MISX:POLY

Stock Analysis Report

Polymetal International

Executive Summary

Polymetal International plc operates as a precious metals mining company in Russia, Kazakhstan, East Asia, and Europe.


Snowflake Analysis

Solid track record with adequate balance sheet.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: POLY's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

34.2%

POLY

14.8%

RU Metals and Mining

1.4%

RU Market


1 Year Return

87.2%

POLY

15.7%

RU Metals and Mining

-6.0%

RU Market

Return vs Industry: POLY exceeded the Russian Metals and Mining industry which returned 15.7% over the past year.

Return vs Market: POLY exceeded the Russian Market which returned -6% over the past year.


Shareholder returns

POLYIndustryMarket
7 Day34.2%14.8%1.4%
30 Day34.2%5.6%-15.2%
90 Day41.7%8.4%-22.5%
1 Year97.9%87.2%25.9%15.7%0.5%-6.0%
3 Year121.9%93.9%62.4%26.6%32.0%11.4%
5 Year260.9%185.8%246.2%147.2%86.4%45.5%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

5.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: POLY (RUB1270.1) is trading below our estimate of fair value (RUB1407.4)

Significantly Below Fair Value: POLY is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: POLY is poor value based on its PE Ratio (15.8x) compared to the Metals and Mining industry average (5.9x).

PE vs Market: POLY is poor value based on its PE Ratio (15.8x) compared to the Russian market (7.2x).


Price to Earnings Growth Ratio

PEG Ratio: POLY is poor value based on its PEG Ratio (1.1x)


Price to Book Ratio

PB vs Industry: POLY is overvalued based on its PB Ratio (3.9x) compared to the RU Metals and Mining industry average (0.6x).


Next Steps

Future Growth

How is Polymetal International forecast to perform in the next 1 to 3 years based on estimates from 15 analysts?

14.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: POLY's forecast earnings growth (14.3% per year) is above the savings rate (6.4%).

Earnings vs Market: POLY's earnings (14.3% per year) are forecast to grow faster than the Russian market (4.8% per year).

High Growth Earnings: POLY's earnings are forecast to grow, but not significantly.

Revenue vs Market: POLY's revenue (4.3% per year) is forecast to grow slower than the Russian market (5% per year).

High Growth Revenue: POLY's revenue (4.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: POLY's Return on Equity is forecast to be high in 3 years time (28.4%)


Next Steps

Past Performance

How has Polymetal International performed over the past 5 years?

37.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: POLY has high quality earnings.

Growing Profit Margin: POLY's current net profit margins (21.4%) are higher than last year (18.8%).


Past Earnings Growth Analysis

Earnings Trend: POLY has become profitable over the past 5 years, growing earnings by 37.4% per year.

Accelerating Growth: POLY's earnings growth over the past year (35.6%) is below its 5-year average (37.4% per year).

Earnings vs Industry: POLY earnings growth over the past year (35.6%) exceeded the Metals and Mining industry 22.7%.


Return on Equity

High ROE: POLY's Return on Equity (24.8%) is considered high.


Next Steps

Financial Health

How is Polymetal International's financial position?


Financial Position Analysis

Short Term Liabilities: POLY's short term assets ($1.2B) exceed its short term liabilities ($431.0M).

Long Term Liabilities: POLY's short term assets ($1.2B) do not cover its long term liabilities ($1.9B).


Debt to Equity History and Analysis

Debt Level: POLY's debt to equity ratio (88.8%) is considered high.

Reducing Debt: POLY's debt to equity ratio has reduced from 152.1% to 88.8% over the past 5 years.

Debt Coverage: POLY's debt is well covered by operating cash flow (40.2%).

Interest Coverage: POLY's interest payments on its debt are well covered by EBIT (11.9x coverage).


Balance Sheet

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

Debt Coverage by Assets: POLY's debt is not covered by short term assets (assets are 0.7x debt).


Next Steps

Dividend

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

3.63%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: POLY's dividend (3.84%) isn’t notable compared to the bottom 25% of dividend payers in the Russian market (4.31%).

High Dividend: POLY's dividend (3.84%) is low compared to the top 25% of dividend payers in the Russian market (10.26%).


Stability and Growth of Payments

Stable Dividend: POLY has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: POLY's dividend payments have increased, but the company has only paid a dividend for 8 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (60.7%), POLY's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: POLY's dividends in 3 years are forecast to be covered by earnings (60.1% payout ratio).


