ALROSA confirmed at BUY, TP RUB 130 - Post-pandemic dividend spree
Stable demand across the value chain on the diamond market recoveryStrong sales in H2 2020-22e should free additional USD 407 mn of WC
FCF is to hike from USD 0.8 bn in 2020e to USD 1.1 bn in 2021e and USD 1.3 bn in 2022e
Strategy excludes M&A, up to 100% of FCF should be paid out as dividends
As a result, superior dividend yield of 12.8% in 2021e and 11.9% in 2022e
Attractive dividend story following confident market rebound
AK Alrosa PAO. AK Alrosa PAO (Aktsionernaya kompaniya ALROSA PAO or ALROSA Company PJSC), formerly AK Alrosa OAO, is a Russia-based company which is principally engaged in the exploration, mining, manufacture and sales of diamonds. Its operations include five Integrated Mining and Processing Complexes: Mirny, Udachny, Aikhal, Anabar and Nyurba located in the Sakha Republic; sorting divisions and diamond cutting and polishing division. The Company is a member of variable diamonds associations. It operates through several representative offices, branches and subsidiaries, including Alrosa-Nyurba OAO, Almazy Anabara OAO and Severalmaz OAO.
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