NORNICKEL: Non-Deal Roadshow Takeaways – Reiterate BUY

We hosted a series of meetings in Europe with Nornickel represented by IRO Mikhail Borovikov. Thanks to its unique metals basket, the company is well-positioned for China’s environmental tightening, while the mounting number of electric cars could increase high-grade Ni demand by 30-40% in five-to-seven years. To capture the potential demand increase, Nornickel is considering production growth at the Polar Division, including a stage-3 Talnakh upgrade, and brownfield mining expansion at the Sout...