Polyus
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 Year Returns
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.
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Polyus.
| 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.
| 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.
| 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 | ||
| 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 |
| 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 |
| 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
Current Discount Checks
- 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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess Polyus's value by looking at:- 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. )
- 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)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Metals and Mining industry average (and greater than 0)? (1 check) 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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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.
Future performance checks
We assess Polyus's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Russian Federation market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
All data from Polyus Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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).
Past performance checks
We assess Polyus's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Metals and Mining industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from Polyus Company Filings, last reported 3 months ago.
| 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).
Financial health checks
We assess Polyus's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Polyus has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
If you bought
RUB2,000 of
Polyus
shares you are expected to receive
RUB111
in your first year as a dividend.
Dividend Amount
- 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.
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.
| 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.
| 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 |
| 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.
Income/ dividend checks
We assess Polyus's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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:
- The tenure for the Polyus management team is about average.
Management Team
Grachev Sergeevich
CEO, President & Director
45
4.5 yrs
Mikhail Stiskin
Senior VP of Finance & Strategy and Director
35
5.3 yrs
Vladimir Anatolyevich Polin
Senior VP of Operations & Director
56
14.3 yrs
Andrey Krylov
Vice President of Operations & Technical Development
43
4.5 yrs
Victor Drozdov
Director of Investor Relations
Victoria Vasilyeva
Director of Public Relations
Tamara Solntseva
Vice President of Human Resources & Organizational Development
33
1.9 yrs
Daria Grigorieva
Head of Sustainable Development
Pavel Vorsin
Managing Director of JSC Polyus Magadan
1 yrs
Anna Solotova
Corporate Secretary
3 yrs
Board of Directors Tenure
Average tenure and age of the Polyus board of directors in years:
- The tenure for the Polyus board of directors is about average.
Board of Directors
Ed Dowling
Chairman of the Board
63
3 yrs
Grachev Sergeevich
CEO, President & Director
45
3.9 yrs
Mikhail Stiskin
Senior VP of Finance & Strategy and Director
35
3 yrs
Vladimir Anatolyevich Polin
Senior VP of Operations & Director
56
3 yrs
Clifford Potter
Independent Director
72
3 yrs
Bill Champion
Independent Director
66
3 yrs
Maria Gordon
Independent Director
44
1.3 yrs
Said Kerimov
Director
23
3 yrs
Sergei Nossoff
Director
45
1.3 yrs
Daniil Chirva
Member of Internal Audit Commission
35
3 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (RUB) | Value (RUB) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Polyus's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articlePublic 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 - – Full articleIs 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 - – Full articleIs 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 - – Full articleIs 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 - – Full articlePublic 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 - – Full articleShould 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 - – Full articleAn 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 - – Full articlePublic 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 - – Full articleHow 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 - – Full articleCompany 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
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.
