Report

Polyus Q4 20 Earnings Preview - Higher qoq sales volume and lower TCC define Q4 financials

-Higher qoq sales volume should make the top line and EBITDA to grow in Q4 on a qoq basis
-Profitability in terms of EBITDA/oz is expected to benefit from the falling TCC qoq in Q4
-The Q4 net income is not forecasted to be suppressed by FX and non-cash revaluations
-NOCF of USD 854 mn and FCF of USD 551 mn with a marginal negative WC effect in Q4
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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