We are launching an analytical coverage of key gold mining players and sharing our first recommendations.:
Recommendations:
BUY — Pole (PLZL)
BUY — Seligdar (SELG)
Without recommendation — UGC (UGLD)
Key theses:
1 Pole (PLZL)
Low score: 4.7 EV/EBITDA 2025 — historical minimum
Production growth: potential to double by 2030 thanks to the Sukhoi Log project
Dividends: stable payments at high gold prices
2 Seligdar (SELG)
An attractive rating: 3.9 EV/EBITDA 2025
Production growth: 30% after ZIF "Coniferous" reaches full capacity
Tactical opportunity: reassessment amid production growth
3 YUGK (UGLD)
Uncertainty: risks related to the future shareholder structure
Neutral view: we are refraining from recommendations for now
Result:
The gold mining sector remains in focus amid market volatility.
Polyus is the choice for long—term investors.
Seligdar is an opportunity for growth in the medium term.
A detailed analysis with risks and calculations is provided in the full report (in the attachment).
