WOOD Flash – Kazatomprom: Takeaways from the call with the new CEO
This morning (12 November), Kazatomprom hosted a video conference with its new CEO, Mazhit Sharipov, as well as the new COO, Aslan Bulekbay, the current CFO, Kamila Syzdykova and the Chief Commercial Officer, Askar Batyrbaev. The company reiterated its continued focus on balancing the market over the long-term, with commitment to keep production 20% lower than planned for a period until 2023E. We found the comments around continued inflation and supply disruptions quite interesting. We were encouraged to hear of increasing interest from utilities to sign long-term contracts with the company, which seems to be the first major change in market dynamics since the Fukushima disaster. Given Kazatomprom’s leading position in the global uranium industry, low costs, net cash balance sheet and focus on shareholder distributions, we see it as one of the best investment opportunities under our coverage.
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