ALROSA raised to BUY, TP RUB 150 - High-yield story is getting more attractive
Undersupplied diamond market is expected in 22e Strong FCF amidst the Russian equity market drawback
EV/EBITDA for 22e and 23e of just 6.0x and 5.6x
DY of 13.0%, 12.5% and 12.7% paid in 22e, 23e and 24e
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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