Shares TGK-2 continues to be one of the most re in the Russian power industry

As a result of trades on Monday, the MICEX index fell by 3.6 energy% and closed at 1 642 points, while the volume of transactions compared to the previous day increased. Major energy companies showed on Monday, mostly negative results, following the entire market. MICEX index lost 5% of the previous day. As a result, shares of FGC UES cheaper at 5.5%, paper RusGidro - at 4.7%, stock price IDC Holding fell by 1.8%, the value of securities Mosenergo decreased by 1.1%, shares Inter RAO UES lost in the price of 3,2%.

One of the weakest results showed on Monday, TGC-2. Quotations of its shares fell by 9.7%, while the average THC lost only 3.5%.

Shares TGK-2 continues to be one of the most re in the Russian power industry, and shares of companies traded at a rate of EV /installed capacity at the level of $ 196/kVt, almost twice the average value of the indicator from TGC ($ 101 /kW). TGC-2 possesses highly worn-out and relatively ineffective generating assets that will adversely affect its profitability in the future and will require significant capital investment. We reiterate our recommendation to sell for the shares TGK-2 and a target price of 0.012 cents per share.

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