Euroset Holding NV, parent company of Euroset Group, has promised to pay dividends in 2012 that range from 45% to 75% of the consolidated net income of the preceding fiscal year, as stated in the preliminary prospectus for the IPO of Euroset Holding.
Until now, Euroset has not paid dividends.
Euroset’s profit in 2009 amounted to 1.15 billion rubles ($40.7 million) and in 2010 was 5.58 billion rubles ($197.7 million). This year is expected to bring a profit of 6.59 billion to 7 billion rubles ($233.4 million to $247.9 million), and in 2012 it should rise to 8.68 billion to 9.47 billion rubles ($307.5 million to $335.4 million), according to forecasts by Credit Suisse and Alfa-Bank.
The promise of dividends could increase investor interest in Euroset, as happened when Euroset reduced the cost range of its GDRs, says senior analyst Natalya Kolupaeva of TKB Capital. According to her calculations, the dividend yield of Euroset could reach 3.8 to 5.2% (in dollars).
EWDN has reported on Euroset’s decision to go public as well as on analysts’ expectations.
Source: Vedomosti
