WOOD Flash – Norilsk Nickel: Investor Day – little change, neutral for the share price
There was nothing significantly market moving at the Norilsk Capital Markets Day (CMD) today (19 November), in our view. Production guidance from 2019E-onwards is modestly more than guided previously and the capex is also expected to be marginally higher, but the strategy appears to be broadly in line with previous presentations. Norilsk is waiting to make a final investment decision (FID) on the South Cluster and Talnakh concentrator developments next year, which would mean higher capex, if approved (an extra USD 0.35-0.45bn p.a. in 2020-22E). However, these projects could increase nickel and copper production by 15% by 2025E, and platinum and palladium by 25%. Norilsk wanted to highlight its progress on environmental sustainability and, as a result of this programme, it expects SO2 emissions to fall 75% by 2023E vs. the 2015 level. Management hopes this will make Norilsk more relevant to investors, given their increased focus on ESG in the current market. We believe this presentation should be broadly neutral for the share price.
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.