Kazatomprom: radiant future (stays BUY)
Kazatomprom’s shares are down 25% since the start of the year, despite the broadly flat uranium prices and a much stronger outlook in the medium term. This has created an attractive opportunity for investors to buy shares in the world’s largest and lowest-cost uranium producer at a discount, in our view. We have adjusted our estimates to reflect the higher taxes, the cost inflation, and the near-term gap between spot and realised prices, which has resulted in an 18% reduction in our price target (PT), to USD 41.6. Our BUY recommendation remains unchanged.
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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