WOOD Flash – Kazatomprom: 1Q22 results – seasonally weaker sales, stronger FCF
Kazatomprom published its 1Q22 financial statements today (30 May), which we view as broadly neutral. The company had disclosed its sales volumes and realised prices already. We note that, despite the rising capex (+34% yoy), the company’s FCF reached KZT 87.9bn (+32% yoy and +219% qoq), supported by stronger realised prices and positive working capital changes. We believe that Kazatomprom stands to benefit from the long-term trends of decarbonisation and more recent issues related to energy supply from Russia. The company remains the largest uranium producer, with one of the lowest cost structures globally. The potential risks include higher taxes from next year and exposure to Russia.
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