Sberbank - Polyus (GDR) (PLZL) ... Polyus - 1Q19 Trading Update Review and Earnings Preview

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Sberbank

Alexey Kirichok ...

Irina Lapshina

Polyus - 1Q19 Trading Update Review and Earnings Preview

Polyus has released a healthy 1Q19 trading update. As we expected, gold production growth was strong thanks to the completion of the Natalka ramp-up and the successful implementation of mill expansion projects. We expect Polyus's EBITDA to be almost flat Q-o-Q at around $490 mln. Leveraged FCF should be around $115 mln, for a 1% yield. At the spot gold price and current USD/RUB rate, Polyus is trading at a 2019E EV/EBITDA of 6.2 and a 6% LFCF yield, representing a discount to Polymetal and global peers.

23/04/2019 5 EN

Underlyings

Polyus (GDR)

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US73181M1172 London Stock Exchange Russia

Polyus PJSC

PJSC Polyus is an open joint stock company based in Russia. Co. is engaged in operations as a gold production company. Co.'s major assets are: in Krasnoyarsk region, Olympiada deposit as well as Blagodantoe, Titimukhta, Tyrada, Olenii, Razdolinskaya, Zyryanovskaya and Panimba fields; in Irkutsk region, Zapadnoe, Verninskoe, Pervenets, and Chertovo Koryto and Mukodek goldfields as well as some 94 placer deposits; in Magadan region, Natalka deposit and smaller Degdekan and Vostochnoye fields; in the Republic of Sakha (Yakutia), Kuranakh ore body and Kyutchus field as well as 50% interest in the giant Nezhdaninskoye field; and in Amur region, Bamskoe gold field.CJSC Deloitte & Touche CIS

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RU000A0JNAA8 Moscow Exchange MICEX-RTS Russia

Provider

Sberbank

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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Analysts

Alexey Kirichok

Irina Lapshina

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Polyus - 1Q19 Trading Update Review and Earnings Preview

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