ALROSA cut to HOLD, TP RUB 160 - Switching from the rapid sales recovery to stable dividends
To date, the diamond market has fully recovered back to its pre-Covid state The associated upside is now priced in the stock, which hit our previous TP
TP up from RUB 130 to RUB 160 on the undersupplied market in 2021e
Not much of the expected positive WC inventory effect is left beyond 2021e
An 11% increase in EBITDA in 2022e is paired with a 10% drop of FCF
DY of 12.9% and 10.4% should still be paid in H2 2021e and 2022e
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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