OREANDA-NEWS. April 12, 2010. Globaltrans is slated to release its FY09 IFRS results on Monday, 12 April. The posting of financial and operational results will be followed by an analyst and investor conference call that will take place at 2pm (London time). The ‘dial in’ numbers are: UK toll free:  0808 109 0700; International:  +44 203 003 2666, reported the press-centre of OTKRITIE FC.

View: Although Globaltrans reports its results on a semi-annual basis, the last report (December 2009) was issued prior to an SPO and contained 9M09 IFRS results. The forthcoming figures will be the first to include results of newly-acquired subsidiary BTS. The financials of BTS will be consolidated for FY09. Below is a preview of our what to expect:

For the united company, we project net revenue (net of infrastructure and locomotive tariff for loaded trips) of USD613m (5% above consensus) and EBITDA of USD 268m (24% above consensus).

For Globaltrans, as a stand-alone company, we forecast net revenue of USD 308m, with EBITDA at USD 171m.

The company may show lower empty-run costs and a lower empty-run ratio than expected, while showing a higher-than-expected average price per trip. This would be a positive surprise for investors.

Globaltrans will also reveal its operating figures for 1Q10, which will show whether the company is outperforming the market in 2010.

Valuation and Action: Globaltrans trades on a 2010E EV/EBITDA of 7.1x, which is 10% below DM peers and 35% below EM peers. We reaffirm our BUY recommendation ahead of the release.