Polyus 3Q 20 - Sukhoi Log shines against the 3Q financials with no surprise
Today, Polyus released its 3Q 20 IFRS financial results, which were in line with our estimates and consensus on revenue and EBITDA. Net income after minorities fell negligibly below our estimates and consensus on an unexpectedly high share of minorities (USD 34 mn vs. estimated USD 9 mn). A marginal USD 16 mn reduction of WC pushed NOCF and FCF 3% and 4% above our estimates, respectively. Most importantly, the company completed the PFS for Sukhoi Log and substantially upgraded the projects key operating metrics. Finally, the 2020e TCC guidance was trimmed by 6% without altering the FX rate assumption. As a result, we treat the results as positive for the stock.
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