Sumy Frunze to satisfy USD 13 mln Gazprom order by yearend
16 December 2009
Sumy Frunze (SMASH) plans to deliver USD 13 mln worth in equipment to Russian Gazprom’s Ivanovo and Lukoyanovskaya gas compressor stations by yearend, the company reported yesterday (via Interfax). The relevant contract was signed in spring. Yegor Samusenko: The order is ~3% of 2009E sales, which we estimate at USD 512 mln. We don’t expect any reaction from the market to this news and view the stock as overpriced.
