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Polyus

MISX:PLZL
Snowflake Description

High growth potential with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PLZL
MISX
RUB662B
Market Cap
  1. Home
  2. RU
  3. Materials
Company description

Public Joint Stock Company Polyus, together with its subsidiaries, engages in the extraction, refining, and sale of gold. The last earnings update was 67 days ago. More info.


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PLZL Share Price and Events
7 Day Returns
1%
MISX:PLZL
1.5%
RU Metals and Mining
0.2%
RU Market
1 Year Returns
31.9%
MISX:PLZL
-1.2%
RU Metals and Mining
8%
RU Market
PLZL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Polyus (PLZL) 1% -6.4% -6.9% 31.9% 9.4% 864.1%
RU Metals and Mining 1.5% -1.1% -3.6% -1.2% 38.8% 210%
RU Market 0.2% 1.7% 3.1% 8% 30.8% 97.1%
1 Year Return vs Industry and Market
  • PLZL outperformed the Metals and Mining industry which returned -1.2% over the past year.
  • PLZL outperformed the Market in Russian Federation which returned 8% over the past year.
Price Volatility
PLZL
Industry
5yr Volatility vs Market

Value

 Is Polyus undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Polyus to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Polyus.

MISX:PLZL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 21.5%
Perpetual Growth Rate 10-Year RU Government Bond Rate 8.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for MISX:PLZL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year RU Govt Bond Rate 8.4%
Equity Risk Premium S&P Global 9.4%
Metals and Mining Unlevered Beta Simply Wall St/ S&P Global 1.13
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.132 (1 + (1- 20%) (48.08%))
1.381
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.38
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 8.44% + (1.381 * 9.43%)
21.46%

Discounted Cash Flow Calculation for MISX:PLZL using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Polyus is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

MISX:PLZL DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (RUB, Millions) Source Present Value
Discounted (@ 21.46%)
2019 69,146.72 Analyst x4 56,929.88
2020 82,959.84 Analyst x4 56,234.81
2021 96,350.93 Analyst x3 53,772.72
2022 108,871.02 Est @ 12.99% 50,025.00
2023 121,530.53 Est @ 11.63% 45,975.75
2024 134,499.77 Est @ 10.67% 41,892.25
2025 147,952.59 Est @ 10% 37,940.53
2026 162,057.62 Est @ 9.53% 34,215.19
2027 176,975.73 Est @ 9.21% 30,763.23
2028 192,860.72 Est @ 8.98% 27,601.38
Present value of next 10 years cash flows RUB435,350.75
MISX:PLZL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= RUB192,860.72 × (1 + 8.44%) ÷ (21.46% – 8.44%)
RUB1,606,351.95
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= RUB1,606,351.95 ÷ (1 + 21.46%)10
RUB229,894.01
MISX:PLZL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= RUB435,350.75 + RUB229,894.01
RUB665,244.76
Equity Value per Share
(RUB)
= Total value / Shares Outstanding
= RUB665,244.76 / 132.34
RUB5026.82
MISX:PLZL Discount to Share Price
Calculation Result
Value per share (RUB) From above. RUB5,026.82
Current discount Discount to share price of RUB5,000.00
= -1 x (RUB5,000.00 - RUB5,026.82) / RUB5,026.82
0.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Polyus is available for.
Intrinsic value
1%
Share price is RUB5000 vs Future cash flow value of RUB5026.82
Current Discount Checks
For Polyus to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Polyus's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Polyus's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Polyus's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Polyus's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
MISX:PLZL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in RUB RUB213.40
MISX:PLZL Share Price ** MISX (2019-04-19) in RUB RUB5000
Russian Federation Metals and Mining Industry PE Ratio Median Figure of 19 Publicly-Listed Metals and Mining Companies 4.54x
Russian Federation Market PE Ratio Median Figure of 129 Publicly-Listed Companies 7.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Polyus.

MISX:PLZL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= MISX:PLZL Share Price ÷ EPS (both in RUB)

= 5000 ÷ 213.40

23.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Polyus is overvalued based on earnings compared to the RU Metals and Mining industry average.
  • Polyus is overvalued based on earnings compared to the Russian Federation market.
Price based on expected Growth
Does Polyus's expected growth come at a high price?
Raw Data
MISX:PLZL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 23.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
30.7%per year
Europe Metals and Mining Industry PEG Ratio Median Figure of 61 Publicly-Listed Metals and Mining Companies 0.64x
Russian Federation Market PEG Ratio Median Figure of 33 Publicly-Listed Companies 0.51x

*Line of best fit is calculated by linear regression .

