WOOD Flash – Polyus: 4Q19 financial results – EBITDA and FCF at record highs
Polyus reported its 4Q19 financial results this morning (11 February). The EBITDA was just 1% ahead of the consensus and the FCF was 18% above our forecast, due to lower-than-expected tax. We expected no major surprises, given the already reported net debt figure. Higher gold prices, sales volumes and lower cash costs (-17% qoq) drove a 25% qoq increase in the EBITDA and a 30% increase in the FCF, record highs. The net income beat the consensus by 23%, due to USD 183m of gains on FX and derivatives, but these are one-off, non-tax items, which are unlikely to move the stock. In addition, the company announced a USD 3.5/share dividend for 2H19, 5% above our forecast and implying a 6.5% yield for the full year. The results should be slightly positive for the share price, in our view.
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.
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