Page 69 - Russia OUTLOOK 2022

Gazprom
$12,5
38
14
Rosneft
$9,8
28
8
Norilsk Nickel
$40
38
10
Sberbank
RUB400
26
11
TCS Group
$120
29
2
AFK Sistema
RUB45
80
2
Yandex
$100
39
0
MTS
RUB395
34
11
Magnit
RUB7 700
32
7
PhosAgro
$28
27
8
InterRAO
RU6,96
61
6
The commodity and the financial sector account for over 70% of Russian equity market capitalisation.
Company Target Price Upside 2022 DY %
Source: Aton
Russia boasts highest dividend yields in a decade in 2021
The Russian stock market turned out to be the best in terms of the expected dividend yield (the ratio of the annual dividend per share to the share price) on the horizon of the year among both developing and developed countries, follows from the latest data from Aton. The index of the Russian market MSCI Russia (part of the group of emerging markets indices MSCI Emerging Markets) has reached 9.4%. In second place is Brazilian MSCI Brazil with 7.9%, followed by MSCI Turkey with 6.3%. The MSCI EM General Emerging Markets Index posted a dividend yield of 3%. Among the indices of developed markets, the European MSCI has the best indicator - 3.1%.
The dividend yield of companies from the RTS index (the dollar analogue of the Moscow Exchange index) will reach 8.7% at the end of 2021, Aton expects, this is a record value over the past 10 years (no more recent data). And in 2022, the yield will grow by another 1 p.p. and reach 9.7%. The average total return on the Moscow Exchange index over the past 10 years (2012–2021) was 18%. Excluding the dividend factor, the average annual return is only 12%, thus, dividend stocks bring an average of 6% return to the investor's portfolio.
69 RUSSIA Russia OUTLOOK 2022 www.intellinews.com