MISX:PLZL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 23.43x ÷ 30.7%

0.76x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Polyus is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Polyus's assets?
Raw Data
MISX:PLZL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in RUB RUB189.46
MISX:PLZL Share Price * MISX (2019-04-19) in RUB RUB5000
Russian Federation Metals and Mining Industry PB Ratio Median Figure of 20 Publicly-Listed Metals and Mining Companies 0.41x
Russian Federation Market PB Ratio Median Figure of 149 Publicly-Listed Companies 0.82x
MISX:PLZL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= MISX:PLZL Share Price ÷ Book Value per Share (both in RUB)

= 5000 ÷ 189.46

26.39x

* Primary Listing of Polyus.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Polyus is overvalued based on assets compared to the RU Metals and Mining industry average.
X
Value checks
We assess Polyus's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Metals and Mining industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Metals and Mining industry average (and greater than 0)? (1 check)
  5. Polyus has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Polyus expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
30.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Polyus expected to grow at an attractive rate?
  • Polyus's earnings growth is expected to exceed the low risk savings rate of 8.4%.
Growth vs Market Checks
  • Polyus's earnings growth is expected to exceed the Russian Federation market average.
  • Polyus's revenue growth is expected to exceed the Russian Federation market average.
Annual Growth Rates Comparison
Raw Data
MISX:PLZL Future Growth Rates Data Sources
Data Point Source Value (per year)
MISX:PLZL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 30.7%
MISX:PLZL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 7.1%
Russian Federation Metals and Mining Industry Earnings Growth Rate Market Cap Weighted Average -1.8%
Europe Metals and Mining Industry Revenue Growth Rate Market Cap Weighted Average 0.8%
Russian Federation Market Earnings Growth Rate Market Cap Weighted Average 3.8%
Russian Federation Market Revenue Growth Rate Market Cap Weighted Average 4.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
MISX:PLZL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in RUB Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
MISX:PLZL Future Estimates Data
Date (Data in RUB Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31 216,569 1
2021-12-31 246,020 125,876 99,876 7
2020-12-31 240,463 120,153 94,716 9
2019-12-31 234,330 118,387 96,622 9
MISX:PLZL Past Financials Data
Date (Data in RUB Millions) Revenue Cash Flow Net Income *
2018-12-31 184,692 93,360 28,222
2018-09-30 176,474 86,435 46,482
2018-06-30 165,496 81,862 58,520
2018-03-31 157,847 73,444 56,728
2017-12-31 158,683 75,405 72,180
2017-09-30 164,104 74,489 91,277
2017-06-30 163,366 76,405 94,164
2017-03-31 161,291 73,414 101,510
2016-12-31 163,273 78,597 93,671
2016-09-30 156,233 72,706 73,332
2016-06-30 150,813 71,496 61,089
2016-03-31 142,610 74,161 64,885

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Polyus's earnings are expected to grow significantly at over 20% yearly.
  • Polyus's revenue is expected to grow by 7.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
MISX:PLZL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Polyus Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MISX:PLZL Future Estimates Data
Date (Data in RUB Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 791.63 791.63 791.63 1.00
2020-12-31 798.17 798.17 798.17 1.00
2019-12-31
MISX:PLZL Past Financials Data
Date (Data in RUB Millions) EPS *
2018-12-31 213.40
2018-09-30 351.73
2018-06-30 443.77
2018-03-31 435.66
2017-12-31 561.18
2017-09-30 718.62
2017-06-30 743.22
2017-03-31 794.14
2016-12-31 665.44
2016-09-30 466.96
2016-06-30 354.73
2016-03-31 346.38

