OMV Petrom - 2012 DPS below estimates (negative)
OMV Petrom (SNP) called a GSM for April 22, 2013 requesting shareholders to approve among others the 2012 dividend, the final FY 2012 financial results and the 2013 budget. The dividend proposed stands at RON 0.028 per share, 10% lower yoy, indicating a payout ratio of around 40% (pay-out close to 47% last year). Taking into consideration yesterday’s closing price, the dividend yield stands close to 6%. The proposed registration date is May 14 (ex-dividend date May 10). Given that the dividend proposed is 20% lower compared to our estimate of RON 0.035, we view the news as negative. The other materials for the GSM will be available later today.
Aerostar to pay a dividend of RON 0.079
Aerostar (ARS), the maker of aero industry, components has called a GSM for April 25 2013. The management has proposed to pay a 2012 DPS of RON 0.079 which implies a yield of 4.9%. We expected a 2012 DPS of RON 0.042, therefore we view this piece of news as negative. The ex-dividend is proposed for May 15.
Oil Terminal intends to pay a dividend of RON 0.00085214
Oil Terminal (OIL) announced that it called a GSM for april 25(26), 2013 when the shareholders could vote on management proposal to pay a 2012 DPS of RON 0.00085214. The corresponding current yield is 0.55%. The ex-dividend date was proposed for May 15.
Mecanica Ceahlau – 2012 DPS proposal
The producer of agricultural tools Mecanica Ceahlau (MECF) has called a GSM for April 29, 2013 requesting shareholders to approve among others the 2012 DPS of RON 0.006, which implies a pay-out ratio close to 20%. Based on the last closing price, the dividend yield stands at 4.5%. The proposed registration date is May 15 (ex-dividend date May 13). Despite the low pay-out we view the news as rather positive as the company did not distribute dividends since 2003.
