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...
Petropavlovsk 2016 Ltd


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Kiti Pantskhava

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