Page 100 - RusRPTJul21

8.3.2 Dividends dynamics
Russia 2022 DY at 7.5%. The Russian market has been strong recently in absolute and relative terms, which has slightly decreased the 2021E DY to 6.9% and 2022E DY to 7.5%. That still remains by far the highest DY of any major equity market globally and compares favourably to both 2.7% and 2.1% 2022E DYs of the MSCI EM index and MSCI ACWI.
The BCS Dividend Basket and its sector-diversified version are expected to yield as much as 27.3% and 23.0%, respectively. The peak of the Summer dividend season will be over in some six weeks, and we are looking forward to assessing the top DYs of 2022 thereafter.
Samolet’s Annual General Meeting of Shareholders has approved a FY20 dividend of RUB41/share, which is 57% of 2020 IFRS net income, with the record day on 10 July. Samolet’s shares have gained 75% since the IPO on 29 October 2020 and now demand P/NAV of 0.4x, with a 22% discount to the sectoral average. The 2020 dividend of RUB2.5bn is in line with the management guidance, while the same amount slated for 1H21. Thus, the total annualised payout of at least RUB5bn meets the dividend policy and implies a 5% yield.
The government has issued a new directive on the dividends of state-owned companies, to be applied starting 1 July 2021. The directive states that the minimum dividend payout for state-owned companies will be 50% of net income adjusted for non-cash P&L items.
100 RUSSIA Country Report July 2021 www.intellinews.com