Polymetal International

Polymetal International is the ultimate parent entity of Polymetal Group, a precious metals mining group operating in Russia, Kazakhstan and Armenia. Co. has five reportable segments: Magadan; Ural; Khabarovsk; Kazakhstan; and Armenia. Each segment is engaged in gold, silver or copper mining and related activities, including exploration, extraction, processing and reclamation.
  • TickerPOLY
  • ISINJE00B6T5S470
  • ExchangeLondon Stock Exchange
  • SectorMining
  • CountryJersey

Analysts

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Fedor Kornachev
  • Irina Lapshina
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - 24 января 2020

КОММЕНТАРИЙ И ПРОГНОЗ - РЫНКИ СНОВА УПАЛИ ПОД ДАВЛЕНИЕМ КИТАЙСКОГО ВИРУСАРоссийские акции продолжали отступать на фоне усиливающихся опасений, связанных с китайским коронавирусом. Индексы РТС и MSCI EM снизились на 1%. Нефть Брент подешевела на столько же и сейчас котируется на уровне $62/барр. НОВОСТИ> В декабре в России зафиксирована хорошая динамика промышленного производства> Интервью главы НОВАТЭКа: основные моменты> В январе ожидается резкое падение экспорта Газпрома> АЛРОСА: сильные операционные результаты за 4К19 на фоне улучшения структуры продаж> Polymetal: операционные результаты за...

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Andrey Gromadin
  • Anna Kotelnikova
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Fedor Kornachev
  • Irina Lapshina
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - January 24, 2020

MARKET COMMENT - MARKETS FALL AS CHINESE VIRUS SEEN CAUSING MORE HARM TO ECONOMYRussian stocks continued to slide yesterday amid concern across global markets over the spread of the coronavirus. The RTS Index slid 1%, in line with the MSCI EM and oil. Brent is now trading at around $62/bbl.STORIES> Industrial output performs strongly in December> Highlights from Novatek CEO interview> Gazprom gas exports expected to drop sharply in January> Alrosa: 4Q19 trading update strong on better sales mix> Polymetal: 4Q19 trading update in line; we expect up to 4% 2H19 DY> NLMK CEO comments on capex guid...

BCS Equity Daily: Fund Flows, Economics, Lukoil, Polymetal, Petropavlovsk, Alrosa

Brent v Coronavirus contagion, frothy heights Ahead: Choppy trade in play. Déjà vu, the same variables will dictate the directions of trade, which translates into choppy waters ahead. To the upside, December industrial production accelerated strongly after almost coming to a standstill in November – BCS expects the trend to continue into 2020. Also positive, Brent has recouped some losses, albeit upside is capped by still the uncertain outlook for global growth. Indeed, players are taking a more sober view on benefits accruing from US-China/EU trade deals, while the coronavirus has further sp...

Alexey Kirichok ...
  • Irina Lapshina
  • Vladimir Lezhnev

Polymetal - 4Q19 Trading Update In Line; We Expect Up To 4% 2H19 DY

Polymetal has reported its 4Q19 trading update that showed production and sales figures broadly in line with our estimates. We forecast 2H19 EBITDA to come in at $595 mln and expect a decent dividend payment for 2H19 (a regular dividend from net income plus a special dividend) of up to $300 mln, for an up to 4% yield. At spot commodity prices and the current USD/RUB rate, Polymetal is trading at a 2020E EV/EBITDA of 7.9 and a 5% LFCF yield. We reiterate our HOLD recommendation.> Production marginally above guidance. Full-year 2019 production came in at 1,614 koz of gold equivalent (GE), which ...

BCS Equity Daily: Fund Flows, Economics, Lukoil, Polymetal, Petropavlovsk, Alrosa

Brent v Coronavirus contagion, frothy heights Ahead: Choppy trade in play. Déjà vu, the same variables will dictate the directions of trade, which translates into choppy waters ahead. To the upside, December industrial production accelerated strongly after almost coming to a standstill in November – BCS expects the trend to continue into 2020. Also positive, Brent has recouped some losses, albeit upside is capped by still the uncertain outlook for global growth. Indeed, players are taking a more sober view on benefits accruing from US-China/EU trade deals, while the coronavirus has further sp...

Alexey Kirichok ...
  • Irina Lapshina
  • Vladimir Lezhnev

Polymetal - 4Q19 Trading Update In Line; We Expect Up To 4% 2H19 DY

Polymetal has reported its 4Q19 trading update that showed production and sales figures broadly in line with our estimates. We forecast 2H19 EBITDA to come in at $595 mln and expect a decent dividend payment for 2H19 (a regular dividend from net income plus a special dividend) of up to $300 mln, for an up to 4% yield. At spot commodity prices and the current USD/RUB rate, Polymetal is trading at a 2020E EV/EBITDA of 7.9 and a 5% LFCF yield. We reiterate our HOLD recommendation.> Production marginally above guidance. Full-year 2019 production came in at 1,614 koz of gold equivalent (GE), which ...

Alexey Kirichok ...
  • Irina Lapshina
  • Vladimir Lezhnev

Russian Gold Producers - Downgrading to HOLD

The stabilization of macro data across the globe (except for the EU) and progress in the US-China talks have slightly eased concerns over the prospects for the global economy in 2020, in our view. In the current risk-on environment, Russian gold stocks have already come down from recent peaks a bit, with Polymetal outperforming Polyus following the former's addition to the FTSE 100 Index. We see no strong short-term company-specific triggers for either name, and having run a scenario-based analysis, we downgrade the two stocks from BUY to HOLD.

Feasibility Study Results in December to be a Catalyst for this Junior

Feasibility Study Results in December to be a Catalyst for this Junior