Report

Polyus Q1 21e Earnings Preview - Seasonal output slowdown qoq in line with historic average

-Slightly higher yoy gold sales volume notwithstanding the seasonal output contraction qoq
-Higher gold price yoy should set the tone for the top line as well as EBITDA dynamics yoy
-On top of the price increase yoy, EBITDA/oz should benefit from a notch lower TCC yoy
-Growth of NOCF and FCF yoy sourced mainly from the corresponding price growth yoy
Underlying
Polyus (GDR)

Provider
Raiffeisen Bank International AG - Institutional Equity
Raiffeisen Bank International AG - Institutional Equity

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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