Page 80 - RusRPTJan22

2022-23, with annual investments reaching RUB 45bn. The company owns 14.6MW of generation capacity primarily in the Volga and Ural regions. The company was established as TGK-7 during the split of RAO UES, and it has expanded substantially via mergers with TGK-9, TGK-6, TGK-5 and a number of electricity retail companies. T Plus was delisted from MOEX in 2016. The company reported revenue of RUB 383bn and EBITDA of RUB 59bn in 2020, and it expects its revenue to exceed RUB 400bn and EBITDA to be RUB 57bn in 2021, according to Interfax, citing Mr. Vagner.
Sollers is to buy back 5% of its shares at RUB 240.50 per share (~10% premium to yesterday's close), Interfax reports, quoting the decision of the company's Board of Directors on December 9. A year ago, the company also bought back 5% of its shares. The latest transactions, if executed in full, would bring the free float from 22% now to 17%, based on our estimates. We remain neutral on the stock, with our 12-month Target Price of RUB 250 implying an ETR of 14%. Sollers' shareholders can tender their shares from 1 January until 31 January 2022. Sollers is controlled by Vadim Shvetsov, who beneficially owns about 73% in the company, while 5% is held in treasury. Company officials were recently quoted as saying that Sollers had decided not develop its UAZ brand further, but rather would seek a new partnership with a global OEM. No more details were provided.
Novatek announced on 13 December, that it had bought 348,910 shares and GDRs as part of its buyback from 6-10 December. The company spent c. $7.96mn, implying an average price of $228.3/GDR. Novatek has purchased 6.95mn shares YtD, spending c. $174.7mn. In total, Novatek has spent c. $560.8mn of the $600mn allocated to its buyback program.
80 RUSSIA Country Report January 2022 www.intellinews.com