132 | Current Price: USD 0.0113 | Upside/Downside: 17%
    We have revised our model following the government’s recent plans to limit growth in electricity prices through the
    transition to a five-year regulatory period and smoothing of increases. This scenario resulted in a slight decrease in our
    estimated fair value, from RUB 0.39 per share to RUB 0.38 per share for end-2010.
    Transition to a five-year regulatory period should satisfy the government’s intention to limit tariff increases
    Previously, the government discussed limiting FGC tariff growth to 15% from 31% in 2011 as one of the measures to limit
    the electricity price growth for end consumers in 2011 by 13%-15%. The government also plans to limit electricity price
    growth to 12%-13% in 2012 and 10%-11% in 2013. We believe that the transition to a five-year regulatory period and the
    subsequent smoothing of tariff increases over four years could result in average FGC tariff growth of only 14.8% y-o-y. In
    our view, this should satisfy the government given FCG’s current 6.8% contribution to the end consumer electricity price.
    A five-year (2010-2014) investment program of close to RUB 900bn could be financed without difficulty
    To transfer to a five-year regulatory period, the FGC proposed a new investment program of close to RUB 900 bn over
    2010-2014. The 2010-2012 planned CAPEX of RUB 519bn will probably remain unchanged. We believe that despite
    smoothed tariff increases, the company will have no problem supporting CAPEX through debt financing. In our view, net
    debt/equity and net debt/EBITDA will reach 0.2x and 1.7x respectively in 2012, and we also believe the company will have
    access to financing from state banks.
    We believe that FGC remains attractive, despite possible negative sentiment due to possible tariff limitation
    Our valuation of the company fell slightly to RUB 0.38 per share at the end of 2010, but still supported our Buy
    recommendation. However, we believe that the decision on changing RAB parameters could result in negative sentiment,
    since it means changing the rules in the middle of the game and could be perceived as detrimental to stability. In our view,
    however, the company remains attractive for investors. We do not believe the government will change the IRAB of RUB
    648bn and should limit its interference to only changing the regulatory period.

  17. #17
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    FGC to launch RUB14bn additional share issue;

    Event:
    Yesterday, FGC held an AGM. The highlights of the meeting are as follows:
    FGC in September will • issue 28bn additional shares at the price of RUB0.5
    (par value) in order to raise RUB14bn of financing for its investment program.
    The Russian state expects to buy 75% of the issue.
    • The company will not pay out dividends for 2009 due to accounting losses.
    • FGC has submitted a 2010-2014 investment program for review by the
    Energy Ministry with a total amount of RUB954bn.
    • FGC plans to attract a strategic investor in the future. The main obstacle is the
    current legislation which does not allow the state’s stake to be less than 75%.
    View:
    We believe that the news on dividends and capex plans is mostly neutral and
    in line with market. Earlier, the company was guiding a RUB900bn 5-year capex
    program, while in 2009 it operated under the old tariff system, which did not
    generate sufficient returns to pay out dividends. The price of the additional shares
    issue is 50% higher than its current market price, although its size is only 2.2%
    of share capital, as a result of which we find this marginally positive for FGC’s
    minorities.
    Valuation:
    FGC trades at a 0.66x EV/RAB multiple, which is above the implied multiple
    for Holding MRSK (0.42x), but below the 1.2x average multiple for comparable
    international transmission companies.
    Action:
    We view these news items as neutral for FGC’s shares, and expect the decision
    in October or November on 2011 tariffs to be the next important trigger for the
    company.

  18. #18
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    Federal Grid Company enjoys H1 net profit

    RBC, 02.08.2010, Moscow 10:20:41.The net profit of the Federal Grid Company under RAS surged 1.5 times - from RUB 8.68bn (approx. USD 285m) in the first quarter of 2009 to RUB 13.13bn (approx. USD 435m) in January-June 2010, the Russian operator of the national power network indicated in its statement today. In the second quarter alone, the company's net loss stood at RUB 1.203bn (approx. USD 39.8m) against a net profit of RUB 14.334bn (approx. USD 475m) in Q1 of this year.

  19. #19
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    FSK UES is going to place common stocks from Sep. 3, the company informed.

    The raised funds will be invested in the realization of the projects.

