WOOD Flash – KAZ Minerals: 2018E guidance confirmed, strong production of gold and silver
KAZ Minerals has released its 1Q18 trading update and confirmed its FY18E guidance for all metals. We believe these results are supportive of our BUY rating on KAZ Minerals. Its growth plans remain on track and we expect KAZ to deliver c.40% growth in copper output from 2017-22E. The growth is from low-risk, brownfield development, which should be fully funded from KAZ’s own FCF. With further deleveraging expected in the next few years and c.40% growth in copper output, we believe KAZ’s 2018/19E EV/EBITDA multiples of 5-6x are too cheap, given its proven track record in recent years.
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.
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