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Polyus is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess Polyus's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Russian Federation market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Polyus has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Polyus performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Polyus's growth in the last year to its industry (Metals and Mining).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Polyus has delivered over 20% year on year earnings growth in the past 5 years.
  • Polyus's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Polyus's 1-year earnings growth is negative, it can't be compared to the RU Metals and Mining industry average.
Earnings and Revenue History
Polyus's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Polyus Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MISX:PLZL Past Revenue, Cash Flow and Net Income Data
Date (Data in RUB Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 184,692.00 28,222.00 13,800.00
2018-09-30 176,474.00 46,482.00 13,040.00
2018-06-30 165,496.00 58,520.00 12,261.00
2018-03-31 157,847.00 56,728.00 12,169.00
2017-12-31 158,683.00 72,180.00 11,616.00
2017-09-30 164,104.00 91,277.00 10,420.00
2017-06-30 163,366.00 94,164.00 9,865.00
2017-03-31 161,291.00 101,510.00 9,028.00
2016-12-31 163,273.00 93,671.00 9,015.00
2016-09-30 156,233.00 73,332.00 8,537.00
2016-06-30 150,813.00 61,089.00 8,298.00
2016-03-31 142,609.50 64,884.50 8,260.00
2015-12-31 133,866.00 60,194.00 7,881.00
2015-09-30 116,012.00 29,368.50 7,095.50
2015-06-30 102,273.00 1,310.00 6,821.00
2015-03-31 91,353.00 -11,137.50 6,335.00
2014-12-31 80,433.00 -23,585.00 5,849.00
2014-09-30 77,703.00 541.50 5,908.00
2014-06-30 74,973.00 24,668.00 5,967.00
2014-03-31 74,549.50 14,340.00 6,013.50
2013-12-31 74,126.00 4,012.00 6,060.00
2012-12-31 83,327.00 27,089.00 5,096.00 65.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Polyus made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%), this is metric is skewed due to its high level of debt.
  • Polyus used its assets more efficiently than the RU Metals and Mining industry average last year based on Return on Assets.
  • Polyus has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Polyus's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Metals and Mining industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Polyus has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Polyus's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Polyus's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Polyus is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Polyus's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Polyus's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Polyus Company Filings, last reported 3 months ago.

MISX:PLZL Past Debt and Equity Data
Date (Data in RUB Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 31,132.00 318,161.00 62,350.00
2018-09-30 32,337.00 298,157.00 65,715.00
2018-06-30 39,908.00 286,149.00 57,101.00
2018-03-31 51,617.00 260,668.00 62,699.00
2017-12-31 37,781.00 268,659.00 69,332.00
2017-09-30 22,428.00 270,605.00 65,039.00
2017-06-30 12,109.00 294,024.00 87,243.00
2017-03-31 3,728.00 281,788.00 83,815.00
2016-12-31 -25,129.00 328,463.00 105,536.00
2016-09-30 -59,919.00 340,777.00 108,004.00
2016-06-30 -67,040.00 340,664.00 88,800.00
2016-03-31 149,206.00 196,653.00 133,024.00
2015-12-31 149,206.00 196,653.00 133,024.00
2015-09-30
2015-06-30 135,216.00 118,699.00 76,328.00
2015-03-31 135,216.00 118,699.00 76,328.00
2014-12-31 101,206.00 124,966.00 83,433.00
2014-09-30 101,206.00 124,966.00 83,433.00
2014-06-30 143,647.00 53,472.00 39,553.00
2014-03-31 143,647.00 53,472.00 39,553.00
2013-12-31 130,519.00 37,430.00 27,477.00
2012-12-31 135,976.00 4,540.00 29,419.00
  • Polyus's level of debt (1022%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (28.8% vs 1022% today).
  • Debt is well covered by operating cash flow (29.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 10.2x coverage).
X
Financial health checks
We assess Polyus's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Polyus has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.56%
Current annual income from Polyus dividends. Estimated to be 6.73% next year.
If you bought RUB2,000 of Polyus shares you are expected to receive RUB111 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Polyus's pays a higher dividend yield than the bottom 25% of dividend payers in Russian Federation (3.25%).
  • Polyus's dividend is below the markets top 25% of dividend payers in Russian Federation (9.15%).
Upcoming dividend payment

Purchase Polyus before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
MISX:PLZL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
Europe Metals and Mining Industry Average Dividend Yield Market Cap Weighted Average of 65 Stocks 5.7%
Russian Federation Market Average Dividend Yield Market Cap Weighted Average of 75 Stocks 6.8%
Russian Federation Minimum Threshold Dividend Yield 10th Percentile 1.8%
Russian Federation Bottom 25% Dividend Yield 25th Percentile 3.2%
Russian Federation Top 25% Dividend Yield 75th Percentile 9.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