    The decision to increase the share capital through the stock issue was made by BOD in June. It includes 28288776589 common stocks of 0.5 rub. par.

    The issue will be placed through the open offering.
    In line with the law 11.189bn rub. will be invested out of the federal budget; 2.955bn rub. can be provided by the minority in the form of the payment for the stocks.

    FSK UES provides operation of 120 ths km of electric lines and 796 substations. It has 47.073ths km lines and 153 substations in the ownership.

    The remained property is rented from the main grid companies (MSKs) withdrawn from the energos within the restructuring.

    The share capital is worth 238.174bn rub. split in 476347462155 common stocks of 0.5 rub. par each. The government has 16.128% in the name of the Federal Agency for the federal property ; 83.87% being held by RAO UES.

    The 2009-net losses (RAS) gained 59.865bn rub. against 4.46bn rub. prior year.

    The IH net profit (RAS) rose 50.6% to come to 13.1bn rub. against prior year period.




    "AK&M", 03/09/2010

  20. #20
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    The Russian government approved a new rate of return for FGC capital. We increase FGC’s fair value
    from RUB 0.38 per share for end-2010 to RUB 0.41 per share for end-2011, and reiterate our Buy
    recommendation.
    FEES RX: BUY | Fair Value: USD 0.014 | Current Price: USD 0.0119 | Upside/Downside: 18%
    We have revised our model, following an update in the return rates for new and existing capital set for FGC by the
    government, new details regarding the potential size of the company’s investment program, and a change in the forecast
    period from 2010 to 2011. As a result, we increase our estimated fair value from RUB 0.38 per share for end-2010 to RUB
    0.41 per share for end-2011.
    The approved rate of return for new and existing capital for 2013-2014 is higher than in our previous model
    The government has approved a rate of return for new capital of 10% and for old capital of 7.8% and 9.1% for 2013 and
    2014 respectively. This is slightly higher than our previous estimates. We do not expect any further changes in the rate
    until the next regulation period.
    We think FGC can finance its current five-year (2010-2014) investment program of close to RUB 950bn without
    difficulty
    The Federal Tariff Service is close to approving FGC’s five-year (2010-2014) investment program of about RUB 950bn,
    according to the Chairman of FGC’s management board Oleg Budargin. In our view, the company should have no
    problem supporting CAPEX through debt financing. We expect net debt/equity and net debt/EBITDA to reach 0.2x and
    1.8x respectively in 2012, and we also believe the company should have no problem attracting the financing required on
    the debt market.
    We believe FGC remains attractive with low stock volatility, though potential upside seems to be limited
    Our valuation of the company is RUB 0.41 per share at the end of 2011 and we reiterate our BUY recommendation.
    However, we think the potential upside is limited and we don’t see a short-term driver for FGC’s shares. In our view, the
    only unknown left that could affect the share price is whether the government keeps the previously approved tariff growth
    rate for 2011 and 2012, or implements a smoothing mechanism to try to limit potential influence of the tariff growth on
    electricity prices for end-consumers.

  21. #21
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    FGC [HOLD, TP¢1.2] to publish 1H10 IFRS results this
    week;
    neutral
    Event:Federal Grid Company is expected to publish its 1H10 IFRS financial results later this week,
    although the exact date and time have not been disclosed. We expect FGC’s top line to
    surge 40% y-o-y to RUB59bn, EBITDA to double to RUB30bn and net income to soar 56%
    y-o-y to RUB12.4bn. We are 2% above Interfax’s consensus on revenues forecast, 3.8%
    below on EBITDA and 13.7% below on net income (see table below).
    View:FGC’s strong improvement of financials is due to the fact that the company switched from
    the cost-plus to RAB-based tariff system starting from January 1, 2010. We believe that the
    publication of 1H10 results will not have a significant impact on FGC’s shares, because
    management has previously provided detailed guidance and the company also published
    its 1H10 RAS results before. At the moment, the decision on 2011 tariff growth is much
    more crucial for the company’s valuation, and we believe that investors are focusing on
    that.
    Valuation and Action:FGC trades at an EV/RAB multiple of 0.72x vs. the 1.1x average for international electricity
    transmission peers. We expect a neutral market reaction to the 1H10 IFRS publication.

