Which Russian companies pay dividends more often than once a year

0
107
shares, investments, dividends, dividends on shares, dividend shares, Russian companies with dividends
Market

Cash-flow-oriented investors value dividend shares. Especially appreciated are the shares of those companies that pay dividends more than once a year. Unfortunately, there are not so many such companies on the domestic stock market.

The article you are reading, was reviewed by the shares of broad index Mosberg, namely the shares of 99 companies. Of these, only 23 companies in the last 2 reporting years paid dividends more than once a year.

Why in the analysis we took stock of the wide Mosberg index, not the index Mosuri? Because it is a reasonable compromise between the quality of corporate governance and the need to consider all stocks traded in the market. In addition:

  • The broad index includes 99 companies, the main index – 42 companies (only about 300 companies are traded on the stock exchange).
  • For most issuers, the quality of corporate governance leaves much to be desired, so if a stock is included in a particular index, it is a kind of quality mark.
  • There are shares on the stock exchange with which there are no transactions for several weeks or even months.

The following criteria were used in the selection of shares for analysis:

  1. Availability of interim dividends in 2017 and dividends declared and paid at the end of 2018.
  2. The presence of interim payments in 2018, despite the fact that in 2017 dividends were paid only at the end of the year.
  3. If the Issuer had interim payments at the end of 2017, but there were no interim payments at the end of 2018, such Issuer does not participate in the analysis.

The selection result is presented in the table

Share

Ticker

Quarter

The first quarter of 2017

The second quarter of 2017

The third quarter of 2017

IV quarter 2017

The first quarter of 2018

Second quarter 2018

Third quarter 2018

Fourth quarter of 2018

Akron

AKRN

 

235

112

185

 

40

130

 

ALROSA

ALRS

 

 

 

5,24

 

5,93

 

 

VSMPO-AVISMA

VSMO

 

762,68

 

890,45

 

756

 

 

Children's world

DSKY

 

 

2,97

3,88

 

 

4,39

4,45

Lukoil

LKOH

 

 

85

130

 

 

95

 

Magnet

MGNT

 

115,51

 

135,5

 

 

137,38

 

ММК

MAGN

 

0,869

1,111

0,806

0,801

1,589

2,114

1,398

MTS

MTSS

 

10,4

 

23,4

 

2,6

 

 

NLMK

NLMK

2,35

3,2

5,13

3,36

5,73

5,24

6,04

5,8

NOVATEK

NVTK

 

6,95

 

8

 

9,25

 

16,81

NorNickel

GMKN

 

224,2

 

607,98

 

776,02

 

 

Polymetal

POLY

 

$0.14

 

$0.30

 

$0.17

 

 

Pole

PLZL

 

104,3

 

147,12

 

131,11

 

 

Rosneft

ROSN

 

3,83

 

6,65

 

14,58

 

 

Rostelecom, ordinary

RTKM

 

 

 

5,046

 

 

2,5

 

Rostelecom, PRIV.

RTKMP

 

 

 

5,046

 

 

2,5

 

Rusagro

AGRO

 

13,84

 

16,53

 

7,63

 

 

Severstal

CHMF

24,44

22,28

35,61

27,72

38,32

45,94

44,39

32,08

Tatneft, ordinary

TATN

 

 

27,78

12,16

 

30,27

22,26

 

Tatneft, PRIV.

TATNP

 

 

27,78

12,16

 

30,27

22,26

 

PhosAgro

PHOR

21

24

21

15

24

45

72

51

UniPro

UPRO

0,0173489837

 

0,111

0,111

 

 

0,111

 

 

The amount of dividends is given in rubles, except for Polymetal – this company dividends are calculated in us dollars.

At the same time, it is believed that all companies will pay dividends by the end of 2018. If there is no value in the last column, then the dividend has not yet been approved.

The shares of those companies for which dividends were paid 4 times a year are highlighted in green. Yellow color indicates the shares for which dividends are paid 2-3 times a year regularly. Gray color – shares for which dividends are paid 2-3 times a year irregularly. In this case, "regularity" means that dividends are paid for the same periods. For example, the shares of Rostelecom dividends paid in the fourth quarter of 2017 and by the end of the third quarter of 2018, presumably, at the end of 2018, the dividend will also be paid. Therefore, it is considered that dividends are paid irregularly.

