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8.3.2 Dividends dynamics
Acron’s BoD has recommended interim dividends for 2022 at RUB 240/share, a 2% dividend yield. The EGM is to be held on 25 February, the ex-date to register was 28 January. We note that the announcement came in line with our expectations (see our Acron – Board to decide on next interim dividends, of 20 January). The company does not have a strict dividend policy, but usually targeted c. USD 200mn per annum. Given that this year is set to be the strongest ever, we see it paying USD 400-450mn, which means another 4-5% DY to come throughout 2022. We note that the yields are not impressive, compared with the average Russian DY of 9%. In our view, this is the reason for the stock's 5% intraday correction. It could also be justified by the recent strong performance: Acron was up 11% YTD, vs. the 8% decline of MOEX Index. The key focus is on N-prices, which deflated to USD 610/t, down 32% from the December peak of USD 900/t.
Recruitment agency HeadHunter announced its BoD approved an interim DPS of $0.84. Record date was set for 24 January.
78 RUSSIA Country Report February 2022 www.intellinews.com
