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Polymetal International PLC M (POLY)

Moscow
Currency in RUB
Disclaimer
307.50
-13.00(-4.06%)
Closed

POLY Price Commentary

Highlights from today's presentation from the CFO:Q4 will be FCF positive and that should be sustainableAt least $500m should come off the Net Debt following the sale of the stockpiled product, hopefully by the year end.Dividend may become payable again once the Net Debt / EBITDA Ratio drops below 2 and it is envisaged that this will be some time on 2023Reintroduction of dividend payments is a priority for the company as they see this as the best way to return value to shareholders after the share price collapse.
Of course the NSD issue needs to be sorted prior to any dividend. Half the NSD held shares will be sorted if the proposal to exchange them for newly registered wholly owned shares is accepted. The Company will then look at solutions to sort out the other half of NSD shares held. After listening to the presentation I get the feeling that the underlying mood is one of "We will survive and we are getting there" far more positive than even just 3 or 4 months ago.
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