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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 1,638.00p
Change Today:
-32.00p
Market Cap:
7,757m
Sector:
Mining

Berenberg lowers target price on Polymetal

By Iain Gilbert

Date: Monday 01 Feb 2021

LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg lowered their target price on precious metals miner Polymetal from 2,580.0p to 2,310.0p on Monday, citing cost headwinds in 2021.
Berenberg noted that Polymetal, which operates a portfolio of mines in Russia and Kazakhstan, recorded produced 1.55m ounces of gold equivalent in 2020 versus guidance of 1.5m, driven by good performances at its Kyzyl, Varvara and Albazino mines, and also highlighted that cash costs for 2020 were now guided to be below previous estimates, with tailwinds from weaker local currencies in Kazakhstan and Russia offsetting the impact of Covid-19 costs and higher royalties.

While Polymetal kept production guidance of 1.5m ounces in 2021 and 1.6m ounces in 2022 unchanged, costs were guided to be $700 to $750 per ounce, with a negative impact versus previous expectations due to the strengthening of the Russian rouble and Kazakh tenge, higher domestic inflation, fuel prices and Covid-19 costs.

"We have updated our forecasts to take account of the results and updated guidance including higher costs," said the German bank, which also reiterated its 'buy' rating on the stock.

Moving forward, Berenberg highlighted that the main upcoming catalysts for the stock should be the commissioning of its Nezda mine in November 2021 and a pressure oxidation plant in August 2023.

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POLY Market Data

Currency UK Pounds
Price 1,638.00p
Change Today -32.00p
52 Week High 2,050.00p
52 Week Low 1,389.50p
Volume 409,836
Shares Issued 473.58m
Market Cap 7,757m

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
11:49 33 @ 1,638.00p
11:49 142 @ 1,638.00p
11:49 793 @ 1,637.87p
11:48 611 @ 1,637.87p
11:48 115 @ 1,638.00p

POLY Key Personnel

Chair Ian Cockerill