ALROSA Q2 21 - WC hike is countered by a lowered FY 21e capex guidance
-Top line and EBITDA fully in line with our estimates and marginally above consensus-Net income came in 10% below our forecast on a higher than forecasted FX loss
-Lowered 2021e capex guidance offset a higher than expected WC accumulation
-Overall, neutral results with no effect on our FY 2021e and subsequent estimates
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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