Polymetal - 2H18 Results: In-Line EBITDA, Good Dividends
Polymetal has reported 2H18 financial results that were generally in line with estimates, but with the final dividends for 2018 coming in at $146 mln for a 2.7% yield, a bit higher than we had expected. At spot commodity prices and the current USD/RUB rate, Polymetal is trading close to its average historical levels on EV/EBITDA and at a 13% premium to Polyus, which we see as a better play on gold at current levels.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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