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MarketScreener Homepage  >  Equities  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  AK Alrosa PAO    ALRS   RU0007252813

AK ALROSA PAO

(ALRS)
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Coronavirus drives Alrosa to shift diamond sales from Hong Kong

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02/05/2020 | 12:05pm EDT
FILE PHOTO: The Alrosa logo is seen at the polishing affiliate of the Russian diamond producer in Moscow

Russia's Alrosa, the world's largest diamond mining company, will hold its March auctions in Moscow and Israel after Hong Kong postponed two jewellery shows because of the coronavirus outbreak, the company said on Wednesday.

Demand for diamonds in China, the world's second largest market after the United States, had already weakened last year because of trade tensions and democracy protests in Hong Kong.

Consumption is expected to fall further as China's actions to halt the coronavirus slow the economy and stores are temporarily closed.

The Hong Kong Trade Development Council postponed two jewellery shows, scheduled for March 2-6 and 4-8, where precious stones, rough and polished diamonds, pearls and other jewels are displayed and sold. It cited the safety of exhibitors and buyers as a priority.

Alrosa holds four auctions in Hong Kong every year for a special size of rough diamonds and two polished diamond tenders. It has been forced to alter its plans for 2020.

Moscow will hold an international rough diamond auction from March 2-18, while a polished diamond tender will take place in Ramat Gan, Israel, with dates yet to be announced.

Analysts said it was hard to gauge the impact of the temporary change in venue, but the Coronavirus was expected to have an impact on Alrosa's revenues.

"The outbreak of the coronavirus and the resulting decrease in consumption in China's luxury segment may temporarily pressure Alrosa's sight results for several months," analysts from BCS Global Markets said in a note.

Alrosa, the world's biggest diamond producer by volume, has planned 34 auctions for this year, 11 of which were scheduled to take place in Moscow, three in Russia's far eastern port of Vladivostok and the rest in large international centres of the diamond trade, where the company has trade offices, including Hong Kong.

Alrosa sells most of its diamonds under long-term contracts. The company is obliged to sell rough diamonds larger than 10.8 carats through international auctions, which account for 10% of its sales.

Russia has restricted crossings along its 4,300 km (2,670-mile) land border with China and is holding up its citizens returning from Wuhan, the epicentre of the virus, in a quarantined camp in Siberia for two weeks.

(Writing by Alexander Marrow, Editing by Barbara Lewis)

By Anastasia Lyrchikova and Alexander Marrow

Stocks mentioned in the article
ChangeLast1st jan.
AK ALROSA PAO End-of-day quote.
EURO / ISRAELI NEW SHEKEL (EUR/ILS) 0.06% 3.9431 End-of-day quote.-3.98%
GAN PLC 6.22% 150.83333 Delayed Quote.-24.52%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.72% 78.7 Delayed Quote.24.89%
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Financials (RUB)
Sales 2020 250 B
EBIT 2020 82 211 M
Net income 2020 67 420 M
Debt 2020 71 194 M
Yield 2020 13,6%
P/E ratio 2020 6,11x
P/E ratio 2021 5,05x
EV / Sales2020 1,93x
EV / Sales2021 1,74x
Capitalization 410 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 82,33  RUB
Last Close Price 56,90  RUB
Spread / Highest target 97,2%
Spread / Average Target 44,7%
Spread / Lowest Target 3,69%
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NameTitle
Sergey Sergeevich Ivanov President, CEO & Deputy Chairman-Supervisory Board
Anton Germanovich Siluanov Chairman-Supervisory Board
Aleksey Nikolayevich Filippovskiy Chief Financial Officer
Oleg Romanovich Fedorov Member-Supervisory Board
Mariya Vladimirovna Gordon Senior Independent Member-Supervisory Board
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