The Russian stock market lacks positive
The Russian stock market on Wednesday morning is trading in General in the “red” zone, however, the dollar-denominated RTS index and the index of Mosuri in the black. Their pulls up Gazprom, which today has all the chances to take the barrier of 200 RUB per share. Index Mosuri will hold today’s auction in the hallway 2550-2580 points.
Brent crude is trading at $70.6 per barrel for gray to 0.9%. The ruble is in positive territory. The corridor is expected today on the pair dollar/ruble is 64,7-65,0, Euro/ruble – 72,6-73,0. EUR/USD – 1,122.
Gazprom — dreams come true and happiness is inevitable when desired. The Board of “Gazprom” revised recommendation on dividends for 2018 If, on 11 April, management proposed to pay RUB to 10.43 per share, or RUB 246.9 billion, now these figures increased 1.5 times to RUB 16,61 per share (393,2 billion rubles). This is two times higher than at the end of 2017. This recommendation still needs to consider the Board of Directors, after which it will be submitted for approval by the shareholders meeting on June 28.
According to the adopted in 2015 dividend policy, gas holding is obligated to pay from 17.5% to 35% of RAS net income. The company’s net profit according to Russian accounting standards in 2018 amounted to 933 billion rubles. the First recommendation was consistent with the dividend policy, as provided for the payment to shareholders of 26% profit. However, the new already goes beyond it (42%). While the Finance Ministry insists that all state-owned companies were given to the shareholders not less than 50% of net profit under IFRS. The Board proposed a new dividend amount represents about 27% of net profit according to IFRS for the year 2018, the former was 17%.
We have repeatedly pointed out that after the completion of pipeline construction, Gazprom will be able to be more generous with its shareholders. But the main thing else. “Gazprom” has a very significant hidden shareholder value. Don’t forget that in the zero years the company’s stock was worth $10-13. In any case, the shares of “Gazprom” in the near future will be the main driver of the market. We also will not be very surprised if “Gazprom” will go to dividend payments twice a year. Uniquely human was the legendary Yeltsin Prime Minister Victor Chernomyrdin, who despite the advice of the IMF lobbied for the privatization of the gas company. “Gazprom” in the near future have all chances to bypass the “Sberbank” German Gref and become the most expensive company in Russia.
Gazprom – our first major investment idea. And we consider necessary to remind about the second – “Surgutneftegaz” and $44 billion cache. Preferred stock – the best entrance in the capital of the company Vladimir Bogdanov.
The head of “Information-analytical center,