Polyus Q2 21e Earnings Preview - Decent FCF on the back of a so far limited capex
-Higher qoq gold sales volume should define the growth of revenue and EBITDA qoq-Broadly stable adjusted TCC should support profitability captured by EBITDA/oz
-Higher qoq and flat yoy FCF of USD 450 mn is expected on the back of a modest capex
-Estimated as 30% of reported EBITDA, the dividend for H1 2021e brings in a DY of 1.9%
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