Verbund Company News - Special dividend announcement
Management to propose to pay a special dividend of EUR 400 mn (EUR 1.15/share) on top of the 45-55% payout range regular dividend (RBIe EUR 2.41)Special dividend to allow for participation in extremely positive business development, marks a total payout ratio of 70% at the mid-point of the guidance range and EUR 1.2 bn total payout heralded by Verbund
The market reaction suggests that the street believes a 70% payout ratio could here to stay, we are not so sure
Windfall profit tax fears should recede after the announcement
Verbund is a public utility company engaged in the generation and transmission of electricity from subsidiaries' hydro and thermal power stations located throughout Austria. Through its subsidiaries, Co. is involved in the planning and construction of water systems, hydroelectric power plants, river structures, sewage disposal systems, and high voltage transmission towers and lines. Co. generates, trades and sells electrical energy to power exchange buyers, traders, energy supply companies and industrial companies as well as households and commercial customers.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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