WOOD Flash – Kazatomprom: neutral 2021 results
Kazatomprom’s full-year profit (adjusted for one-offs) increased by 10%, supported by the stronger uranium market. However, the gap between contract and spot prices slowed the revenue growth, while the higher share of production at the JVs and associates increased the purchase costs and reduced the margins. With higher working capital and capex spend, the company’s FCF declined by 47%, on our estimates. During the call, the company reiterated its commitment to market discipline and confirmed that none of its operations has been affected by Russia-related sanctions. We expect a further tightening of the uranium market as the world shifts to zero-carbon power, and we consider Kazatomprom to be one of the best companies to benefit from this trend. The company remains the cost leader and accounts for 24% of global uranium production.
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.