reports
- Alisa Zakirova
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Dmitry Troshin
- Ekaterina Sidorova
- Georgiy Ivanin
- Igor Rapokhin
- Konstantin Samarin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
- Sergey Kolesnikov
- FRM
Debt Markets Today - March 2, 2022. Supply Shock Affecting Prices, Oil...
CIS EUROBOND MARKETRussian sovereign Eurobond quotes continued to fall yesterday, sliding another 12-30 pp to 27-35% of par. The market is still illiquid due to the significant uncertainty related to sanctions. Meanwhile, Ukrainian sovereign Eurobond quotes are in the 32-35% price range.GOVERNMENT DEBTAs was the case on Monday, there was no trading in local government bonds yesterday. Meanwhile, Euroclear and Clearstream announced that their accounts with the National Settlement Depository of Ru...
- Alisa Zakirova
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Dmitry Troshin
- Ekaterina Sidorova
- Georgiy Ivanin
- Igor Rapokhin
- Konstantin Samarin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
- Sergey Kolesnikov
- FRM
Долговые рынки сегодня - 2 марта 2022. Финансовые результаты Полюса и ...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГВчера котировки российских суверенных еврооблигаций продолжали снижаться, отступив еще на 12-30 п. п. до 27-35% от номинальной стои-мости. На рынке по-прежнему очень низкая ликвидность из-за высокого уровня неопределенности вокруг санкций. В то же время цены суверенных еврооблигаций Украины держались в пределах 32-35% от номинальной стоимости. ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИВчера торги рублевыми гособлигациями не проводились, как и в понедельник. В то же время Eurocle...
- Boris Krasnozhenov
Polyus: 4Q21 IFRS results: slightly ahead of estimates – NEUTRAL-TO-PO...
Polyus (PLZL.LI; O/W; $115.6/GDR) released its 4Q21 IFRS financials today, posting a slight beat to the market expectations. Total revenue decreased by 8% q/q to $1,293mn due to lower gold sales volumes (8% q/q). Adj. EBITDA slipped 9% q/q to $894mn, translating into a 69% EBITDA margin, which stood 3% ahead of the Interfax consensus. The drop was partially offset by lower 4Q21 TCC, down 4% q/q to $412/Oz, supported by a lower portion of alluivals production in the output mix coupled with hig...
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
Долговые рынки сегодня - 9 февраля 2022. Операционные результаты Полюс...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГОтток средств нерезидентов из российских суверенных еврооблигаций вчера продолжился и в наибольшей степени затронул выпуски Россия-35 и Россия-47, которые потеряли в цене соответственно 0,4 п. п. и 0,8 п. п. Среднесрочные бумаги при этом снова получили поддержку от локальных инвесторов, и выпуск Россия-27 смог подорожать на 0,3 п. п., показав лучший результат в сегменте. ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИДоходности ОФЗ вчера повысились на 2-4 б. п. в длинном сегменте кри...
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
Debt Markets Today - February 9, 2022. Polyus 4Q21/2021 Operating Resu...
CIS EUROBOND MARKETIn the Russian sovereign space, the outflows among internationals continued yesterday, with the Russia 35 (-0.4 pp) and Russia 47 (-0.8 pp) getting hit the hardest. In the medium-term segment, local accounts continued to provide support, and the Russia 27 managed to add 0.3 pp, the best result yesterday. GOVERNMENT DEBTOFZs closed yesterday 2-4 bps wider at the long end of the curve amid the rather unexpected decision of the Finance Ministry to offer the 14y nominal issue at i...
- Boris Krasnozhenov
- Radmir Fattakhov
Polyus: 4Q21 operating results – Neutral-to-positive
Polyus (PLZL.LI; O/W; $115.6/GDR) issued its 4Q21 trading update today. Total gold production dropped 11% q/q to 684 koz driven by a seasonal output slowdown Alluvials and Kuranakh and scheduled maintenance at Verninskoye. As a result, gold sales decreased by 8% q/q to $1,274mn on the back of lower sales volumes (8% q/q) and a flattish q/q gold price performance. Despite somewhat weak quarterly operating dynamics, the company produced 2,717 koz for the year that exceeds management guidance of...
POLYUS PJSC is slightly downgraded to Slightly Positive due to an incr...
