BUZZ-Gold and silver miners: a Q3 primer

** 3 precious metal miners to report over next two days as gold, silver prices come off year-lows hit earlier this month.

** Fresnillo (Other OTC: FNLPF - news) reports Q3 production guidance on Thursday, Polymetal and Polyus Gold both announcing trading updates on Wednesday.

** All three stocks expensive compared to the peer group on an EV/EBITDA basis, with Polyus and Fresnillo particularly at risk should numbers disappoint. Chart on valuations: http://link.reuters.com/sun23w

** Morgan Stanley (Xetra: 885836 - news) expects Fresnillo to clarify FY2015 capex spending (est $800 mln) given ongoing silver price weakness.

** Gold and silver prices have slumped in Q3: down 8 pct and 18 pct respectively since mid-July, putting additional pressure on margins.

** MS predicting 24 pct QoQ sales growth for Polymetal, with Polyus revenues expected to be broadly flat.

** Of the three, Polyus Gold's shares have held up best over last three months, returning 1.7 pct compared to double-digit losses for Fresnillo and Polymetal.

** Polyus and Fresnillo two of the most over-valued stocks in UK on an intrinsic basis, according to StarMine. (RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)