    FGC HOLD
    Ticker FEES
    Closing price, ¢/share 1.21
    Target price, ¢/share 1.20
    Upside potential -1%
    Market cap, $m 14,927
    EV, $m 15,539
    P/E 17.6
    EV/EBITDA 7.0
    EV/distribution, $/MWh 32.3
    Source: MICEX, OTKRITIE Research

  22. #22
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    Federal Grid May Seek German Listing
    08 November 2010
    Bloomberg


    Alex Kraus / Bloomberg
    A trader walking in front of the DAX index curve on the floor of the Frankfurt Stock Exchange, Germany’s largest.


    The Federal Grid Company, the country's electricity distribution monopoly, is seeking to list its shares in Frankfurt to increase trading and attract a wider investor base, two people familiar with the matter said.

    The company, which trades on the MICEX and RTS exchanges in Moscow, is planning a secondary listing on the Deutsche Boerse, said the two people, who declined to be identified because the information hasn't been made public.

    Roman Kirindassov, head of Deutsche Boerse's representative office in Moscow, declined to comment Wednesday. The German exchange set up a Moscow office in 2007 to boost sales and client relationships in Russia.

    Dmitry Gryzunov, a spokesman for Federal Grid, also declined to comment.

    Federal Grid, which has a market capitalization equivalent to $14.7 billion, would be the largest Russian company by market value to list on the Frankfurt exchange. The government owns 79.11 percent of the company, also known by its acronym FSK. The state plans to offer a stake as part of its 1.8 trillion ruble ($59 billion) asset-sales program during the next five years.

  23. #23
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    FGC approves $31bn capex and announces dividend policy

    Event:
    On Friday, Federal Grid Company approved its capex program for 2010-2014 (the first
    regulated period under RAB) equal to RUB952.4bn. Furthermore, FGC announced its
    dividend policy and intends to spend at least 10% of its RAS net income on dividend
    payments, Interfax reported.

    View:
    The above figure – RUB952.4bn – is not new for the market. FGC has already announced its
    plans to embark on a massive investment program. In our model, we forecast RUB800bn
    capex for the same period as we assume that the company will not be able to utilize the
    whole amount of RUB950bn.
    We view news regarding the dividend policy as fundamentally positive for FGC but do
    not expect any market reaction to this news as such plans had already been announced
    previously. In addition, the company mentioned that dividends will be paid from adjusted
    net income which equals net income less provisions for reserve funds. In our model, we
    assume a payout ratio of 30% starting from 2013.

    Valuation and Action:
    All in all, we read this as news neutral for FGC. Currently, the company trades at an EV/RAB
    multiple of 0.7x vs. the foreign peer average of 1.1x.

  24. #24
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    Russian Federal Grid Co. Plans March London Listing, RBK Says

    Federal Grid Co., Russia’s monopoly for high-voltage power transmission plans to sell global depositary receipts in London in March to raise $300 million, RBK Daily reported, without citing anyone.

    Das gibt meinen Original's (FEES) wohl einen kleinen "Schubser" ;)
    Ist ja auch Zeit, +211% seit Kauf 12/08 ist ja auch nicht gerade das gelbe vom Ei...

  25. #25
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553

  26. #26
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    Privatization of state-owned stake in FSK could be delayed, which is negative for the stock price

    According to Interfax, FSK CEO Oleg Budargin stated that a 4.11% government-owned stake in the company is likely to
    be privatized in 2012. Sale of the state stake is dependent on the market price rising about RUB 0.5 per share, which is
    the stock’s par value and the price at which the state bought the stock during previous SPOs. The current market price is
    RUB 0.41.
    Gazprom and Norilsk Nickel currently hold minority stakes in FSK, and Budargin also stated that prior to privatization, FSK
    would like to buy back the stock.
    We believe that the news is negative for FSK since the privatization of the 4.11% stake and subsequent placement on a
    foreign stock exchange were among the main drivers of the stock price in February.

  27. #27
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    FSK is planning to carry out a technical listing on the LSE on March 28,
    according to Vedomosti. This should be positive news for the stock since
    after a technical listing the company could place part of the state-owned
    stake or conduct an SPO.

  28. #28
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    FGC plans to pay dividends for 2010, Interfax quoted FGC CEO Oleg Budargin as saying.
    According to FGC’s dividend policy, the company must pay a minimum dividend of 10% of
    RAS adjusted net income, which at the current price suggests a dividend yield of 1.35%
    based on non-adjusted net income.

