Petropavlovsk

Petropavlovsk is engaged in the mining of precious and non-precious metals which require it to hold licences which permit it to explore and mine in particular areas in Russia. Co.'s reportable segments, which are aligned with its operating locations, are Pokrovskiy, Pioneer, Malomir and Albyn hard-rock gold mines which are engaged in gold and silver production as well as field exploration and mine development.
  • TickerPOG
  • ISINGB0031544546
  • ExchangeLondon Stock Exchange
  • SectorMining
  • CountryUnited Kingdom

Analysts

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Roger Bade

Sector Overview - US dollar very weak

In a race to the bottom for the US dollar, the local gold price slipped a couple of pounds per ounce (£/oz) to just under £955/oz. It was a totally different story for US dollar priced commodities. Silver was also helped by a recovery from the previous day’s fall, which had occurred in response to US tariffs on solar panels. It is argued that growth elsewhere, particularly in China, will make up for any shortfall in US demand.

Roger Bade

Sector Overview - All eyes on the State of the Union and the Federal Reserve

Precious metals prices fell as the US dollar rallied ahead of the State of the Union Address and the Federal Reserve meeting. Although sterling fell, the local gold price still slipped nearly five pounds per ounce (£/oz) to just over £950/oz. The dollar price fell nearly fifteen dollars/oz, as did platinum to $1,335/oz and just under $1,000/oz respectively. Silver fell nearly thirty cents/oz to almost $17.10/oz and palladium slipped by more than $5/oz to just under $1,085/oz.

Alexander Kudrin ...
  • Alexander Golinsky
  • Alexander Sychev
  • Alisa Zakirova
  • Ekaterina Sidorova
  • Nikolay Minko

Долговые рынки сегодня - 31 января 2018

> На рынке > Глобальные рынки > Рынок внешнего долга стран СНГ > Денежный и валютный рынки > Государственные ценные бумаги > Министр финансов США сообщил о возможных новых санкциях против России > Петропавловск объявил операционные результаты за 2017 год > Московский кредитный банк выходит на рынок первичных размещений > Минфин Казахстана, Биржа МФЦА и Euroclear договорились о сотрудничестве

Alexander Kudrin ...
  • Alexander Golinsky
  • Alexander Sychev
  • Alisa Zakirova
  • Andrey Kuznetsov
  • Cole Akeson
  • Ekaterina Sidorova
  • Nikolay Minko

Debt Markets Today - January 31, 2018

> Market color > Global markets recap > CIS Eurobond market > FX and money markets > Government debt > Mnuchin suggests more US sanctions on Russian entities to come > Petropavlovsk releases 2017 operating results > Credit Bank of Moscow to tap primary market > New Euroclear i-link moves a step closer

Alexander Kudrin ...
  • Alexander Golinsky
  • Alexander Sychev
  • Alisa Zakirova
  • Ekaterina Sidorova
  • Nikolay Minko

Долговые рынки сегодня - 31 января 2018

> На рынке > Глобальные рынки > Рынок внешнего долга стран СНГ > Денежный и валютный рынки > Государственные ценные бумаги > Министр финансов США сообщил о возможных новых санкциях против России > Петропавловск объявил операционные результаты за 2017 год > Московский кредитный банк выходит на рынок первичных размещений > Минфин Казахстана, Биржа МФЦА и Euroclear договорились о сотрудничестве

Alexander Kudrin ...
  • Alexander Golinsky
  • Alexander Sychev
  • Alisa Zakirova
  • Andrey Kuznetsov
  • Cole Akeson
  • Ekaterina Sidorova
  • Nikolay Minko

Debt Markets Today - January 31, 2018

> Market color > Global markets recap > CIS Eurobond market > FX and money markets > Government debt > Mnuchin suggests more US sanctions on Russian entities to come > Petropavlovsk releases 2017 operating results > Credit Bank of Moscow to tap primary market > New Euroclear i-link moves a step closer

Kiti Pantskhava

Petropavlovsk: Every dollar counts

We initiate coverage of Petropavlovsk, a Russian gold mining company, with a Sell recommendation on its US$500mn 8.125% notes due 2022 (POGLN 22s).

Kiti Pantskhava

Petropavlovsk: Positive news on POX offset by possible delay in IRC refinancing

Hot commissioning of the pressure oxidation facility is under way and, in December, the first gold could be produced. This is in line with the previously disclosed schedule, if not slightly ahead of it. This positive news is offset by possible delays to the IRC loan refinancing.

