Page 138 - RusRPTFeb21

We expect Evraz's EBITDA to grow 4% H-o-H to $1.1bn in 2H20 - 6.8% above the number implied by the current full-year Bloomberg consensus. We forecast strong 2H20 FCF of $675mn (for a 7% yield), driven by a working capital release. Evraz has a formal dividend policy of paying just $150mn semiannually, although we think that the 2H20 dividend will again amount to 80-100% of FCF, as has been the case previously. We thus expect a strong 2H20 dividend yield of 5.5-6.8%. Evraz will report its 2H20 IFRS results on February 25.
138 ​RUSSIA Country Report​ February 2021 www.intellinews.com