Norilsk Niсkel.

The company has shown a good report, but it will not help us evaluate or present a price perspective.

The gap between the past and the future is insurmountable.

Thus, we are in a space with a maximum speculative component.

If we double the figures in six months, then the history of finance looks like this.

Picture 1.

Over the past two years, we can observe significant losses of working capital.

Most likely, it is a disease of rapid growth.

The story in the picture below gives us some insight into the relationship between FCF and dividends.

Picture 2.

One day these curves will converge in their sums.

Thus, we are given the opportunity to evaluate future dividends and shares using FCF.

The latest FCF figures doubled and presented as annual, show a good result.

Picture 3.

So, the price drop is in the nature of bad expectations.

Figure 4.

The picture above shows the price history. I have added weighted average volume price curves for different time periods.

This gives some idea of the levels to which the price may fall if the company refuses to pay dividends.