Kiti Pantskhava

Petropavlovsk: Bonds rally, but fundamentals change little

POGLN 22s have rallied considerably since December. Initially driven by positive milestones reached by the POX facility and further fuelled by details of the IRC loan restructuring, the bonds rallied to 77 from 74, according to Bloomberg indicative mid-prices. The most recent leg of the rally, which drove prices to above 85 from 77 in a decisive five-day increase, seemed puzzling at first, but the magnitude of the change was hard to ignore. According to a Bloomberg article on 16 January, Kenes Rakishev, who beneficially controls 20.2% of Petropavlovsk voting shares, has been in talks with othe...

Roger Bade

Sector Overview - All eyes on the State of the Union and the Federal Reserve

Precious metals prices fell as the US dollar rallied ahead of the State of the Union Address and the Federal Reserve meeting. Although sterling fell, the local gold price still slipped nearly five pounds per ounce (£/oz) to just over £950/oz. The dollar price fell nearly fifteen dollars/oz, as did platinum to $1,335/oz and just under $1,000/oz respectively. Silver fell nearly thirty cents/oz to almost $17.10/oz and palladium slipped by more than $5/oz to just under $1,085/oz.

BCS Equity Daily: Surgutneftegas, Petropavlovsk, Inter RAO, X5 Retail, Globaltruck

Trade war materializing Week Ahead: Oil play, rapprochement tested. The $78/bbl handle on Brent and prospect of higher plays well for Russian coffers, if not the market, which will be tested by escalating protectionist moves by core economies against Trump’s America 1st policy. The miss on China PMI (private and official) will flag the risk of slowing growth due to trade war antics, making cautious the EM trade. An easing of Russophobia may also be at play – Russia-investors are hopeful the Putin-Trump Summit (16 July) may be the first step toward a rapprochement in US-Russia relations. ...

BCS Fixed Income Daily: CBR Meeting, Petropavlovsk, Alrosa, Megafon

Busy week, downside risks prevail The backdrop for the beginning of the new week looks mixed for Russian bonds, with easing of concerns over sanctions and trade wars being counterbalanced by mounting upward pressure on base yields amid strong US data (2Q18 US real GDP growth was, as expected, strongest in 4 years at +4.1% annualized, with real final sales printing +5.1% annualized rate vs the consensus of +3.7%) as well as guidance of no rate cuts this year from the CBR. Still, this week’s agenda suggests that negative drivers will more likely govern due to risks of another strong set of US m...

BCS Equity Daily: Petropavlovsk, Phosagro, Detsky Mir, Rusagro

Manufacturing PMI – China resilient , US beats Ahead: Bulls tempered by oil, FOMC. China’s official manufacturing PMI proved resilient in the face of trade war risk, posting only slightly lower at 51.2 v 51.3 consensus and 51.5 in June, while US Dallas Fed manufacturing beat expectations in July, both of which providing some fodder for the bulls. Against the relative strength, market bulls may wager on similar prints from the release of Eurozone GDP (later today) and China (today after market) and US and EU manufacturing PMI (tomorrow). Beats or at least solid prints would suggest the major e...

BCS Fixed Income Daily: NLMK (Baa3/BBB-/BBB-), Domodedovo Airport (Ba1/BB+/BB+)

Backdrop again mixed, Fed decision in focus Trade wars came back into focus yesterday on news the US and China are restarting trade negotiations. However, the risk-on trade spurred by the news will likely be short-lived – the US administration this morning is considering raising tariffs to 25% on $25bn worth of Chinese goods instead of the initially proposed 10%. Also weighing, Brent dipped yesterday by 0.6% to $74.3/bbl amid an unexpected drop in US inventories (API), less than inspiring prints by China manufacturing and stronger US dollar. On the macro front, the widely followed US Core PCE...

2 directors bought

Two Directors at Petropavlovsk bought 500,000 shares at between 10.0p and 10.0p. The significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. Th...

