While the Russian economy suffers from exogenous factors, RusHydro (RSHYY) doesn't lack internal ones to disappoint investors. Reported earnings were crushed by write-offs, and RysHydro's management declared higher-than-expected CAPEX guidance for this year.
Against this background, it makes no sense to recall the relatively good annual production results as 1.6% YoY revenue growth was overshadowed by growth in operating costs (+6.9%) and massive write-offs.
There are three simple indicators when it's worth investing in RusHydro: no massive write-offs, no additional stock issuances, and consistent CAPEX guidance. None of these conditions are in place at the