MISX:PLZL

Stock Analysis Report

Executive Summary

Public Joint Stock Company Polyus, together with its subsidiaries, engages in the extraction, refining, and sale of gold.


Snowflake Analysis

Solid track record average dividend payer.


Similar Companies

Share Price & News

How has Polyus's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PLZL has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

6.6%

PLZL

1.2%

RU Metals and Mining

-2.4%

RU Market


1 Year Return

58.6%

PLZL

15.4%

RU Metals and Mining

15.3%

RU Market

Return vs Industry: PLZL exceeded the Russian Metals and Mining industry which returned 15.4% over the past year.

Return vs Market: PLZL exceeded the Russian Market which returned 15.3% over the past year.


Shareholder returns

PLZLIndustryMarket
7 Day6.6%1.2%-2.4%
30 Day10.0%1.3%-1.6%
90 Day26.4%16.6%3.1%
1 Year66.8%58.6%25.5%15.4%23.0%15.3%
3 Year131.8%93.5%61.0%25.5%65.8%39.7%
5 Year812.8%662.0%233.5%138.8%129.9%79.3%

Price Volatility Vs. Market

How volatile is Polyus's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Polyus undervalued compared to its fair value and its price relative to the market?

9.26x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: PLZL (RUB8644.5) is trading above our estimate of fair value (RUB3590.67)

Significantly Below Fair Value: PLZL is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: PLZL is poor value based on its PE Ratio (9.3x) compared to the Metals and Mining industry average (7.1x).

PE vs Market: PLZL is poor value based on its PE Ratio (9.3x) compared to the Russian market (9x).


Price to Earnings Growth Ratio

PEG Ratio: PLZL's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: PLZL is overvalued based on its PB Ratio (10.3x) compared to the RU Metals and Mining industry average (0.6x).


Next Steps

Future Growth

How is Polyus forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

-5.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PLZL's earnings are forecast to decline over the next 3 years (-5.3% per year).

Earnings vs Market: PLZL's earnings are forecast to decline over the next 3 years (-5.3% per year).

High Growth Earnings: PLZL's earnings are forecast to decline over the next 3 years.

Revenue vs Market: PLZL's revenue (1.7% per year) is forecast to grow slower than the Russian market (3.9% per year).

High Growth Revenue: PLZL's revenue (1.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PLZL's Return on Equity is forecast to be very high in 3 years time (42.8%).


Next Steps

Past Performance

How has Polyus performed over the past 5 years?

21.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PLZL has high quality earnings.

Growing Profit Margin: PLZL's current net profit margins (48.2%) are higher than last year (15.3%).


Past Earnings Growth Analysis

Earnings Trend: PLZL has become profitable over the past 5 years, growing earnings by 21.7% per year.

Accelerating Growth: PLZL's earnings growth over the past year (340%) exceeds its 5-year average (21.7% per year).

Earnings vs Industry: PLZL earnings growth over the past year (340%) exceeded the Metals and Mining industry 21.1%.


Return on Equity

High ROE: Whilst PLZL's Return on Equity (105.51%) is outstanding, this metric is skewed due to their high level of debt.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Polyus's financial position?


Financial Position Analysis

Short Term Liabilities: PLZL's short term assets (RUB174.9B) exceed its short term liabilities (RUB77.5B).

Long Term Liabilities: PLZL's short term assets (RUB174.9B) do not cover its long term liabilities (RUB319.5B).


Debt to Equity History and Analysis

Debt Level: PLZL's debt to equity ratio (265.1%) is considered high.

Reducing Debt: PLZL's debt to equity ratio has increased from 122.9% to 265.1% over the past 5 years.

Debt Coverage: PLZL's debt is well covered by operating cash flow (44.5%).

Interest Coverage: PLZL's interest payments on its debt are well covered by EBIT (48.7x coverage).


Balance Sheet

Inventory Level: PLZL has a high level of physical assets or inventory.

Debt Coverage by Assets: PLZL's debt is not covered by short term assets (assets are 0.6x debt).


Next Steps

Dividend

What is Polyus's current dividend yield, its reliability and sustainability?

3.55%

Current Dividend Yield


Dividend Yield vs Market

company3.5%marketbottom25%3.1%markettop25%7.6%industryaverage7.1%forecastin3Years4.5%

Current dividend yield vs market & industry

Notable Dividend: PLZL's dividend (3.55%) is higher than the bottom 25% of dividend payers in the Russian market (3.11%).

