Bashneft report does not confirm the optimism of quotations

Rosneft daughter reported on IFRS for the first half of the year. The quotation report was plugged by 6%, let’s see what the Bashneft attracted investors.

Report for 1PG2021:

▪️ revenue — 357 billion (+ 23% y / y)

▪ Operating profit — 42.9 billion (loss of 12.4 billion a year earlier)

▪ ▪ Net profit — 27.6 billion (loss of 7.3 billion a year earlier)

▫️ Cash and equivalents — 5.7 billion (-64% for 6 months)

▫️ Long-term loans — 132 billion (+ 19% for 6 months)

▫️ Short-term loans — 65.7 billion (+ 27% for 6 months)

▫️ Net debt — 192 billion (+ 30.7% for 6 months)

▫️ EBITDA TTM — 82.7 billion

📍 CHA / EBITDA = 2.3

Results show growth due to the low base last year

Apparently, investors are counting on generous dividends. According to dividend politics, the minimum amount of dividends on preferred shares is defined as 10% of their nominal value. At a par 1 ruble, a minimum dividend of 0.1 rubles per privileged share. With the ratio of CS / EBITDA, less than two, the Board of Directors can send at least 25% of net profit under IFRS for dividends.

Last year, the company received a loss, so dividends were minimal — 0.1 rubles per share.

According to forecasts of analysts, the dividend on a privileged action may be 118.4 rubles, which at the current price corresponds to 11% yield

Always analyze the paper and buy and sell only in accordance with your strategy.

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