Petropavlovsk cut to REDUCE, TP GBp 18.5 - Slashed production is yet to be priced in the high multiples
Refractory ore at Albyn and lower grades at Pioneer curb output Suppressed gold production CAGR of 4% in 2022-24e
Input gold price down from USD 1,950/oz to USD 1,800/oz
Modest EBITDA growth of 13%, 10% and 9% in 22e, 23e and 24e
EV/EBITDA 21e and 22e exceed the global peer median
Share price correction should eliminate the premium to peers
Petropavlovsk is engaged in the mining of precious and non-precious metals which require it to hold licences which permit it to explore and mine in particular areas in Russia. Co.'s reportable segments, which are aligned with its operating locations, are Pokrovskiy, Pioneer, Malomir and Albyn hard-rock gold mines which are engaged in gold and silver production as well as field exploration and mine development.
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