Kopy Goldfields initiated at BUY, TP SEK 2.83 - Rock-solid FCF during the reserves? lifespan
Hard rock processing up from 0.3 mtpa in 2021e to 2.0 mtpa in 2025e As a result, GE production to hike from 58 koz in 2021e to 98 koz in 2025e
This pushes EBITDA from USD 42 mn in 2021e to USD 100 mn in 2025e
Expected capex shrinkage from USD 56 mn in 2021e to USD 5 mn in 2025e
Solid FCF yield of 3.9%, 20.7% and 30.2% in 2023e, 2024e and 2025e
45% discount on LOM-adjusted EV/EBITDA 2022e vs. Polyus and Polymetal
Kopy Goldfield is a gold exploration company. Co. is an exploration company and has not yet started extraction of gold as the projects have not yet reached prodcution phase. Co. is the owner of fifteen licenses in and around the Lena Goldfield in the Bodaibo district in the Russian region of Irkutsk. Co. focuses on the Artemovsky district of Lena Goldfields, which is the target exploration area with 20 million ounces of historic alluvial gold production.
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