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
Alexey Kirichok ...
  • Andrey Kuznetsov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Irina Lapshina
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - 18 сентября 2020

КОММЕНТАРИЙ И ПРОГНОЗ - ПРИЗНАКИ ВОССТАНОВЛЕНИЯ НАБЛЮДАЮТСЯ НА РЫНКАХ АТР, НО ЯВНЫХ КАТАЛИЗАТОРОВ НЕТГлобальный индекс MSCI ACWI вчера отступил на 0,8% на фоне общего снижения спроса на риск. При этом цены на нефть подросли на 2-3% под влиянием факторов, актуальных именно для нефтяного рынка. Индекс РТС снизился на 0,7% до отметки 1 243 пункта. Ситуация на рынках АТР предполагает, что инвесторы сегодня активно покупали подешевевшие акции, хотя очевидных поводов для этого не наблюдается. Для российского рынка ключевым событием будет заседание совета директоров ЦБ. НОВОСТИ> Ключевой стратегичес...

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Irina Lapshina
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - September 18, 2020

MARKET COMMENT - GLIMMERS OF A REBOUND IN APAC MARKETS, BUT WITH NO DEFINITIVE CATALYSTThe MSCI ACWI global index pulled back 0.8% amid a broad decline in risk assets, though oil benchmarks climbed 2-3% on industry-specific factors. The RTS edged down 0.7% to mark 1,243. APAC markets signal some bargain-hunting today but without clear catalysts. The CBR meeting is in focus for Russia. STORIES> Key strategic Polymetal shareholder sells 4% stake via ABB> Polymetal releases initial reserve estimate, PFS results for Prognoz> Kazakh economic indicator improves in August

Polymetal International: 1 director sold

A director at Polymetal International sold 11,700 shares at 1,976p and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of...

Alexey Kirichok ...
  • Irina Lapshina
  • Vladimir Lezhnev

Polymetal - Tactical Trade Idea: Buy Polymetal

We continue to see a nice backdrop for gold stocks, as real yields remain low, while the turbulent geopolitical landscape amid the US-China standoff and the persistent threat of Covid-19 have supported safe-haven demand. Otkritie FC Bank's sale of its remaining stake in Polymetal has significantly reduced the overhang risk that had been weighing on the stock for some time. We thus open a trade idea to buy Polymetal.> This week, Otkritie FC Bank sold its remaining stake in Polymetal in one large transaction ($400 mln for the 3.4% stake - see our daily comment). Since Alexander Mamut and Nikolai...

Polymetal International: 1 director sold

A director at Polymetal International sold 11,700 shares at 1,976p and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of...

Alexey Kirichok ...
  • Irina Lapshina
  • Vladimir Lezhnev

Polymetal - Tactical Trade Idea: Buy Polymetal

We continue to see a nice backdrop for gold stocks, as real yields remain low, while the turbulent geopolitical landscape amid the US-China standoff and the persistent threat of Covid-19 have supported safe-haven demand. Otkritie FC Bank's sale of its remaining stake in Polymetal has significantly reduced the overhang risk that had been weighing on the stock for some time. We thus open a trade idea to buy Polymetal.> This week, Otkritie FC Bank sold its remaining stake in Polymetal in one large transaction ($400 mln for the 3.4% stake - see our daily comment). Since Alexander Mamut and Nikolai...

Boris Krasnozhenov ...
  • Yulia Tolstykh

Polymetal International: Numbers in line with consensus; dividend policy revised – Positive

Polymetal (POLY: LN; O/W; TP US$14.3/share) issued 1H20 IFRS financials, which was broadly in line with consensus at revenue and EBITDA lines. The company delivered $616mn of 1H20 EBITDA, which represents 53% increase y/y on back of higher precious metal prices and lower TCC. The latter were reported 2% below the lower end of the guided range for 2020 at $638/oz. Polymetal announced the interim dividend in the amount of $0.40/share with a total payout of $189mn or 50% of net income for the p...

Alexey Kirichok ...
  • Irina Lapshina
  • Vladimir Lezhnev

Russian Gold Producers - Polymetal TP Raised to GBP27.50, Polyus TP to $166 per GDR

Having added the two gold stocks to our top pick list in a strategy report published on July 10 given the strong outlook for gold, we are now increasing our target price for Polymetal to GBP27.50 per share and upgrading it to a BUY. We maintain our BUY for Polyus and further raise our target price to $166.00 per GDR.> Negative real dollar rates, driven by massive monetary and fiscal stimulus in the US, have caused the dollar to weaken versus DM peers and boosted precious metals prices. In addition, safe-haven demand for gold stocks remains solid because Covid-19 is not yet under control in cer...

Boris Krasnozhenov ...
  • Yulia Tolstykh

Polymetal International: 2Q20 production results: POSITIVE

Polymetal (POLY: LN; O/W; TP £14.3/GDR) delivered positive 2Q20 production results, in our view. We note a 2% y/y gold equivalent (GE) production increase and sales revenue growth of 30% q/q to $641mn on the back of a higher gold price and sales volumes. The top line growth is to contribute to a significant free cash flow increase according to the company. Net debt remained at the level of 1Q20. Polymetal confirmed its 2020 production guidance of 1.5 moz of GE and cost guidance with a potent...

