Page 100 - RusRPTDec21

Thursday, but assuming the company will stick to its 50% payout policy for 9M21 dividends, the BoD’s recommendation hints at a strong third quarter. For the record, our forecast only calls for a bit over 40 rubles to be paid on the full year of 2021e, suggesting we are too conservative in our financial estimates.
Norilsk Nickel’s BoD has recommended paying out an interim DPS of RUB 1,523.17/share, or $2.093/GDR, for a dividend yield of 7%. The total payout would amount to RUB 233bn ($3.2bn), and the record date is set for 14 January 2022. MNOD’s Capital Markets Day, which will be held in person in Moscow and livestreamed, is scheduled for Monday, 29 November.
The shareholders of Yamal LNG are to consider paying its first dividends for 9mo21 at the meeting on 10 December, according to the company, Interfax reports. On Friday 19 November, the Board of Directors recommended dividends for 9mo21 of RUB 8700/share, or RUB 31.42bn. If the dividends are finally approved, this would contribute RUB 15.7bn (USD 0.2bn) to Novatek’s FCF (or 8% of Novatek’s 9mo21F FCF, we estimate). The start of dividend payments by Yamal (it did not pay dividends before) was guided by the management earlier: during Novatek’s conference call on the 3Q21 results, First Deputy Chairman of the Management Board Lev Feodosyev said that the company expected to receive dividends from Yamal LNG for 2021, while CEO Leonid Mikhelson said that Yamal LNG had the financial capacity both to retire project financing and to pay out shareholder loans and dividends in equal parts. For 9mo21, Yamal LNG has paid RUB 37bn (USD 0.5bn) of loans and interest to Novatek.
Retail
Magnit’s Board of Directors has raised the 9mo21 dividend recommendation 20% YoY to RUB 30bn. The amount per share of RUB 294.37 implies an interim dividend yield of 4.4%, with the record day on 31 December and a payout ratio of 82% of net income from the respective period. We have updated our base case and now see a total annual payment of RUB 60bn (FY21 payment to match 9mo21), that returns a 9% yield, while we note the aggressive payout amid the sizable Dixy acquisition. Magnit’s shares are up 27% in the last three months but remain at an undemanding 2022F EV/EBITDA of 6x and P/E of 11x. We keep our 12-month TP of RUB 8,000, implying an ETR of 28% and a Buy recommendation.
X5 Retail Group's Board of Directors has recommended a 9mo21 dividend of RUB 73.65/share (RUB 20bn), implying a 3.4% yield and a 55% payout ratio. The record date was set for 17 December. The stated amount represents 38% of our annual dividend distribution forecast for 2021F (RUB 52bn), which suggests an 8% annualised yield. The figure amount is flat YoY, which looks modest compared to the recent 20% YoY uplift in 9mo21 for its closest peer – Mаgnit. X5’s GDRs are down 20% YTD and now trade on 2022F EV/EBITDA of 5.3x, which we do not see as overly demanding, while the slowing momentum in the offline business and absence of rapid online growth could pressure the investment case in the near term, in our view.
United Medical Group CY PLC, a leading provider of comprehensive premium medical services in Russia, operating under the brand "European
100 RUSSIA Country Report December 2021 www.intellinews.com