His example is another science: Rostelecom has become the leader among state-owned companies in paying dividends
The expert and advisory council at the Federal Property Management Agency believes that the dividend policy of Rostelecom is the most consistent with the requirements of the government and the recommendations of the Federal Property Management Agency. The state operator sends at least 25% of net profit to dividends. On average, Rostelecom paid out 39.8% of IFRS profit over the past five years. Experts recognized such an indicator as the best among state-owned companies.
The Executive Director of the Professional Investors Association ( IPA ) acknowledged that the dividend policy of Alrosa (at least 35% of net profit under IFRS), Aeroflot (up to 25% including free cash flow) and Bashneft (at least 25%) given EBITDA , net debt and covenants) looks better than others. But these companies do not use the recommendations of the Federal Property Management Agency to adjust the base for calculating dividends, taking into account the real cash flow, Shevchuk stressed.
Experts expressed dissatisfaction with the policies of other state-owned companies. For example, Transneft pays owners of preferred shares 10%, and ordinary shares - 25% of net profit under RAS. Gazprom gives its shareholders 17.5–35% of net profit under RAS.
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Shevchuk hopes that the rest of the state-owned companies will follow the example of Rostelecom. However, he recommends a more careful approach to the yield of investment programs and debt management efficiency in order to maximize free cash flow. According to Shevchuk, most state-owned companies have substantial accumulated retained earnings - a total of more than 6.6 trillion rubles. This allows you to pay dividends that exceed net profit under RAS .
Rostelecom, in turn, is taking an example from cellular operators, says Gazprombank analyst Sergei Vasin. At the same time, the profitability of Rostelecom ordinary paper, according to Vasin, still does not reach the profitability of cellular companies - 6%.
Otkrytie FC analyst Artem Konchin estimates Gazprom's dividend yield at 5.5%, Rosneft at 4.5%. He told Vedomosti that Gazprom investors have long been waiting for the company to start paying dividends, guided by IFRS statements. The company's management promised to move to a new base from this year.
In 2016, Rostelecom expects revenue growth of 1-2% and maintaining OIBDA after its decline last year.
The company reported on Monday, March 14, that in the fourth quarter of 2015, it received net profit under IFRS of 4.1 billion rubles against 2 billion rubles in the same quarter of the previous year.
The Executive Director of the Professional Investors Association ( IPA ) acknowledged that the dividend policy of Alrosa (at least 35% of net profit under IFRS), Aeroflot (up to 25% including free cash flow) and Bashneft (at least 25%) given EBITDA , net debt and covenants) looks better than others. But these companies do not use the recommendations of the Federal Property Management Agency to adjust the base for calculating dividends, taking into account the real cash flow, Shevchuk stressed.
Experts expressed dissatisfaction with the policies of other state-owned companies. For example, Transneft pays owners of preferred shares 10%, and ordinary shares - 25% of net profit under RAS. Gazprom gives its shareholders 17.5–35% of net profit under RAS.
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Shevchuk hopes that the rest of the state-owned companies will follow the example of Rostelecom. However, he recommends a more careful approach to the yield of investment programs and debt management efficiency in order to maximize free cash flow. According to Shevchuk, most state-owned companies have substantial accumulated retained earnings - a total of more than 6.6 trillion rubles. This allows you to pay dividends that exceed net profit under RAS .
Rostelecom, in turn, is taking an example from cellular operators, says Gazprombank analyst Sergei Vasin. At the same time, the profitability of Rostelecom ordinary paper, according to Vasin, still does not reach the profitability of cellular companies - 6%.
Otkrytie FC analyst Artem Konchin estimates Gazprom's dividend yield at 5.5%, Rosneft at 4.5%. He told Vedomosti that Gazprom investors have long been waiting for the company to start paying dividends, guided by IFRS statements. The company's management promised to move to a new base from this year.
In 2016, Rostelecom expects revenue growth of 1-2% and maintaining OIBDA after its decline last year.
The company reported on Monday, March 14, that in the fourth quarter of 2015, it received net profit under IFRS of 4.1 billion rubles against 2 billion rubles in the same quarter of the previous year.
Source: https://habr.com/ru/post/299502/
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