Tatars fly to space — NKNX

On Monday, Nizhnekamskneftekhim issued reporting on the RAS in the first half of the year with a record profit. In the evening of the same day, the Board of Directors gathered to discuss dividends, which, by the way, can become the first intermediate dividends in the company’s history. The chain of these events and gave rise to the growth of preferred shares of NKNX.

From the dividend policy it follows that payment for ordinary shares cannot be higher than the privileged. At the same time, preferred shares have greatly lagged behind ordinary. Now, probably, waiting for dividends spread can be reduced.

According to the reporting of the RAS, the NKNh revenue for the first half of the year rose almost 2 times to 118.2 billion rubles, net profit of 8.6 times to 24.9 billion. Of course, a multiple growth is due to the low base last year, but the profit is still scheduled.

It should be noted that most of the profits are obtained from the main activity, despite the fact that profits from the revaluation of loans amounted to 14 billion, the reassessment of deposits gave a loss of 12 billion, which leveled a significant impact of non-monetary articles on pure profits.

At the moment, Taif (the NKNH Mother’s Group) is at the merger stage with Sibur. The decision to pay intermediate dividends can be accepted on the basis of the desire of shareholders to bring part of assets from the transaction, for example, through dividends. Therefore, it is very likely that the semi-annual payout will be at a high level.

Approximately, at the moment the consensus analysts forecast is at the level of 9 rubles per share. With current quotations of preferred shares, such a payment corresponds to 10% yield. And this is only for the first half of the year. It may seem that the shares have already increased strongly and there is no potential, but technically the price of NKNCP still did not exceed the pre-crisis levels, and the narrowing of the spread between the ordinary and prefers gives the target price in the area of 110 rubles per share.

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