The independent financial analyst theScreener just slightly lowered the general evaluation of POLYUS PJSC (RU), active in the Gold Mining industry. As regards its fundamental valuation, the title confirms its rating of 2 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the analysis date Fe...
- Alisa Zakirova
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
Долговые рынки сегодня - 24 ноября 2021. Результаты Полюса за 3К21 по ...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГДинамика рынка еврооблигаций вчера была практически такой же, как в понедельник. Торговая активность оставалась невысокой: на фоне значительной неопределенности покупки заметно сократились. Российские суверенные еврооблигации подешевели на 0,3-1,2 п. п. Корпоративный сегмент закрылся снижением цен на 0,3-0,75 п. п. ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИВо вторник инвесторы снова активно продавали ОФЗ. Попытки рынка восстановиться были нивелированы предложением нерезидентов н...
- Alisa Zakirova
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
Debt Markets Today - November 24, 2021. Polyus 3Q21 Results
CIS EUROBOND MARKETThe performance of Russian Eurobonds yesterday was quite similar to their performance on Monday. Trading was subdued, but with uncertainty still elevated there were considerably fewer buyers in the market. Russian sovereigns closed with losses of 0.3-1.2 pp, while the corporate segment posted losses of 0.30-0.75 pp.GOVERNMENT DEBTThe selloff in the OFZ market continued yesterday. The market made several attempts to recover, but they were all reversed by a pickup in offers amon...
- Boris Krasnozhenov
- Radmir Fattakhov
Polyus: 3Q21 IFRS results slightly ahead of estimates – POSITIVE
Polyus (PLZL.LI; O/W; $115.6/GDR) released its 3Q21 IFRS financials today, posting a slight beat to market expectations. Total revenue increased 12% q/q to $1,400mn on strong gold sales volumes (up 14% q/q). Adj. EBITDA rose 10% q/q to $986mn, translating into a 70% EBITDA margin, which stood 2% ahead of the IFX consensus. The growth was partially offset by higher 3Q21 TCC, which edged 9% q/q higher to $427/oz on a higher portion of alluivals production in the output mix, coupled with substan...
- Boris Krasnozhenov
- Radmir Fattakhov
Polyus: 3Q21 operating results – NEUTRAL-TO-POSITIVE
Polyus (PLZL.LI; O/W; $115.6/GDR) issued a 3Q21 trading update today. Total gold production increased by 15% q/q to 770 koz driven by a higher performance across all core assets. Blagodatnoye demonstrated an 8% q/q output decrease, reflecting planned maintenance works. Total gold production remained flat on a y/y basis.
- Sergey Donskoy
Metals and Mining - Placing the Sector Under Review
Due to the transition of coverage to a new analyst team, we are putting all of the stocks under our coverage in the metals and mining sector UNDER REVIEW until further notice. Accordingly, we are withdrawing our target prices and recommendations for these stocks.
00486 UNITED COMPANY RUSAL INTERNATIONAL PJSC
NLMK NOVOLIPETSK STEEL
CHMF SEVERSTAL PAO
POLY POLYMETAL INTERNATIONAL PLC
MAGN POLYUS PJSC
GMKN MAGNITOGORSK IRON & STEEL WORKS PJSC
ALRS MMC NORILSK NICKEL PJSC
N7MG ALROSA PJSC
SVST NLMK (GDR)
MMK SEVERSTAL (GDR)
PLZL MAGNITOGORSK IRON & STEEL WORKS (GDR)
POLYUS (GDR)
RUALR MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
UNITED COMPANY RUSAL
- Alisa Zakirova
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
- Sergey Kolesnikov
- FRM
Debt Markets Today - September 30, 2021. Russian Weekly Inflation, Pot...
CIS EUROBOND MARKETFor most of the session yesterday, US Treasury yields were on the decline, which allowed Russian sovereign Eurobonds to stage a slight recovery, with quotes rising by 0.2-0.6 pp on the day.GOVERNMENT DEBTOFZ yields came down 2-4 bps yesterday amid a decent bid from nonresidents. Among the supportive factors in play were a stabilization in the US Treasury market and the Finance Ministry's decision to cancel this week's OFZ auction. Still, trading volumes were weak at just R14 b...
