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Unipro: Relaunch halted, dividends at risk

Relaunch halted, dividends at risk

Berezovskaya block 3 recommissioning is delayed again, now until 1H21. A possible 6-month delay (previously expected by 2020-end) deprives Unipro of RUB 10 bn and translates into lower dividends in 2021. Previously fixed in dividend policy, DPS guidance is now vague and depends on financial performance, COVID-19 impact and Bereza unit relaunch. We incorporate the recommissioning in June’21 and therefore decrease Unipro target price to RUB 2.6 with a Hold recommendation

Author: Alexey Adonin


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