High Dividend: PLZL's dividend (3.55%) is low compared to the top 25% of dividend payers in the Russian market (7.58%).


Stability and Growth of Payments

Stable Dividend: PLZL's dividend payments have been volatile in the past 10 years.

Growing Dividend: PLZL's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (32.8%), PLZL's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: PLZL's dividends in 3 years are forecast to be well covered by earnings (48% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.3yrs

Average management tenure


CEO

Pavel Grachev (46yo)

5.3yrs

Tenure

0

Mr. Pavel Sergeevich Grachev has been General Director of Public Joint Stock Company Polyus Gold since September 30, 2014 and serves as its Chief Executive Officer since October 02, 2014. Mr. Grachev serve ...


Leadership Team

NamePositionTenureCompensationOwnership
Pavel Grachev
CEO, President & Director5.3yrsno data0.19% RUB2.2b
Mikhail Stiskin
Senior VP of Finance & Strategy and Director3.8yrsno data0.11% RUB1.3b
Vladimir Anatolyevich Polin
Senior VP of Operations & Director3.8yrsno data0.16% RUB1.9b
Andrey Krylov
Vice President of Operations & Technical Development5.3yrsno data0.012% RUB134.5m
Victor Drozdov
Director of Communication & Investor Relations0yrsno datano data
Victoria Vasilyeva
Director of Public Relations0yrsno datano data
Tamara Solntseva
Vice President of Human Resources & Organizational Development2.8yrsno datano data
Daria Grigorieva
Head of Sustainable Development0yrsno datano data
Pavel Vorsin
Managing Director of JSC Polyus Magadan2.1yrsno datano data
Anna Solotova
Corporate Secretary3.8yrsno datano data

5.3yrs

Average Tenure

44yo

Average Age

Experienced Management: PLZL's management team is seasoned and experienced (5.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Pavel Grachev
CEO, President & Director5.3yrsno data0.19% RUB2.2b
Mikhail Stiskin
Senior VP of Finance & Strategy and Director3.8yrsno data0.11% RUB1.3b
Vladimir Anatolyevich Polin
Senior VP of Operations & Director3.8yrsno data0.16% RUB1.9b
Edward Dowling
Independent Chairman of the Board3.8yrsno datano data
Maria Gordon
Independent Director2.2yrsno datano data
William Champion
Independent Director3.8yrsno datano data
Sergei Nossoff
Director2.2yrsno datano data
Clifford Potter
Independent Director3.8yrsno datano data
Said Kerimov
Director3.8yrsno datano data
Daniil Chirva
Member of Internal Audit Commission3.8yrsno datano data

3.8yrs

Average Tenure

45.5yo

Average Age

Experienced Board: PLZL's board of directors are considered experienced (3.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: PLZL insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Public Joint Stock Company Polyus's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Public Joint Stock Company Polyus
  • Ticker: PLZL
  • Exchange: MISX
  • Founded: 2006
  • Industry: Gold
  • Sector: Materials
  • Market Cap: ₽1.151t
  • Shares outstanding: 133.20m
  • Website: https://www.polyus.com

Location

  • Public Joint Stock Company Polyus
  • 3 bldg 1, Krasina St.
  • Moscow
  • 123056
  • Russia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PLZLMISX (Micex - Rts)YesCommon SharesRURUBMay 2006
OPYG.YOTCPK (Pink Sheets LLC)SPON ADR EACH REPR 0.5 ORDUSUSDJul 2006
PLZBLSE (London Stock Exchange)SPON ADR EACH REPR 0.5 ORDGBUSDJul 2006
PLZLLSE (London Stock Exchange)GDR (EACH REPR 0.5 SHS) (REG S)GBUSDJun 2017
P6J1DB (Deutsche Boerse AG)GDR (EACH REPR 0.5 SHS) (REG S)DEEURJun 2017
PLZALSE (London Stock Exchange)SPONSORD ADRGBUSDAug 2017

Biography

Public Joint Stock Company Polyus, together with its subsidiaries, engages in the extraction, refining, and sale of gold. The company has primary operations in Krasnoyarsk, Irkutsk, and Magadan regions, as well as the Sakha Republic in Russia. It also engages in the research and exploration works. The company was founded in 2006 and is based in Moscow, Russia. Public Joint Stock Company Polyus is a subsidiary of Polyus Gold International Limited. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/26 22:12
End of Day Share Price2020/02/26 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.