Polyus 3Q 20 Earnings Preview - Strong FCF on the back of booming price and growing sales
Top line: We expect the companys top line to significantly benefit from an unprecedentedly strong average gold price realised in 3Q 20e. The latter reached USD 1,905/oz, which is 10% higher qoq. At the same time, physical gold sales volume was up by 15% qoq. As a result, we forecast a 26% higher qoq top line of USD 1,453 mn, primarily driven by the sales of gold. Other-than-gold, top line is estimated to stay at a close-to zero level of ca. USD 8 mn, which is 17% lower qoq.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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