References in periodicals archive ?
Prefs of Kubannefteproduct and Smolensknefteproduct have brought the highest accumulated dividend yield since 2008 (83% and 78% return, respectively, based on average market share price on the record date).
DDM-valuation of Rostelecom prefs at 9% discount rate gives target price of $2.
This means that owners of Rostelecom prefs will get no less than R4.
We revalued Rostelecom prefs using DDM with a 7% discount rateand the new payout ratio.
We confirm a HOLD recommendation for common shares and downgrade prefs to SELL.
Payout ratio is supposed at about 23%, implying 20% allocated to dividends on common shares and only 3% on preferred shares (for the latter 10% of net income will be allocated to 25% of share capital, while number of prefs actually corresponds to some 7% of share capital).
However, we believe that Rostelecom's prefs offer an attractive investment opportunity, as in addition to offering a healthy long-term dividend
We favor MTS, Rostelecom prefs, Mechel prefs, Surgutneftegas prefs, TNK BP Holding's commons and prefs, Bashneft's commons and prefs, Dorogobuzh prefs and Bank Saint-Petersburg convertible prefs as the best plays on the dividend theme.
In our view, the conversion rates should be based on an approach similar to determining the conversion rate for IRs' prefs conversion into Rostelecom commons in 2010 (i.