Polymetal - 1H19 IFRS In Line; BUY Reiterated
Polymetal has reported strong 1H19 IFRS results, which came in line with our and consensus estimates across the board. The company will host a conference call today at 12:00 London/14:00 Moscow time. At spot commodity prices and the current USD/RUB rate, Polymetal is trading at an undemanding 2020E EV/EBITDA of 6.0 and a 9% leveraged FCF yield. We reiterate our BUY recommendation.Polymetal International is the ultimate parent entity of Polymetal Group, a precious metals mining group operating in Russia, Kazakhstan and Armenia. Co. has five reportable segments: Magadan; Ural; Khabarovsk; Kazakhstan; and Armenia. Each segment is engaged in gold, silver or copper mining and related activities, including exploration, extraction, processing and reclamation.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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