WOOD Flash – Polyus: 3Q19 financial results review – EBITDA up 17% to record high, capex lowered for 2019E
Polyus reported its 3Q19 financial results this morning (5 November). The EBITDA was just 2% ahead of the consensus and the FCF was close to our forecast. We expected no surprises, given the already reported net debt figure. While higher gold prices and sales volumes drove the 17% qoq increase in the EBITDA to a record high, unit cash costs also rose 17% qoq, partly offsetting these gains. This increase in costs was highlighted during the 3Q19 trading update call, causing us to adjust our estimates before the results, but we see this as negative relative to our previous assumptions. Given this guidance, the results themselves should be seen as 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.
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