Polymetal(POLY) "Continuation"

MOEX:POLY   Polymetal International plc

On average, 90% of all stocks move down with the market, and 75% - up.
The wave principle applies to some extent to individual stocks, but counting waves for them is often confusing and has little practical significance. But since the company has a large capitalization, we assume that the state of the shares depends on the psychology of the masses

According to our old plans, we have reached a turning point. Now the 3rd wave is coming.
  • Gold, contrary to the correction that we have observed recently and will, most likely, observe for some time, is at the top (Price range:1950-1550USD, Delta:400, Average:1750), which is a good thing for gold mining companies. (Relative stability)
  • "The Group's revenue and most of its loans are denominated in US dollars, while the bulk of the Group's expenses are denominated in Russian rubles and Kazakhstani tenge. Thus, changes in exchange rates may affect the financial results and performance of the Group. The strengthening of functional currencies relative to the US dollar may adversely affect enterprises in Russia and Kazakhstan and lead to higher operating costs denominated in local currency and lower margins. ". I have been waiting for the strengthening of EUR, USD for a long time. Now there is also a turning point.
  • Other gold mining "Russian companies" are in a similar position.
SENSITIVITY TO RUB/USD, GOLD PRICE(1H 2021 FINANCIAL RESULTS)(At the 1H 2021 average realized price)
Effect on FCF :
  • A 1 RUB/USD movement in domestic currency $17-21m
  • A $100/oz movement in the gold price ~$150m


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