WOOD Flash – Polyus: 1H19 results – strong cost performance at Natalka and a 2.3% interim dividend
Polyus announced its 1H19 financial results this morning (6 August), following the recent trading update, which had already disclosed Polyus’ sales volumes, gold revenues and net debt. EBITDA (+24% qoq) was 1% ahead of our forecast, due to cash costs being 3% below our expectations, due to the strong cost performance at Natalka. FCF was down only 3% qoq and above our numbers, as capex continued to trend below the run-rate required to meet the guidance and despite a USD 105m working capital build up. In addition, the company announced that the board intends to recommend a USD 1.23/GDR dividend, in line with the 30% of EBITDA policy for 1H19E, a 2.3% yield, which was in line with our expectations. We believe the results should be seen as a small positive 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.