Dniproenergo, Dniprooblenergo may pay 30% of income in dividends

Dniproenergo, Dniprooblenergo may pay 30% of income in dividends



16 квітня 2013 года
Конкорд Капитал

Днепрэнерго (DNEN), Днепроблэнерго (DNON)


Shareholder meetings to be held this week by DTEK-controlled Dniproenergo (DNEN UK) and Dniprooblenergo (DNON UK) will consider distributing 30% of the companies’ 2012 profit in dividends, according to preliminary decisions approved at the companies’ AGMs . If shareholders vote in favor, Dniproenergo will pay UAH 47.2 DPS (implying a dividend yield of 22%), and Dniprooblenergo will pay UAH 8.60 DPS (yielding 5%). Another DTEK-related company, the Komsomolets Donbassa mine (SHKD UK) won’t pay dividends, based on its preliminary decision.



Alexander Paraschiy: We don’t know for sure why DTEK’s management is considering dividends for its related companies, but it’s most likely motivated by the state retaining its 25% stakes in the companies. The other three companies that DTEK controls, and where the state has a 25% stake, are Donetskoblenergo (DOON UK), Zakhidenergo (ZAEN UK) and Kyivenergo (KIEN UK). If they decide to distribute 30% of their profit in dividends, the yields will be 17% for Donetskoblenergo, 1% for Zakhidenergo and 57% for Kyivenergo. We expect Kyivenergo will pay no dividends, as its record-high profit in 2012 was generated solely due to a subsidy from the state budget (refer to our news on KIEN from Feb. 21).

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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