Interrao — atypical energy.

25 сентября, 2021 от fake Выкл

«… The good people of bloodruptives were waiting for him, and he ate chirik!»

(c) M.E. Saltykov-Shchedrin «Bear on Voivodship»

As usual — I will not torment those who too lazy to read the whole article. Immediately about the «atypical» in an interrao, what does this issuer do not look like other power engineers?

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So, let’s, as usual, we will analyze everything in order.

The order today will be like this:

To the cup

Dividends

Treasury shares

Development strategy

Mergers and acquisitions

Construction

Well, that we went.

To the cup.

Voiced plans do not cover a significant amount of accumulated funds. This is a plus, and minus.

On the one hand, the accumulated cash gives high stability of the company. It is possible to quietly build any plans and implement them without referring to the borrowed funds.

On the other hand, while the company has not proceeded to the implementation of such plans — the money simply lie to the dead cargo and looks so that the company simply does not implement its available potential.

Dividends.

Changes in dividend politics are not foreseen — at least in a ten-year plan for the development of such sweet prospects, shareholders did not voiced. So the growth of dividends is only with increasing profits. That’s how.

Given that most of the investors buying energy in the portfolio as a dividend chip — is not wonderful that in the interrao many enjoys unfit fame. Especially considering the fact that the «good people» dissolve rumors about the rapid growth of dividends are constantly being. And these rumors look terribly believable — well, they are assumed: a company from the energy sector, where it is customary to pay high diva, the company is profitable, the company has a wonderful financial situation — well, why not increase dividends ???

But, it turned out — no. For the next ten years, as long as the plan to increase dividend payments, unfortunately, is not voiced.

Treasury shares.

Monetization of this package under the transactions of mergers and acquisitions is also an interesting scenario in which this stake package can turn, for example, in UNIPRO and Enel, attached to Interrao (UNIPRO and Enel together stand just about so much).

Development strategy.

On the Teleconference on March 1, 2021, the company’s management reported that they still decided to do the main emphasis on construction, and not mergers and acquisitions. This is a dubious decision — we note in brackets. What effect could be obtained from mergers and acquisitions — we will analyze in the next paragraph. Moreover, the effect is immediate. Construction is a long thing. And its only plus, compared with mergers and acquisitions — great opportunities for the «left» earning of top managers.

But the trouble is not even in this. Capepets for 2021 — 50 billion.

Mergers and acquisitions

For example, in January 2021, the executive director of Uniper Andreas Schirenbeck was performed in the press and said that his company «

He in his interview for Reuters also said: «

According to him, if the company will see an attractive offer for sale, it will think about it, but this is not an ideological solution, but a business issue.

So let’s see:

ENEL ‘CAPITALIZATION — about 29 billion. UNIPRO is about 180 billion. It is easy to see that if you wish, interrao can absorb them like a bull terrier of a joke — «in two holka». Not even attracting borrowed funds.

It would be an excellent use for Cubia. And shareholders would immediately appreciate such a management movement. As in the advertising «Zamanuhah» in hypermarkets — «buy one package and get second for free.» It would be here — buy interrao and get unipro as a gift))

Construction.

Small argument in a common piggy bank

Summarizing.

Non-easy company. As written in the title — atypical. If it relates to it, as a normal company in the field of energy, then, perhaps, I would not take her portfolio. Dividend cow from it in the foreseeable future, apparently, will not come out.

But if you look at it, as on the history of growth, then it has prerequisites for her growth.

The accumulated Kubashka allows large plans for both in the field of mergers and acquisitions and in the field of new construction.

Treasury shares can reveal their potential both when repaying and when we stand in transactions.

However, all these plans may not take place. All these prerequisites exist not the first day. And not the first day they are not implemented. Recall the Surgutneftegaz. There Kubashka Kudaaaa is more. And a sense from her for ordinary shareholders? Only dividends for prefiers with currency revaluation — and there is no one.

So my summary is an action for optimists. And since I have long ago came to the conclusion that it is necessary for investment to be an optimist — I took myself into my portfolio. With understanding of all risks and faith in a good future interrao. And what to do? Without optimism will not work