MISX:PLZL Future Dividends Estimate Data
Date (Data in RUB) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 331.42 1.00
2021-12-31 344.48 3.00
2020-12-31 348.38 3.00
2019-12-31 317.75 3.00
MISX:PLZL Past Annualized Dividends Data
Date (Data in RUB) Dividend per share (annual) Avg. Yield (%)
2018-08-24 278.230 5.807
2018-06-01 294.240 7.126
2017-11-09 208.600 4.794
2017-10-16 208.600 4.394
2017-08-14 208.600 4.620
2017-02-21 152.000 3.554
2014-08-27 0.000 0.000
2014-04-21 0.000 0.000
2013-04-29 62.950 7.869
2011-04-26 18.541 1.629
2010-04-29 17.790 1.234
2010-01-22 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Polyus has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Polyus only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Polyus's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2x coverage).
X
Income/ dividend checks
We assess Polyus's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Polyus afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Polyus has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Polyus's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Grachev Sergeevich
AGE 45
TENURE AS CEO 4.5 years
CEO Bio

Mr. Grachev Pavel Sergeevich 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. Sergeevich serves as General Director of JSC Far East and the Baikal Region Development Fund. He has been the Chief Executive Officer of PJSC Polyus Gold since October 2, 2014. He served as the Chief Executive Officer of Polyus Gold International Limited from November 17, 2014 to March 3, 2016. He served as an Interim Chief Executive Officer of Polyus Gold International Limited from November 27, 2013 to July 4, 2014. Mr. Sergeevich has been Director of Public Joint Stock Company Federal Grid Company of Unified Energy System since 2015. He served as the Chief Executive Officer and President of Public Joint Stock Company Uralkali from August 2010 to February 21, 2011 and also served as its Chairman of the Management Board and Member of the Management Board. He served as a Member of Management Board at Nafta Moskva Public Joint Stock Company. He served as Member of the Executive Board and Managing Director at Nafta Moskva, Private Equity. He served as the Chairman and Director of PJSC PIK Group (Alternative Name: PIK Group Open Joint-Stock Company) from June 2010 to September 2011. He has been a Director at Open Joint Stock Company Federal Grid Company of Unified Energy System since June 27, 2013, Public Joint-Stock Company Federal Hydro-Generating Company - RusHydro since June 27, 2016 and Public Joint Stock Company Polyus Gold since April 5, 2016. He serves as a Director of Polyus Gold International Limited. He served as an Executive Director of Polyus Gold International Limited from November 27, 2013 to July 4, 2014. He served as a Non-Executive Director of Polyus Gold International Limited since November 13, 2013. He served as a Director of Public Joint Stock Company Uralkali until November 2013 and previously from September 17, 2010 to 2012. Mr. Sergeevich served as a Director of Public Joint Stock Company Federal Grid Company of Unified Energy System from June 27, 2013 to June 27, 2014. He served as a Director of PIK Group Open Joint-Stock Company from June 2009 to September 2011. He served as a Director of Polyus Gold International Limited from May 15, 2009 to March 03, 2016. In 1998, Mr. Sergeevich graduated from the Italian University of Trieste and Saint Petersburg State University with a Degree in Law.

CEO Compensation
  • Insufficient data for Grachev to compare compensation growth.
  • Insufficient data for Grachev to establish whether their remuneration is reasonable compared to companies of similar size in .
Management Team Tenure

Average tenure and age of the Polyus management team in years:

4.5
Average Tenure
43
Average Age
  • The tenure for the Polyus management team is about average.
Management Team

Grachev Sergeevich

TITLE
CEO, President & Director
AGE
45
TENURE
4.5 yrs

Mikhail Stiskin

TITLE
Senior VP of Finance & Strategy and Director
AGE
35
TENURE
5.3 yrs

Vladimir Anatolyevich Polin

TITLE
Senior VP of Operations & Director
AGE
56
TENURE
14.3 yrs

Andrey Krylov

TITLE
Vice President of Operations & Technical Development
AGE
43
TENURE
4.5 yrs

Victor Drozdov

TITLE
Director of Investor Relations

Victoria Vasilyeva

TITLE
Director of Public Relations

Tamara Solntseva

TITLE
Vice President of Human Resources & Organizational Development
AGE
33
TENURE
1.9 yrs

