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Prices & Quotes - UK Markets - Polymetal International (POLY)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 1,635.50p
Change Today:
-34.50p
Market Cap:
7,745m
Sector:
Mining

Berenberg raises target price on Polymetal

By Iain Gilbert

Date: Thursday 27 Aug 2020

LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg raised their target price on precious metals miner Polymetal from 1,840p to 2,200p on Thursday after the group's first-half results came in line with expectations.
With earnings per share of $0.81 and a dividend of $0.40, Berenberg said higher production at the group's Kyzyl mine had offset guided declines at Svetloye and Voro and also highlighted that group cash costs were a beat at $638.0 an ounce as costs were positively affected by the weaker rouble and tenge.

Berenberg anticipates that Polymetal's interim dividend will remain at 50% of underlying net income, replacing its previous policy of paying a special dividend.

"We view this as a positive and it could result in a total payout of $1.37/share in 2021 when the policy is enacted, a yield of 5.5%," said the analysts, which added that this would increase to $1.96. per share at prices of $2,000 per ounce for gold and $26 an ounce for silver, assuming 75% of free-cash-flow is paid out.

However, the German bank did note that the currency effect was partially offset by domestic inflation, Covid-19 costs and higher mining taxes.

Berenberg, which transferred coverage to Jonathan Guy, stated Polymetal was its preferred larger-cap London-listed gold stock, pointing to the firm's "solid track record for operational delivery" and its peer-group-leading level of distribution.

"Covid-19 has had no material impact on the company's operations," stated Berenberg, which reiterated its 'buy' rating on the stock.

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POLY Market Data

Currency UK Pounds
Price 1,635.50p
Change Today -34.50p
52 Week High 2,050.00p
52 Week Low 1,389.50p
Volume 524,704
Shares Issued 473.58m
Market Cap 7,745m

Performance Indicators

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Operating Margin
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What The Brokers Say

Strong Buy 10
Buy 1
Neutral 4
Sell 1
Strong Sell 0
Total 16
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

POLY Dividends

  Latest Previous
  Final Interim
Ex-Div 06-May-21 03-Sep-20
Paid 28-May-21 25-Sep-20
Amount 89.00¢ 40.00¢

Trades for 14-Jun-2021

Time Volume / Share Price
13:51 85 @ 1,635.50p
13:51 15 @ 1,635.50p
13:51 175 @ 1,636.00p
13:51 101 @ 1,636.00p
13:51 237 @ 1,636.00p

POLY Key Personnel

Chair Ian Cockerill