Kazatomprom: First of its kind (BUY - initiation of coverage)
We initiate coverage of Kazatomprom, the world’s largest producer of uranium, with a BUY rating and a KZT 8,600/share (USD 22.6/GDR) price target (PT). We believe that the company offers attractive exposure to the recovery in the uranium market, where prices have dropped 80% since the 2007 peak and over half of production comes at a cost above the spot price. The company offers a 5% dividend yield at the bottom of the cycle, trading at 8.9x EV/EBITDA, on our FY19E estimates, a 56% discount to its closest Canadian peer, Cameco.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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