Investment Company "Finam" appropriated recommendation "buy" ordinary shares of OAO "WGC-5 Enel" with a target price of $ 0,096 at the end of 2010. According to analysts, to realize the growth potential of these securities will allow the relatively inexpensive and "short" the investment program, thereby generating companies will be able to improve management of operational efficiency and reduce costs.

JSC Enel OGK-5 is characterized by almost complete investment program that can positively affect the value of its shares. "Investment commitments include generating companies enter the 820 MW of new capacity until 2011, the forecast cost of the investment program - $ 1 billion - analyst Finam Denis Kruglov. - This is one of the" short "and" cheap "investment programs in the segment of WGC . After its completion, the company"s management can concentrate on production efficiency and reduce costs. "

realize the potential growth in value of shares in Enel OGK-5 will allow the existence of a generator of a strong strategic shareholder in the face of Enel - a major Italian energy company with significant experience in the electricity. "To date, the project is the integration Enel WGC-5" in the structure of Enel, - says Mr. Kruglov. - In particular, the result of this activity are: embedded management technologies, advanced information systems. "

level of corporate governance Enel OGK-5 is assessed as high, the study says "Finam". One of the first generating companies were privatized. With the advent of the Western investor in the company"s corporate governance has become one of the best in the segment of the WGC. Analysts Finam expect that by the main shareholder Enel OGK-5 will continueto improve the quality of corporate governance and introduce modern management technologies, as well as be able to count on financial support for the fragile economic situation.

In a research note that "Enel WGC-5" one of the first can begin to pay dividends. "So, if the end of 2011 will be completed by the investment program, then at this point, in line with our forecasts and statements of management, the company is able to achieve positive cash flow - believes Mr. Kruglov. - In connection with the fact that large investment projects are planned, WGC may begin to pay dividends. According to our estimates, this scenario vysokoveroyaten, especially given the good level of corporate governance, which demonstrates the company.

"Enel OGK-5 is characterized by very low percentage of shares in free circulation in a segment WGC - tentatively, at the Exchange traded 7.4% of generating companies. "Despite the middle segment of liquidity, low proportion of shares in free float may be a limiting factor for large institutional investors", - says Mr. Kruglov. He also notes that Enel WGC-5 "a substantial stake in state-owned and so far it remains unknown when it may be held for sale, and who could be a potential buyer:" If this is Enel, the strategy will have to put up an offer minority shareholders, under which substantially reduced the already low percentage of shares in free float "- the study says.

Department of Public Relations and Media Investment Holding Finam.
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