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):
https://valueinvestorsclub.com/idea/Polymetal/1567406924