Next Steps

Management

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

8.5yrs

Average management tenure


CEO

Vitaly Nesis (43yo)

8.5s

Tenure

US$920,868

Compensation

Mr. Vitaly N. Nesis has been Group Chief Executive Officer of Polymetal International Plc since December 1, 2014. Mr. Nesis served as the Chief Executive Officer of Joint Stock Company Polymetal since 2003 ...


CEO Compensation Analysis

Compensation vs Market: Vitaly's total compensation ($USD920.87K) is below average for companies of similar size in the Russian market ($USD2.72M).

Compensation vs Earnings: Vitaly's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Vitaly Nesis
Group CEO & Executive Director8.5yrsUS$920.87k0.70% $4.5b
Maxim Nazimok
Chief Financial Officer3.17yrsno data0.010% $67.3m
Vitaly Savchenko
Chief Operating Officer11.17yrsno data0.013% $85.9m
Evgenia Onuschenko
Director of Corporate Finance11.17yrsno datano data
Igor Agapov
Deputy Director of Science & Technologyno datano datano data
Igor Kapshuk
Chief Legal Officer4.92yrsno data0.0096% $61.7m
Dmitry Razumov
Deputy Chief Executive Officer of Human Resources4.92yrsno datano data
Valery Tsyplakov
Managing Director of JSC Polymetal Engineering16.17yrsno data0.054% $343.8m
Sergey Cherkashin
Executive Vice President of Business Performance3.17yrsno datano data
Pavel Danilin
Deputy Chief Executive Officer of Strategic Development11.17yrsno data0.016% $102.9m

8.5yrs

Average Tenure

50yo

Average Age

Experienced Management: POLY's management team is seasoned and experienced (8.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Vitaly Nesis
Group CEO & Executive Director8.5yrsUS$920.87k0.70% $4.5b
Ian Cockerill
Independent Chairman0.92yrUS$239.52k0.0062% $40.0m
Manuel Lino De Sousa-Oliveira
Senior Independent Non-Executive Director1.92yrsUS$214.11k0.0032% $20.5m
Italia Boninelli
Independent Non-Executive Director0.25yrUS$11.79kno data
Konstantin Yanakov
Non-Executive Director8.5yrsno datano data
Giacomo Baizini
Independent Non-Executive Director2.17yrsUS$231.68kno data
Jean-Pascal Duvieusart
Non-Executive Director8.5yrsno datano data
Christine Coignard
Independent Non-Executive Director5.67yrsUS$182.24k0.0012% $7.5m
Tracey Kerr
Independent Non-Executive Director2.17yrsUS$193.44kno data
Victor Flores
Independent Non-Executive Director0.17yrno datano data

2.2yrs

Average Tenure

55yo

Average Age

Experienced Board: POLY's board of directors are not considered experienced ( 2.2 years average tenure), which suggests a new board.


Ownership

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


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 4.7%.


Top Shareholders

Company Information

Polymetal International plc's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Polymetal International plc
  • Ticker: POLY
  • Exchange: MISX
  • Founded: 1998
  • Industry: Gold
  • Sector: Materials
  • Market Cap: UK£6.473b
  • Listing Market Cap: UK£641.306b
  • Shares outstanding: 470.23m
  • Website: https://www.polymetalinternational.com

Number of Employees


Location

  • Polymetal International plc
  • Parthenonos, 6
  • 3rd Floor
  • Limassol
  • 3031
  • Cyprus

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
POLYLSE (London Stock Exchange)YesOrdinary SharesGBGBPOct 2011
PM6MUN (Boerse Muenchen)YesOrdinary SharesDEEUROct 2011
POLYLBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBGBPOct 2011
POYY.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDOct 2011
POLYMISX (Micex - Rts)YesOrdinary SharesRURUBOct 2011
PM6DB (Deutsche Boerse AG)YesOrdinary SharesDEEUROct 2011
AUCO.YOTCPK (Pink Sheets LLC)SPONSORED ADRUSUSDAug 2013

Biography

Polymetal International plc operates as a precious metals mining company in Russia, Kazakhstan, East Asia, and Europe. The company operates through five segments: Magadan, Ural, Khabarovsk, Kazakhstan, and Yakutia. It is involved in the exploration, extraction, processing, and reclamation of gold, silver, copper, zinc, and platinum group metals. The company’s flagship project is the Kyzyl property located in the East Kazakhstan Region, Kazakhstan. Polymetal International plc was founded in 1998 and is headquartered in Saint Petersburg, Russia. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/30 22:49
End of Day Share Price2020/03/30 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.