Moscow Exchange Financial Growth Presentation
☑
The established dividend story continues
History of dividend growth
DPS for the financial year, RUB
XX% Payout ratio
Interim dividend
Dividend yields of MOEX and exchange peers, 2020E¹
22% CAGR of DPS '13-19
%
89% 89% 89%
69%
58%
7.68
7.96
7.70
7.93
7.11
55%
47%
5.47
35%
3.87
MOEX
IPO
2.38
1.22
0.14 0.16 0.16 0.31
2.49
3.6
3.3
2.4
2.5
2.1
1.6
0.9
6.6
5.6
5.6
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
2020 Dividend: explaining the new formula
RUB bln
1.8
3.4
NASDAQ
OMX
HKEX
LSE
5T
Comments
Euronext
Dubai Fin.
Market
CME
B3
21.8
20.2
1.4
2.3
18.1
D&A
2019
M&A, AWC outlay
CAPEX FCFE before 2020 M&A AWC 2020
2019
(regulatory)
Div
2019
Sources: Bloomberg, Moscow Exchange
1
IFRS
NI 2019
MOSCOW
EXCHANGE
As of 3 December 2020, Dubai Fin. Market - as of 3 August 2020
☐
MOEX has been paying substantial dividends since the
onset of its public history
Dividend policy approved in October 2019 sets 60% of net
profit as the minimum payout and the target payout of
100% FCFE
■ In 2019 MOEX paid a DPS of RUB 7.70 for 2018, which
amounts to 89% of the consolidated IFRS net profit for the
year
■ In 2020 a DPS of RUB 7.93 for 2019, which amounts to
89% of the consolidated IFRS net profit for the year, was
paid out
11View entire presentation