Polyus cut to HOLD, TP RUB 15,100 - Risk of a lower gold price to offset the output recovery
US monetary policy is likely to start tightening from Q1 2023e Input gold price trimmed to USD 1,800/oz from USD 1,950/oz
Limited production growth of 4% in 2022e and 3% in 2023e
Inflated costs and sizeable capex are expected from 2021e
Flat top line and EBITDA in 2021-22e, FCF limited by capex
Modest DY of 4.1% is to be declared for 2021e and 2022e
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