Daria Grigorieva

TITLE
Head of Sustainable Development

Pavel Vorsin

TITLE
Managing Director of JSC Polyus Magadan
TENURE
1 yrs

Anna Solotova

TITLE
Corporate Secretary
TENURE
3 yrs
Board of Directors Tenure

Average tenure and age of the Polyus board of directors in years:

3
Average Tenure
45
Average Age
  • The tenure for the Polyus board of directors is about average.
Board of Directors

Ed Dowling

TITLE
Chairman of the Board
AGE
63
TENURE
3 yrs

Grachev Sergeevich

TITLE
CEO, President & Director
AGE
45
TENURE
3.9 yrs

Mikhail Stiskin

TITLE
Senior VP of Finance & Strategy and Director
AGE
35
TENURE
3 yrs

Vladimir Anatolyevich Polin

TITLE
Senior VP of Operations & Director
AGE
56
TENURE
3 yrs

Clifford Potter

TITLE
Independent Director
AGE
72
TENURE
3 yrs

Bill Champion

TITLE
Independent Director
AGE
66
TENURE
3 yrs

Maria Gordon

TITLE
Independent Director
AGE
44
TENURE
1.3 yrs

Said Kerimov

TITLE
Director
AGE
23
TENURE
3 yrs

Sergei Nossoff

TITLE
Director
AGE
45
TENURE
1.3 yrs

Daniil Chirva

TITLE
Member of Internal Audit Commission
AGE
35
TENURE
3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (RUB) Value (RUB)
X
Management checks
We assess Polyus's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Polyus has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

How Did Public Joint Stock Company Polyus's (MCX:PLZL) 110.08% ROE Fare Against The Industry?

and want to learn about Return on Equity using a real-life example. … With more debt, PLZL can invest even more and earn more money, thus pushing up its returns. … However, ROE only measures returns against equity, not debt.

Simply Wall St -

Public Joint Stock Company Polyus (MCX:PLZL): Is It A Smart Long Term Opportunity?

Looking at Public Joint Stock Company Polyus's (MCX:PLZL) earnings update in March 2018,. … with earnings growth rate expected to be 38.02% in the upcoming year, relative to the past five-year average earnings growth of 35.91% per year … Below is a brief commentary on the longer term outlook the market has for Polyus.

Simply Wall St -

Is There An Opportunity With Public Joint Stock Company Polyus's (MISX:PLZL) 45.41% Undervaluation?

by taking the foreast future cash flows of the company and discounting them back to today's value. … Discounted Cash Flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model

Simply Wall St -

Is Public Joint Stock Company Polyus's (MCX:PLZL) Balance Sheet A Threat To Its Future?

This article will examine PLZL’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth. … On top of this, PLZL has produced cash from operations of RUРУБ75.41B during the same period of time, resulting in an operating cash to total debt ratio of 28.07%, signalling that PLZL’s current level of operating cash is high enough to cover debt. … Next Steps: PLZL’s high cash coverage means that, although its debt levels are high, the company is able to utilise its borrowings efficiently in order to generate cash flow.

Simply Wall St -

Is Public Joint Stock Company Polyus's (MCX:PLZL) PE Ratio A Signal To Sell For Investors?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for PLZL Price per share = RUB3737 Earnings per share = RUB561.179 ∴ Price-Earnings Ratio = RUB3737 ÷ RUB561.179 = 6.7x The P/E ratio isn’t a metric you view in isolation and only becomes useful when you compare it against other similar companies. … PLZL’s P/E of 6.7x is higher than its industry peers (5.5x), which implies that each dollar of PLZL’s earnings is being overvalued by investors. … For example, if you are inadvertently comparing riskier firms with PLZL, then PLZL’s P/E would naturally be higher than its peers since investors would reward its lower risk with a higher price.

Simply Wall St -

Public Joint Stock Company Polyus (MCX:PLZL): Does The -22.94% Earnings Drop Reflect A Longer Term Trend?

View our latest analysis for Polyus Was PLZL weak performance lately part of a long-term decline? … I look at data from the most recent 12 months, which either annualizes the most recent 6-month earnings update, or in some cases, the most recent annual report is already the latest available financial data. … For Polyus, its most recent trailing-twelve-month earnings is RUРУБ72.18B, which, relative to the previous year's level, has dropped by -22.94%.

