WOOD Flash – Kazatomprom: 3Q21 financial results – seasonally weak
Kazatomprom (KAP) has reported seasonally weak 3Q21 results, mainly on the back of lower sales volumes. As management reiterated its full-year annual guidance for sales and other key parameters, we see no reason to worry about these results. The company also announced its decision to develop the Budenovskoye JV (planned production of 2.5k tU from 2024E and full capacity of up to 6k tU). It is encouraging to see KAP re-focusing on growth, rather than just market rebalancing through production cuts, although the key question is the relative change in incremental capex compared to the additional EBITDA gains. We believe that, with the renewed focus on climate change, nuclear power could see its own renaissance in developed economies, with continued growth in EMs creating room for additional supply volumes post 2025E. As the largest and lowest-cost producer, KAP is well-positioned to capitalise on this trend, in our view. The main question in the near term is to what extent the company can convert the recent spot market rally into higher long-term prices in the future.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.