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8.3 Stock market
8.3.2 Dividends dynamics
The board of Ukraine’s largest sunflower oil producer Kernel recommended at its annual general meeting of shareholders the approval of a dividend of $0.42 per share (68% higher year on year, implying 3.8% dividend yield) for FY2020, according to a November 10 release. It also reported the recommended dividend implies a 30% payout ratio. The company’s AGM will be held on December 10, 2020. Recall, in its annual report published on October 5, the company said management would recommend $0.25 in DPS. “The recommendation to increase DPS by 68%, despite a quite intensive capex programme of $270mn in FY2021 (from $252mn a year before), seems to be an attempt by management to provide a positive signal to shareholders about improved board expectations on the company’s mid-term ability to generate cash flow,” an analyst at the Kyiv-based Concorde Capital brokerage said in a research note.
8.4 International ratings
Ukraine - Rating agency
as of July 1, 2020
last change
Moodys (USD rating)
B3 (S)
15/06/20
Fitch (USD rating)
B (S)
24/04/20
S&P
B (S)
27/09/19
56 UKRAINE Country Report December 2020 www.intellinews.com