It is possible to allocate shares of Tatneft, they fell into the category of "irregular" not because of the missed dividends, but because of the decision to pay dividends more frequently (in 2017, the dividends were for the first nine months of the year, and in 2018 – at the end of six months, nine months and one year).

Shares of Mosuri in the analysis were not included. The fact is that in 2017 the company announced the decision to pay dividends 2 times a year, but in 2018 due to concerns about new sanctions, refused to pay dividends for the second quarter of 2018.

Brief information about companies from the rating

shares, investments, dividends, dividends on shares, dividend shares, Russian companies with dividends

It is impossible to make an overview of the companies included in the analysis within one article. Below is a brief description of some of them.

ALROSA - diamond mining and processing. According to the dividend policy, dividends are determined depending on the debt load ratio. With negative debt, dividends will be above 100% of free cash flow for the reporting period, with a net debt to EBITDA ratio of 0x to 1.0 x – from 70 to 100% of free cash flow, with a load of 1.0 x to 1.5 x – 50 – 70% of free cash flow.

"Detsky Mir" is a chain of children's goods stores. The dividend policy of the company provides for payment of at least 50% of net profit under RAS. The last few years paid dividends in the amount of 100% of the profits of the company.

LUKOIL is the oil and gas sector. According to the dividend policy, the company undertakes to pay at least 25% of the net profit under IFRS, annually seeks to increase dividends on the level of inflation. In the future, it is planned to switch to the payment of dividends from 40-50% of profit.

"Magnet" - retail trade. Previously, 40-60% of net profit was allocated for dividends. After the change of the controlling owner, no specific dividend policy was developed.

MMK is a metallurgical company. In April 2017, a new dividend policy was adopted – at least 50% of free cash flow under IFRS for the half-year and the year. Due to the low debt load, the company retains the ability to increase dividend payments. In 2018, all free cash flow was paid as dividends. For the 1st quarter of 2019, 100% of free cash flow will be directed to dividends.

MTS is a mobile operator. In March 2019, the company adopted a new dividend policy with payments of RUB 28 per share. By the end of 2019 – 2021. Past dividend policy requires payments in the amount of RUB 25-26 per share.

NLMK is a steel company. In March 2019, the company updated its dividend policy. It is proposed to pay dividends quarterly.

NOVATEK is a gas producing company. According to the dividend policy, dividends will receive at least 30% of the consolidated IFRS net profit adjusted for items that are not related to core business and non-reliable items.

shares, investments, dividends, dividends on shares, dividend shares, Russian companies with dividends

Norilsk Nickel is a metallurgical company. The company's management proposes to allocate 60% EBITDA for dividends if the net debt to EBITDA ratio at the end of the year is less than 1.8% and 30% EBITDA – if more than 2.2. Due to the desire of the main shareholder to develop the company in the near future dividend policy can be changed, dividends can be reduced.

Polyus is a gold mining company. Previously, the company sent up to 25% of net profit under IFRS. Since autumn 2016, the dividend policy has been changed – dividends are paid every six months at 30% EBITDA, if the ratio of net debt to EBITDA is less than 2.5. At the beginning of 2018, the dividend policy was adjusted – at least $550 million per year will be allocated for dividends at the end of 2017 and 2018.

Rosneft - oil production and refining. According to the dividend policy, at least 50% of the IFRS net profit is used to pay dividends. Dividends are paid at least twice a year.

Rostelecom is a telecommunications company. According to the Charter, the company pays dividends on preferred shares in the amount of 10% of net profit under RAS divided by the number of shares constituting 25% of the authorized capital (now it is 728 008 942 shares). In March 2018, the dividend policy was updated, and it was decided to allocate at least 75% of free cash flow, at least 5 rubles per share, to dividends on ordinary and preferred shares. The amount of dividends is limited to the company's net profit under IFRS. In 2018, the company switched to the payment of interim dividends.

PhosAgro is a chemical holding company. According to the dividend policy, it is planned to send up to 50% of profits as dividends.

Any questions? Leave them in the comments, our experts will answer it soon.

Оставить комментарий

Please enter your comment!
Please enter your name here