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Polyus RUB

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Mining

RU_PLZL

Price chart

2 015 RUBDay 0.01%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
2 015 RUB · 0.01%
Market cap
1906.7 bn RUB

Growth

Δ revenue y/y
-9.8%
Δ EBITDA y/y
-19.0%

Multiples

P/E (LTM)
6.1x
3y avg: 6.1x
P/B (FY)
7.0x
P/E (ann.)
6.7x
EV/EBITDA (LTM)
5.3x
3y avg: 5.1x
EV/EBITDA (ann.)
4.8x

Cash return

Dividend yield
7.8%
FCF yield (LTM)
10.6%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-23.4%
↓ details

Liquidity

Daily turnover (MOEX)
671.8 mln RUB

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 1 / Warn: 3 / Err: 5 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-06-30 H1✓OK
2023-12-31 FY⚠Warn 1
2023-12-31 H2⚠Warn 1
2024-06-30 H1⚠Warn 2
2024-12-31 FY✗Errors 1Warn 2
2024-12-31 H2✗Errors 1Warn 1
2025-06-30 H1✗Errors 1Warn 1
2025-12-31 FY✗Errors 1Warn 2
2025-12-31 H2✗Errors 1Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in B RUB, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB RUBOperating profitB RUBD&AB RUBEBITDAB RUBNet profitB RUBOperating CFB RUBCapex + M&AB RUBAssetsB RUBEquityB RUBROE (annualized)Net debtB RUBSource
2025-12-31H2 2025 (6M)OK403.0
y/y -9.8%
233.7
y/y -19.9%
23.7
y/y -8.0%
257.4
y/y -19.0%
141.7
y/y -12.8%
233.5-117.41250.4
y/y 8.6%
271.9
y/y 114.1%
124.6%553.8Report (PDF)
2025-06-30H1 2025 (6M)OK309.8
y/y 24.8%
184.3
y/y 15.8%
20.6
y/y 5.7%
205.0
y/y 14.7%
172.5
y/y 20.5%
284.2-98.01164.0
y/y 23.4%
232.3
y/y 167.7%
192.0%506.1Report (PDF)
2024-12-31H2 2024 (6M)OK446.6
y/y 67.2%
291.9
y/y 76.7%
25.8
y/y 11.9%
317.6
y/y 68.8%
162.4
y/y 49.0%
215.3-85.11151.9
y/y 38.3%
127.0
y/y —
285.9%628.7Report (PDF)
2024-06-30H1 2024 (6M)OK248.2
y/y 34.8%
159.2
y/y 50.6%
19.5
y/y 6.3%
178.7
y/y 44.0%
143.2
y/y 237.8%
160.1-52.6943.0
y/y 17.9%
86.8
y/y -79.0%
1871.3%544.3Report (PDF)
2023-12-31H2 2023 (6M)OK267.1
y/y —
165.2
y/y —
23.0
y/y —
188.2
y/y —
109.0
y/y —
194.3-63.6832.8
y/y —
-56.2
y/y —
84.6%655.5Report (PDF)
2023-06-30H1 2023 (6M)OK184.1
y/y —
105.7
y/y —
18.4
y/y —
124.0
y/y —
42.4
y/y —
100.3-39.0800.0
y/y —
413.9
y/y —
—160.8Report (PDF)
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodTotal gold output
koz		Gold sold
koz
H2 2025-121 217.90
−20.3%		1 346
FY 2025-122 528.80
−15.8%		2 535
H1 2025-061 310.90
−11.0%		1 189
H2 2024-121 528.70—
FY 2024-123 001.60—
H1 2024-061 472.90—

Polyus trading updates (polyus.com/en/investors) — operational production results; H2 derived as FY − H1 (gold output/sales are additive)

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Gold mining

Proved reserves
104 Moz
2020
Reserve life (R/P)
41.1 yrs
reserves ÷ annual output
Annual production
2.53 Moz
2025

Production, Moz

2.902023320242.532025

Proved reserves

YearReserves, Moz
2020104

Production

YearProduction, Moz
20252.53
−15.7%
20243
+3.4%
20232.90

Polyus operating results FY2024/FY2025 (polyus.com); JORC ore reserves 104 Moz, last full estimate 2020 (largest gold reserves globally).

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0100 000200 000300 000400 0002023 H12023 H22024 H12024 H22025 H12025 H2

Year-over-year change

-25%0%25%50%75%2023 H12023 H22024 H12024 H22025 H12025 H2

Cash flow

FCF ($ mln)

050 000100 000150 000200 0002023 H12023 H22024 H12024 H22025 H12025 H2

Net debt / cash ($ mln)

0200 000400 000600 0002023 H12023 FY2024 H12024 FY2025 H12025 FY

Key-commodity price — Gold (RUB)

Current 9 375spot vs LTM -7%

Commodity price upside

The same staged build as the commodity players: revenue → costs → EBITDA → conservative EBITDA (min of the spot case and the spot/3-yr average) → target market cap at the current EV/EBITDA. Cash costs are indexed by RU inflation (~7%); a pure producer has no commodity cost driver to re-price.

USD/RUB: spot 72 vs LTM-avg 80 → ×0.90 (ruble stronger → less RUB revenue); applied to USD-priced commodities (RUB gold left as-is).

Upside (conservative): -23% · spot -17% · 3-yr -30%

How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap

1 · Reported baseline (latest FY)
Revenue712.8 bln RUB
EBITDA462.4 bln RUB
Cash costs (revenue − EBITDA)250.4 bln RUB
2 · Revenue projection
Multiplier — spot×0.93 (-7%)
= Spot revenue665.1 bln RUB
Multiplier — 3-yr prices×0.86 (-14%)
= 3-yr-price revenue616.1 bln RUB
3 · Cost projection (+ RU inflation ~5%)
Cost multiplier×1.05 (+5%)
= Cash costs262.9 bln RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA402.2 bln RUB
= 3-yr-price EBITDA353.1 bln RUB
= Avg-scenario EBITDA (spot + 3-yr)/2377.7 bln RUB
Conservative EBITDA = min(spot, avg(spot, 3-yr))377.7 bln RUB
5 · Valuation → target market cap
EV/EBITDA (current)5.5x
Target EV = EV/EBITDA × conservative EBITDA2.08 trn RUB
Net debt553.8 bln RUB
Target market cap = EV − net debt1.52 trn RUB
Current market cap1.99 trn RUB

Upside = target market cap ÷ current − 1 = -23%

Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.

CommodityRevenue shareSpotLTM avg$ vs LTMRUB vs LTM (FX)RUB 3-yr (FX)
Gold (RUB)100%9 375.3010 047.47-7%-7%-14%

Dividend potential

Dividend-model upside: +1%

The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)314 bn RUB
Payout ratio45%
Free cash flow (FY, OCF − capex) — caps payout302 bn RUB
Recent actual dividend (3-yr median)163.65 ₽
= Forecast dividend per share224.70 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.5%
Historical yield spread to rate (3-yr median)-9.0 pp
= Fair dividend yield11.0%
3 · Valuation → upside
Current price2013.40 ₽
Forecast dividend yield11.2%
Fair price (dividend-based)2043 ₽

Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.

Dividends

No dividend rows found for this issuer.

Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=7832

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)