Roger Bade

Sector Overview - US dollar very weak

In a race to the bottom for the US dollar, the local gold price slipped a couple of pounds per ounce (£/oz) to just under £955/oz. It was a totally different story for US dollar priced commodities. Silver was also helped by a recovery from the previous day’s fall, which had occurred in response to US tariffs on solar panels. It is argued that growth elsewhere, particularly in China, will make up for any shortfall in US demand.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Philip Morrish

Value Indicator - UK Basic Resources 23072018

Currently '(TM) Value Indicator - UK Basic Resources' is a value analysis of the Basic Resources super sector of quoted companies of The London Stock Exchanges Main market that provides the user with indicative longer-term target prices. The publication is also available on request at www.intellisys.uk.com

Philip Morrish

Value Indicator - UK Main Market 23072018

Currently '(TM) Value Indicator - UK Main market' is a value analysis of the Basic Resources, Construction & Materials, Telecoms and Utilities sectors of quoted companies on The London Stock Exchange's Main market that provides the user with indicative longer-term trading indicative target prices. The publication is also available on request at www.intellisys.uk.com

Philip Morrish

Value Indicator - UK Main Market 30072018

Currently '(TM)Value Indicator - Main market' is a value analysis of the Basic Reslources, Construction & Materials, Telecoms and Utilities sectors of the quoted companies on The London Stock Exchange's Main market that provides the user with indicative long-term trading indicators and indicative target prices. The publication is also available on request at www.intellisys.uk.com

Philip Morrish

Value Indicator - UK Basic Resources 30072018

Currently '(TM) Value Indicator - UK Basic Resources Sector' is a value analysis of the Basic Resources super sector of quoted companies on The London Stock Exchange's Main market that provides the user with indicative long-term target proces. The publication is also available on request at www.intellisys.uk.com

BCS GM Fixed Income Daily: Petropavlovsk

Fundamentals positive, but sentiment negative Ahead: Recovery still faces headwinds. Russian Eurobonds may continue to show attempts to recover (albeit modest attempts so far) on the back of revived appetite for EM hard-currency bonds and decreasing base yields, but the strained geopolitical backdrop and lingering fears of trade wars will likely impede a rebound. Nevertheless, fundamentals do look positive, as we argued yesterday: oil price increased (Brent remains close to $70/bbl amid expectations of market rebalancing), Russian macroeconomic conditions continue to improve (local rates are...

BCS GM Fixed Income Daily: Economics, Petropavlovsk

End of May holidays in Russia, oil growth Ahead: Negative sentiment governs, but should be mitigated. Many local market players will return to their desks now that the May holidays in Russia have ended, which should help mitigate pressure on Russian Eurobonds in light of the persisting surplus of FX liquidity in Russian banks. Also to the upside, Brent surpassed $77/bbl on Wednesday as the US withdrew from the Iran nuclear deal, which sparked concerns of an even tighter oil market. However, given that overall sentiment towards EM assets remains gloomy, a large-scale recovery in Russian Eurobo...

BCS GM Fixed Income Daily: Petropavlovsk, MTS, Alrosa

Mixed backdrop for EMs, but with slight upward bias for Russia The backdrop for trading was mixed yesterday for the EM camp in general with many negative and positive factors, yet slightly positive for Russian bonds. To the downside, the threat of trade wars is re-emerging again as the US launched a national security probe into auto imports and President Trump called for another structure of a trade deal with China. Besides that, risk appetite may be tempered by uncertainty over the US-N.Korea, wide-scale currency crisis in Turkey as well as political crisis in Italy. On the other hand, thoug...

BCS Fixed Income Daily: Petropavlovsk, EVRAZ

New month, old risks The S-T outlook for Russian bonds remain clouded at best, if not outright negative, given a multitude of downside risks that keep a lid on EM bonds. Of greatest import, these are global trade wars between the US and the rest of the world (which now looks even more tangible after the US announced steel and aluminum tariffs against EU, Mexico and Canada last week), geopolitical instability (Italy, Spain) and rising rates in the US (strong labor market data on Friday reinforced expectations of 4 rate hikes by the US Fed this year – now 44% vs 40% last week). Another source o...

BCS Fixed Income Daily: O1 Properties, Petropavlovsk, Credit Bank of Moscow

Balance of power unchanged post Fed We expect the tepid sentiment towards EM bonds to remain in place today after the US Fed raised rates and delivered several hawkish messages. However, we do not think the selling of risk will intensify on the back of that, as the upgraded language seems to have not surprised investors much (USTs, USD and Asian markets showed a quite modest reaction to the Fed). Still, if the ECB also decides to turn materially more hawkish today, pessimism may increase. The central issue to watch in the ECB meeting is the bank’s guidance on the QE exit. Regarding the Fed, ...

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