Andrey Kuznetsov ...
  • Cole Akeson

Retail Investor Statistics - Record Flows into Stocks in June

Moscow Exchange has published the June statistics on retail brokerage accounts. Individual investors bought R65.1 bln ($950 mln) worth of stocks over the month, which is the highest number on record. Retail investors also continued to put money into mutual funds. Russian asset managers saw inflows of R14 bln in June. Part of this money went into the bond market, although we estimate that around half was invested in equities. This brings the size of inflows into the local market to $1.05 bln.Given that the market barely moved in June (RTS edged down 0.6%), other market participants - companies ...

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Irina Lapshina
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - 18 сентября 2020

КОММЕНТАРИЙ И ПРОГНОЗ - ПРИЗНАКИ ВОССТАНОВЛЕНИЯ НАБЛЮДАЮТСЯ НА РЫНКАХ АТР, НО ЯВНЫХ КАТАЛИЗАТОРОВ НЕТГлобальный индекс MSCI ACWI вчера отступил на 0,8% на фоне общего снижения спроса на риск. При этом цены на нефть подросли на 2-3% под влиянием факторов, актуальных именно для нефтяного рынка. Индекс РТС снизился на 0,7% до отметки 1 243 пункта. Ситуация на рынках АТР предполагает, что инвесторы сегодня активно покупали подешевевшие акции, хотя очевидных поводов для этого не наблюдается. Для российского рынка ключевым событием будет заседание совета директоров ЦБ. НОВОСТИ> Ключевой стратегичес...

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Irina Lapshina
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - September 18, 2020

MARKET COMMENT - GLIMMERS OF A REBOUND IN APAC MARKETS, BUT WITH NO DEFINITIVE CATALYSTThe MSCI ACWI global index pulled back 0.8% amid a broad decline in risk assets, though oil benchmarks climbed 2-3% on industry-specific factors. The RTS edged down 0.7% to mark 1,243. APAC markets signal some bargain-hunting today but without clear catalysts. The CBR meeting is in focus for Russia. STORIES> Key strategic Polymetal shareholder sells 4% stake via ABB> Polymetal releases initial reserve estimate, PFS results for Prognoz> Kazakh economic indicator improves in August

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Cole Akeson
  • Fedor Kornachev
  • Ilyas Yerzhanov
  • Irina Lapshina
  • Research Team
  • Vladimir Lezhnev

CIS Market Daily - September 9, 2020

MARKET COMMENT - GLOBAL SELLOFF RESUMES AND ACCELERATES, WITH TECH STILL AT THE FOREFRONTThe RTS fell 2.4% and the MSCI ACWI global index 2.0% as the global downturn resumed yesterday. Tech stocks and oil saw particularly sharp declines. Today, Russian GDP is due, while market participants are likely to continue watching for headlines regarding international relations.STORIES> Otkritie sells its entire stake in Polymetal via ABB> NLMK's iron ore beneficiation plant halted due to accident> RusHydro launches Sovetskaya Gavan CHP> Enel Russia discloses that Macquarie fund exited the company

Alexey Kirichok ...
  • Andrey Kuznetsov
  • Cole Akeson
  • Fedor Kornachev
  • Ilyas Yerzhanov
  • Irina Lapshina
  • Research Team
  • Vladimir Lezhnev

CIS Market Daily - 9 сентября 2020

КОММЕНТАРИЙ И ПРОГНОЗ - ПАДЕНИЕ ГЛОБАЛЬНЫХ РЫНКОВ ВОЗОБНОВИЛОСЬ И УСИЛИЛОСЬ; АУТСАЙДЕРАМИ ОСТАЮТСЯ ВЫСОКОТЕХНОЛОГИЧНЫЕ КОМПАНИИИндекс РТС упал на 2,4%, глобальный индекс MSCI ACWI - на 2,0% на фоне возобновившегося вчера снижения котировок на мировых площадках. Самые большие потери понесли высокотехнологичные и нефтедобывающие кÐ...

Alexey Kirichok ...
  • Andrew Keeley
  • Andrey Kuznetsov
  • Anton Stroutchenevski
  • Artem Vinogradov
  • Cole Akeson
  • Irina Lapshina
  • Kirill Rogachev
  • Research Team
  • Rodion Lomivorotov
  • Vladimir Lezhnev

CIS Market Daily - 27 августа 2020

КОММЕНТАРИЙ И ПРОГНОЗ - НАДЕЖДЫ НА СИМПОЗИУМ В ДЖЕКСОН-ХОУЛ, ПРИЗНАКИ КОНСОЛИДАЦИИ НА МИРОВЫХ РЫНКАХ СЕГОДНЯ УТРОМВчера большинство рынков росло, индекс MSCI ACWI достиг нового максимума. Индекс РТС поднялся на 0,5% до 1 274 пунктов, Россия показала такую же динамику, как аналоги. Сегодня выходит отчетность нескольких компаний регион...

With a more favourable environment, POLYMETAL INTERNATIONAL improves to Slightly Positive

POLYMETAL INTERNATIONAL (GB), a company active in the General Mining industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date July 17, 2020, the closing price was GBp 1,614.00 and its potential was estimated at GBp 1,860.01.

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