Polymetal International (POLY.L), mcap=£1.2bn, price £2.58 vs. £1.40

Pitch: Gold miner with 60% of EBITDA from Russia and 2 mines and Kazakhstan. FCF from Kazakhstan easily supports the current valuation. Technical selling due to index removal. High risk of delisting as well as asset theft/expropriation.

Valuation: Currently trades at 4xEBITDA from Kazachstan mines. Should eventually generate substantial FCF returns to shareholders. £0.50/share dividend feasible after a couple of years.

Exp. gain: 4-6x (in peace scenario)

Full POLY.L write-up (free guest account required):

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