WOOD Flash – Kazatomprom: 1Q22 operating update – production risks and price lags
Kazatomprom (KAP) released its 1Q22 operating update today (3 May), which we see as slightly disappointing for two reasons. Firstly, the company highlighted the risks of missing its 2022E production guidance, due to the continued pandemic-related supply challenges. Secondly, its realised price has continued to lag market price (similar to last year). It remains to be seen as to what extent the company’s operations could suffer, due to the sanctions on Russia; however, assuming a limited impact, we believe that KAP’s share price has lagged both the uranium price and uranium equities significantly already, implying that most of the issues are priced in already, in our view.
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