Page 69 - RusRPTJuly18

Surgutneftegas pref.
SELL
32.3
1.38
4.3%
EVRAZ
SELL
429
17.5
4.1%
RusHydro
HOLD
0.7
0.026
3.7%
PIK Group
SELL
333
12.4
3.7%
PhosAgro
SELL
2,306
85
3.7%
X5 Retail Group (DR)
BUY
1,756
64
3.6%
Rosneft
BUY
380
12.7
3.3%
TMK
BUY
83
2.3
2.8%
O'Key
BUY
143
3.7
2.6%
NOVATEK
BUY
848
19.6
2.3%
Surgutneftegas
SELL
29.3
0.65
2.2%
RusGrids
SELL
0.8
0.018
2.2%
*Ex-divi today **12MF DY may technically rise to 17% if ETLN returns to standa Bloomberg, BCS GM
8.3.2 Dividends dynamics
Russia's largest gold producer Polyus Gold approved a RUB147 ($2.36) per share dividend for 2017 , making a final dividend of $311mn and total payout (including previous interim payments) of $550mn. This is in line with company's dividend policy that sets the yearly payout at 30% of annual Ebitda or $550mn. Last week analysts affirmed Polyus Gold's Buy recommendations despite a slip in net income and cash flow in the first quarter of 2018, seeing the name at a good entry point due to its shares trading discount to global peers thanks to sanctions.
The annual shareholder meeting of Russian metals major Norilsk Nickel on June 28 resoled to pay RUB131.7bn ($2.1bn) in total dividends for 2017 versus RUB140bn paid for 2016. The dividend policy of the company sets the payout at 60% of Ebitda if leverage is below 1.8x and at 30% of Ebitda if leverage rises above 2.2x. For 2017 the company paid 52.25% of Ebitda at a leverage of 2.1x, making a dividend yield of about 7.2%
Russia's state holding Rosneftegaz, that holds the government shares in oil major Rosneft , will switch to paying dividends twice a year , and will pay out at least 50% of its net profit in keeping with the Ministry of Finance’s orders, Vedomosti daily reported on June 18, citing three unnamed federal officials. Rosneftegaz is controlled by Igor Sechin, who is also chairman of Rosneft and influential friend of President Vladimir Putin. The holding owns the state's shares in Russia' largest energy assets including Gazprom , Rosneft, and InterRAO , and is notorious for its lack of transparency. It has repeatedly defied the government and failed to pass on dividends to the state. Rosneftegaz has been dubbed "Sechin's piggy bank" by Kremlin insiders and forcing it to pay dividends in full to the budget is a major victory for liberal fraction in the Kremlin, formally lead by the Finance Ministry in its fight to scrap dividends from country's largest state companies. Recent Transneft oil pipeline operator also complied with the demand to pay the 50% of IFRS revenues. However, reportedly Rosneftegaz will pay RUB33bn ($0.5bn) in dividends for
RUSSIA Country Report July 2018 www.intellinews.com