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Indeed Oxygen. I do not expect a ceasefire to result in sanctions being lifted. Even if Putin takes the Eastern provinces no peace deal if guaranteed. For sanctions to be lifted both sides would need to agree terms in detail. This could be months away yet….
The BB has issues between Sun and Sat also :-P
Ty CR888 good info there.
Odey*
Aye Red…. I was wondering about Oder. He mentioned a price of 140p IIRC that was a point he considered entry. He may have since taken his profits or started to unwind them. Maybe this is part of the downward price movement since it peaked at c390p?
Agree Pan and Jeremy….thats similar to what I’m thinking tbh…
(Sharecast News) - Berenberg downgraded Polymetal on Wednesday to 'hold' from 'buy', citing heightened uncertainty around the Russian assets and saying it has changed its valuation to be based on the NAV of the Kazakh assets alone.
The bank, which slashed its price target on the stock to 300p from 500p, said the share price has become detached from the underlying business.
"We are currently attributing no value in our NAV to the Russian assets given uncertainty about Polymetal's ability to remit funds from assets in the country to other parts of the corporate structure," it said.
Berenberg said the company faces a number of material headwinds in terms of negotiating the sanctions that have been applied by the West on Russia and vice versa.
"There is the risk that Alexander Nesis, who holds a majority interest in ICT, the company's 24% shareholder, will be sanctioned," it said. "The company may also need to secure debt from either domestic or Chinese lenders to replace the debt that is currently held with European banks, with higher borrowing costs. The company will face challenges importing spares, specialist equipment and skills from Western suppliers.
"Russian companies are now not allowed to remit dividends to offshore entities and so any dividend in the future will need to be funded from free cash flow from the Kazakh entities. A key decision that will need to be made is whether to split the business into its Russian and Kazakh assets, with the latter accounting for 35% of our NAV and 30% of group production."
Berenberg said this would create a sanctioned entity and unsanctioned entity, although management has flagged that there are potential regulatory hurdles to this.
Jeremy is correct. You have been calling peace imminent on a very regular basis. It’s all in your posting history. He isn’t misinterpreting at.
Nice post Jeremy.
This is and always was a geopolitical play/issue as clearly the share price didn’t drop 90% initially because of the fundamentals of the business, as we know they are very good.
It’s a question of time for this war to end and the risk of damage to the company in the mean time. How long will that be? Could be weeks….could be months…it’s impossible to say as the criteria to end the war is known to Putin and no one on this board.
The longer the war goes on the risk for this business will rise imho, hence pressure on the SP.
Nice translation Jeremy.
Is that a legit Twitter account ? Looks dubious or is it me?
Tbh...when i made an investment here I mentally wrote it off as a worst case outcome. Thus I'm not getting worked up and will sit tight and hope peace occurs and the bloodshed ends. Then in time the shares will revert back to a normal valuation assuming no lasting damage is made to the company.
These ratings are pre war bar one it looks like. So it’s completely out of date.
Very nice post Wress….sums it up well.
As some have said, when peace is agreed I don’t think that is the end of the issue on sanctions etc. The cost of the war and the rebuild of Ukraine will be needed and clearly as Russia invaded, they will be held accountable. And that assumes Russia lose.
What if Russia takes the country? I cannot see the West removing sanctions etc in that scenario any time soon….
IMHO this could be a couple of years to resolve, once the war is over….
Lol….you didn’t like the link to the news article on the negotiations or the fact that Russia has conducted a number of wars in the last 30 years ? Don’t you like facts on this board? Odd….