Simply Wall St -

Should You Expect Public Joint Stock Company Polyus (MCX:PLZL) To Continue Delivering An ROE Of 191.08%?

Check out our latest analysis for Polyus Breaking down Return on Equity Return on Equity (ROE) is a measure of Polyus’s profit relative to its shareholders’ equity. … Return on Equity = Net Profit ÷ Shareholders Equity ROE is measured against cost of equity in order to determine the efficiency of Polyus’s equity capital deployed. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity MISX:PLZL Last Perf Apr 23rd 18 The first component is profit margin, which measures how much of sales is retained after the company pays for all its expenses.

Simply Wall St -

An Intrinsic Calculation For Public Joint Stock Company Polyus (MCX:PLZL) Shows It's 44% Undervalued

I then discount the sum of these cash flows to arrive at a present value estimate. … 5-year cash flow estimate 2018 2019 2020 2021 2022 Levered FCF (RUB, Millions) RUB39,537.50 RUB79,823.44 RUB87,510.49 RUB93,084.21 RUB107,977.68 Source Analyst x4 Analyst x6 Analyst x6 Analyst x2 Extrapolated @ (16%, capped from 22.76%) Present Value Discounted @ 16.29% RUB34,000.33 RUB59,030.73 RUB55,652.12 RUB50,906.29 RUB50,781.24 Present Value of 5-year Cash Flow (PVCF)= RUB250,371 We now need to calculate the Terminal Value, which accounts for all the future cash flows after the five years. … Terminal Value (TV) = FCF2022 × (1 + g) ÷ (r – g) = RUB107,978 × (1 + 7%) ÷ (16.3% – 7%) = RUB1,251,564 Present Value of Terminal Value (PVTV) = TV / (1 + r)5 = RUB1,251,564 / ( 1 + 16.3%)5 = RUB588,603 The total value is the sum of cash flows for the next five years and the discounted terminal value, which results in the Total Equity Value, which in this case is RUB838,974.

Simply Wall St -

Public Joint Stock Company Polyus (MCX:PLZL): Should The Future Outlook Worry You?

View our latest analysis for Polyus What can we expect from Polyus in the longer term? … To understand the overall trajectory of PLZL's earnings growth over these next fews years, I've fitted a line through these analyst earnings forecast to determine an annual growth rate from the slope. … MISX:PLZL Future Profit Mar 23rd 18 This results in an annual growth rate of 6.30% based on the most recent earnings level of RUРУБ72.18B to the final forecast of RUРУБ83.94B by 2021.

Simply Wall St -

How Financially Strong Is Public Joint Stock Company Polyus (MCX:PLZL)?

Moreover, PLZL has produced cash from operations of RUРУБ75.41B during the same period of time, resulting in an operating cash to total debt ratio of 28.07%, signalling that PLZL’s current level of operating cash is high enough to cover debt. … In PLZL’s case, it is able to generate 0.28x cash from its debt capital. … Next Steps: Although PLZL’s debt level is towards the higher end of the spectrum, its cash flow coverage seems adequate to meet obligations which means its debt is being efficiently utilised.

Simply Wall St -

Company Info

Description

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.

Details
Name: Public Joint Stock Company Polyus
PLZL
Exchange: MISX
Founded: 2006
RUB661,695,000,000
132,339,000
Website: http://www.polyus.com
Address: Public Joint Stock Company Polyus
3 Building 1,
Krasina Street,
Moscow,
123056,
Russia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
MISX PLZL Common Shares Micex - Rts RU RUB 12. May 2006
OTCPK OPYG.Y SPONSORED ADR Pink Sheets LLC US USD 11. Jul 2006
BST P6J1 SPONSORD GDR S Boerse-Stuttgart DE EUR 30. Jun 2017
LSE PLZA SPONSORD ADR London Stock Exchange GB USD 25. Aug 2017
LSE PLZL SPONSORD GDR S London Stock Exchange GB USD 30. Jun 2017
LSE PLZB SPONSORED ADR London Stock Exchange GB USD 11. Jul 2006
Number of employees
Current staff
Staff numbers
0
Polyus employees.
Industry
Gold
Materials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/19 21:21
End of day share price update: 2019/04/19 00:00
Last estimates confirmation: 2019/04/19
Last earnings filing: 2019/02/11
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.