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Date: 2 months ago   Category: Finances

Orientation to dividends: how to make a right choice?


Earlier in the Russian market so-called actions of growth, that is those companies at which financial performance quickly grew were in demand. Now investors prefer dividend actions. What to pay attention when choosing to? Photo: depositphotos.com of the Action of growth are papers of such issuers as "Yandex" and "Tinkoff". They are pleasant to investors also now. But the Russian economy practically stagnates therefore investors began to buy dividend papers instead of actions of growth. Average dividend profitability on the market — 7%. Popular tactics — to choose papers with profitability it is more than 10%. The other day the Russian power company of Yunipro controlled by the German Uniper updated dividend policy and promised shareholders the 40 percent growth of dividend payments. As a result dividend profitability has to grow from the current 8% to 12%. Nevertheless the quotations of papers in recent days even decreased. Whether owners of investment accounts should add to themselves such papers? Sergey Suverov is the senior analyst of BKS "Yunipro" — one of the most interesting companies in the electricity sector, has stable financial performance and can even gain additional income due to commissioning of Beryozovskaya GRES. But there are risks, they are connected with the fact that the company gains ruble income, and in case of strong devaluation of ruble it turns out that currency income of the company becomes much less. Therefore for those who are afraid of devaluation, probably, it is not the best history, but for those who prefer ruble story with high dividend profitability, it is good investment. Also there are specific branch risks connected with tariff regulation, it belongs to all companies of this sector". Now the biggest dividends give exclusive papers of Surgutneftegas, Lenenergo, Moscow Exchange and Bashneft. High dividend profitability does not mean growth of market value. Moreover, after a cut-off when the register of shareholders who will receive dividends is formed, stock price usually falls on the amount of these dividends. The rate on risk-free tools, that is federal loan bond, is higher than 8% per annum at inflation about 5%. That is, even without risking, state bonds overtake inflation. What sense to risk loss of the sum hypothetically to draw interest more on couple? Nobody guarantees dividends, the investment banker, the financier Alexander Prosviryakov notices. Alexander Prosviryakov is an investment banker, the financier "When already the board of directors voted, it was approved, then, most likely, it will be paid. But at this moment it already is in the price. If you take the share at the moment when this decision was already announced, then know that these will pay you 10%, but for these 10%, most likely, the action will sink. That is you as a result will remain at the money in the basic scenario. Therefore it is necessary to take shares of those companies at which as you consider, dividend profitability will remain for the next several years. There have to be several factors which will confirm your forecast that the company will generate a free cash flow

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