SGOK net income falls 44%, promising 16% dividend yield

SGOK net income falls 44%, promising 16% dividend yield



18 березня 2013 года
Конкорд Капитал

Северный ГОК (SGOK)


The Kryviy Rih-based Northern Iron Ore Plant (SGOK UK), a Metinvest subsidiary, reported net income of UAH 3.53 bln in 2012 (USD 437 mln) or a 44% yoy plunge, the company reported on March 15 in its AGM announcement. Both its AGM, and that of its sister company Central Iron Ore (CGOK UK), are scheduled for April 18 and SGOK’s agenda contains a voting item to approve significant deals.



Roman Topolyuk: SGOK’s bottom line came in at a disappointing level, significantly below our expectations. Thus, its EPS dwindled to UAH 1.53, prompting a DPS of UAH 1.51. With the same 98.6% dividend payout ratio as a year before, it would yield 16.1% (vs. 22% a year before).



Since the agenda contains an item for approving significant deals, shareholders may choose to vote against it and gain the right to sell their stake back to the company at a price of UAH 9.35/share, by our estimate.

Источник: Конкорд Капитал

Аналитик: Роман Тополюк
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