Report
Kiti Pantskhava

Petropavlovsk: Growing stronger with gold prices; reiterate Buy

Reiterate Buy.Petropavlovsk reported strong FY 19 results, significantly increasing gold sales after a successful commissioning of the POX Hub. Revenues increased 48% yoy to US$742mn, EBITDA was up 45% yoy at US$265mn and net leverage decreased to an unconcerning level of 2.1x. We expect 2020 to be another year of strong performance when increasing revenues and EBITDA will promote further deleveraging and make a strong case for an early liability management transaction to refinance the US$500...
Underlying
Petropavlovsk 2016 Ltd

Provider
Tellimer
Tellimer

Tellimer provides an integrated suite of services focused on the world's developing markets. It offers world class investment research and local insights; end-to-end content distribution and analytics; market execution and corporate access; brokerage services across Fixed Income and Equities; and expert advisory services.

Tellimer is headquartered in London, UK, with additional offices in Dubai, Lagos, Nairobi, New York and Singapore. It is a division of Exotix Partners LLP.

Analysts
Kiti Pantskhava

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