  29. #29
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    FSK adjusted net profit up 63 percent in 2010


    MOSCOW, May 3 (Reuters) - Russian power grid company FSK said 2010 adjusted net profit rose 63 percent, supported by a shift to the regulatory asset base (RAB) system allowing it to recover investment costs.

    Net profit, after impairments, revaluation of fixed assets and other non-cash items, totalled 27.9 billion roubles ($1.02 billion), compared with a forecast for 24.2 billion in a Reuters poll.

    Revenue rose 29 percent to 113 billion roubles, compared with a forecast for 117 billion.

    The RAB system, which links tariffs to capital investment and cost of capital, also helped FSK increase adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) by 59 percent to 67.7 billion roubles.

    The company, whose networks transmitted 470 billion kWh of electricity in 2010, up 4 percent, had forecast 2010 EBITDA of 65 billion roubles, while analysts expected 61.2 billion.

  30. #30
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    Russia's FSK recommends 2.6 bln rbls in 2010 divs


    MOSCOW, May 12 (Reuters) - The management of Russian power grid company FSK has recommended to pay a total of 2.6 billion roubles ($94.20 million) in 2010 dividends, deputy head Andrey Kazachenkov said on Thursday.

    The figure implies a payment of just over 0.02 roubles per one share and is equal to 10 percent of the company's net profit, Kazachenkov told reporters.

  31. #31

    Dabei seit
    03/2011
    Beiträge
    88
    The figure implies a payment of just over 0.02 roubles per one share
    Die haben bestimmt eine Null vergessen, 0.02/share sind viel zu hoch (fast 6%)...
    Ich vermute 0.002/share.

  32. #32
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553
    @jerobeam
    gratuliere, ziemlich aufmerksam von Dir generate.png
    habe eine Korrektur gefunden:

    CORRECTED (OFFICIAL)-Russia FSK sees 2.6 bln rbls in '10 divs


    MOSCOW, May 12 (Reuters) - The management of Russian power grid company FSK has recommended to pay a total of 2.6 billion roubles ($94.20 million) in 2010 dividends, deputy head Andrey Kazachenkov said on Thursday.

    The figure implies a payment of just over 0.002 roubles per one share and is equal to 10 percent of the company's net profit, Kazachenkov told reporters.

  33. #33
    Premium-Mitglied Avatar von Hasi
    Dabei seit
    11/2000
    Ort
    Schweiz
    Alter
    72
    Beiträge
    5.553

    und hier noch ein Nachtrag:

    Federal Grid Company lists on the Main Market of the London Stock Exchange

    Moscow, 28 March 2011 - Joint Stock Company "FGC UES" ("Federal Grid" or the "Company"), the operator and manager of Russia's unified electricity transmission grid system, announces today that it has successfully completed listing of its Global Depository Receipts ("GDRs") on the Main Market of the London Stock Exchange ("Listing"), and trading in the GDRs has commenced today on the International Order Book of the London Stock Exchange.

    Federal Grid is the operator and manager of Russia's unified electricity transmission grid system. With over 121,000 km of transmission lines and approximately 800 substations with over 305 GVA of installed transformer capacity, it is the largest publicly traded electricity transmission company in the world.

    The Company was incorporated in June 2002 as part of the reorganization of Russia's electrical power industry. The Russian government is the largest shareholder with a 79.48% stake. Federal Grid's ordinary shares have been admitted to trading on RTS and MICEX under the trading symbol "FEES". The Company is included in the MSCI Emerging Markets and MSCI Russia indices.

    Federal Grid's unlisted Rule 144A and Regulation S GDR programmes in respect of its shares has been established since February 2008, with one GDR representing 500 ordinary shares in Federal Grid. These programmes have now been changed to allow listed trading on the London Stock Exchange. Federal Grid's GDRs will be traded under the symbol "FEES". There is no offering of GDRs or shares in any jurisdiction in connection with the Listing.

    VTB Capital plc was appointed as financial advisor, and Allen & Overy LLP was appointed as legal advisor in connection with the Listing.

+ Auf Thema antworten
Seite 1 von 3 123 LetzteLetzte

Lesezeichen

Lesezeichen