WOOD Flash – Kazatomprom: 1H20 results – patience paying off
The financial results reported by Kazatomprom today (27 August) were generally neutral, in our view. However, we see more long-awaited green shoots on the uranium market, which bode well, in our view, for the FCF and future dividends, when coupled with the weaker Tenge and reduced capex plans (for 2021E). We reiterate our BUY recommendation and USD 22 price target (PT) on the stock.
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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