The Board of Directors of Norilsk Nickel will consider the issue of dividends for 2022 on April 28, the company said.
According to the Sinara IB, Norilsk Nickel can pay 660 rubles per share in 2022, which implies a dividend yield of 4%. Alfa-Bank analysts expect the dividend yield of payments for the past year at the level of 5%.
The dividend policy of Norilsk Nickel assumes payments at the level of at least 30% of EBITDA, while from 2013 to 2022 the company transferred 60% of EBITDA to shareholders. The exception was the final dividends for 2020, when the main shareholders – Interros and Rusal - agreed to reduce payments by almost 40% and conduct a buyback, in which Rusal played a major role.
The final dividends for 2021 were the last ones based on EBITDA and the dividend formula in the shareholders' agreement.
After the expiration of the legally binding document in 2023, the company will have to reduce payments proportionally, the head of Norilsk Nickel, Vladimir Potanin, said earlier. Payments, according to the company's management, should be linked to free cash flow in order to take into account growing investments.
Potanin's Interros now owns about 35.95% of Norilsk Nickel's shares. Rusal controls 26.25%. The share of Crispian Roman Abramovich and Alexander Abramov is approximately 4% of the shares. Norilsk Nickel's free float is about 33%, Interfax notes.
Alex Shishlo for Rough&Polished
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