Report

Polyus Q3 21 - Neutral results centred around higher production qoq

-Growth of all key financials qoq on the back of a higher gold production volume qoq
-Being in line with the consensus and our estimates, the results are treated as neutral
-Growing capex qoq is consistent with the once again reiterated FY 2021e guidance
-A small working capital release is expected for the FY 2021e
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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