Polymetal - 1Q19 Trading Update Strong, as Expected
Polymetal has published its 1Q19 trading update. Production at Kyzyl was ahead of expectations, suggesting slight upside to our full-year forecasts for the company, though its total production and cost guidance for this year were reiterated. At spot commodity prices and USD/RUB, Polymetal is trading at a 2019E EV/EBITDA of 7.1, in line with its historical levels and at an 11% premium to Polyus. We reiterate our HOLD 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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