Polyus Q1 21 - Neutral results in line with estimates with WC propping FCF
-Top line, EBITDA and net income fully in line with our estimates as well as the consensus-Gold sales volume down qoq due to seasonality and accumulation of flotation concentrate
-Top line and EBITDA expansion yoy is mainly driven by the corresponding gold price increase
-Reduction in receivables lifts the NOCF and FCF above our estimates by an equal amount
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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