Donbasenergo boosts net profit 17x yoy in 2013 .

Donbasenergo boosts net profit 17x yoy in 2013 .



25 березня 2014 года
Конкорд Капитал

Донбассэнерго (DOEN)


Power GenCo Donbasenergo (DOEN UK) generated a 2013 bottom line of UAH 532 mln, a surge of17.2 times yoy, according to the company’s AGM announcement on March 24. Its AGM scheduled for Apr. 26 will address dividend payments and approval of significant deals.



Alexander Paraschiy: The company’s full-year income was traditionally lower than for 9M13 (UAH 645 mln), as the company tended to minimize its bottom line to avoid paying big dividends. We expect the company will pay 30% of its 2013 income in dividends, which will imply a UAH 6.7 DPS and 17% dividend yield. We believe there is a low chance the company will avoid paying dividends. Firstly, as a company with a 25% state stake, it is obliged by law to pay at least 30% of its income in dividends. Secondly, at its last AGM, its shareholders voted in favor of a plan to distribute 30% of its 2013 profit in dividends. Third, a buyer of Donbasenergo’s 61% stake at a privatization tender took an obligation to pay at least 30% of the dividends this year.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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