- Alisa Zakirova
- Ekaterina Sidorova
- Igor Rapokhin
- Research Team
Долговые рынки сегодня - 25 августа 2021. Полюс: нейтральная отчетност...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГЦены российских еврооблигаций вчера немного выросли в долгосрочном сегменте (на 0,2 п. п. у выпусков с погашениями в 2043 и 2047 годах). В корпоративном сегменте сильнее всего подорожали выпуски Газпрома (на 0,2 п. п.), а наиболее заметно подешевел РУСАЛ-22 (на 0,2 п. п.), прочие бумаги изменились в цене незначительно.ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИТорговая активность в ОФЗ вчера оставалась крайне низкой: оборот на МосБирже был почти втрое меньше, чем в среднем за пос...
- Alisa Zakirova
- Ekaterina Sidorova
- Igor Rapokhin
- Research Team
Debt Markets Today - August 25, 2021. Polyus Releases 2Q21 Financials
CIS EUROBOND MARKETRussian sovereign Eurobonds demonstrated moderate gains at the long end of the curve yesterday (the issues maturing in 2043 and 2047 added 0.2 pp). In the Russian corporate segment the largest gains came in Gazprom paper (up 0.2 pp), while the underperformer on the day was the Rusal 22 (down 0.2 pp). Other issues saw insignificant changes. GOVERNMENT DEBTTrading in OFZs remained extremely thin yesterday, with volumes only slightly above a third of the average over the last mon...
- Boris Krasnozhenov
- Radmir Fattakhov
Polyus: 2Q21 IFRS results: slightly ahead of our estimates – POSITIVE
Polyus (PLZL.LI; O/W; $115.6/GDR) issued its 2Q21 IFRS financials today. The numbers came in broadly in line with our estimates and the street. We view the results as positive for the stock, highlighting stringent cost management (1H21 TCC lower than initial 2021 guidance). In the meantime, gold prices are jumping back above $1,800/oz level as the market doesn't expect swift tapering of the bond-buying program ahead of the Jackson Hole symposium, set to take place on Thursday.
- Boris Krasnozhenov
- Radmir Fattakhov
Polyus: 2Q21 IFRS financials preview – Expect a solid set of results
Polyus (PLZL LI; O/W; TP $115.6/GDR) is scheduled to report 2Q21 IFRS financials on Tuesday, 24 August. We expect a solid set of results on the back of the reported 1% y/y increase in estimated gold sales and 5% y/y gold selling price growth. We forecast 2Q21 top line at $1,240 mn. Our adj. EBITDA amounts to t $874 mn (2% y/y, 18% q/q) on higher sales volumes, favorable price environment and continuing ruble depreciation securing support to cash costs. Assuming $230 mn capex, we forecast 2Q21...
- Alisa Zakirova
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
Debt Markets Today - August 13, 2021. Polyus Releases 2Q21 Operating U...
CIS EUROBOND MARKETAgainst the backdrop of stabilizing benchmark dollar rates, quotes on CIS sovereign Eurobonds moved only slightly, while trading volumes were minimal. In the Russian corporate segment, bids continued to predominate in Alrosa issues, though price changes were not pronounced. Meanwhile, both foreign and local investors were active in the middle part of the Gazprom curve and flows were balanced. At the long end, however, selling by local market participants led to a 0.2 pp drop i...
- Alisa Zakirova
- Ekaterina Sidorova
- Igor Rapokhin
- Olga Sterina
- Research Team
Долговые рынки сегодня - 13 августа 2021. Операционные результаты Полю...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГЦены суверенных еврооблигаций региона СНГ существенно не изменились, поскольку стабилизировались базовые долларовые ставки. Обороты были минимальными. В российском корпоративном сегменте сохранился спрос на выпуски АЛРОСА, однако цены также мало изменились. В нефтегазовом секторе в средней части кривой Газпрома потоки были сбалансированы между иностранными и локальными инвесторами. В длинном сегменте продажи со стороны локальных участников рынка привели к падению це...
- Boris Krasnozhenov
- Radmir Fattakhov
Polyus: 2Q21 operating results – Neutral-to-positive
Polyus (PLZL.LI; O/W; $115.6/GDR) issued its 2Q21 trading update today. Total gold production increased by 13% q/q to 672 koz driven by seasonal production resumption at alluvials and a higher performance across all deposits. The 3% y/y decrease in gold production came on the back of lower gold concentrate volumes. Management guided for a more than 70% decline in the overall concentrate production on annual basis earlier this year. Among other highlights, management reiterated its FY21e total...
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