GS подняли РТ Аэрофлота до 68 руб. с 59 руб., рекомендация - BUY
We reiterate our Buy rating on Aeroflot, based on its good industry positioning (modern fleet, biggest network in Russia), CROCI leadership (13% in 2012-14E vs. 10% for global peers) and mean reversion potential (3.5x/6.6x 12m forward P/E on our/Bloomberg consensus estimates vs. 8.9x last five year average). Our new SOTP-based 12-month price target of Rub68.0 (from Rub59.0) as we roll forward our FV multiple to 2013E implies c.60% upside potential. We add the stock to our Russia and CEEMEA Focus Lists. We believe the market underestimates the revenue/cost synergies management can deliver following the acquisitions of regional airlines and exaggerates the potential pressure on yields following the Ministry of Transportation’s decision to liberalize certain European routes where AFLT effectively had a duopoly. Our 2012E EBITDA is c.30% above consensus.
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19 октября 2012, 14:24
Marat