Polymetal - Healthy 4Q18 Trading Update
Polymetal has reported a solid 4Q18 trading update, with production slightly exceeding its 2018 guidance. Full-year revenues just about fell in line with our forecast, while the company is guiding average total cash costs close to the bottom of its initial target range. We therefore stick to our full-year EBITDA forecast of $771 mln. We expect Polymetal to pay regular dividends of $100-120 mln for 2H18 based on our net income estimate, which would equate to a 2% yield. Polymetal will release its 2H18 and full-year financial results on March 11.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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