Polyus Q2 21 - Stronger qoq FCF after WC in line with expectations
-Top line, EBITDA and adjusted net income fully in line with our estimates and consensus-Higher gold production and sales volume qoq pushed the top line and EBITDA up qoq
-Higher NOCF and FCF earned, notwithstanding a WC buildup and capex expansion qoq
-The dividend recommended for H1 2021 provides a DY of 1.9%, as per the dividend policy
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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