As a reminder, the shareholders approved at the GSM the distributable profit in the amount of EUR 24.8m to be paid as dividends in two installments.

NLB went ex-date yesterday, which refers to the second installment of dividends in the total amount of EUR 12.8m (or EUR 0.64 per share). We note that the dividend yield was 0.9% (at the share price a day before the ex-date). The share price decreased yesterday by 1.08%, while the turnover amounted to EUR 654.3m.

As a reminder, the shareholders approved at the GSM the distributable profit in the amount of EUR 24.8m ti be paid as dividends in two installments. Note that the first installment of EUR 0.6 per share was already paid out to the shareholders back in June.

We also note that the company’s management has been quite vocal about paying out a total of EUR 92m in dividends in 2021, which should indicate that the company could pay an additional dividend of EUR 3.36 per share, short of a regulatory ban. We do not expect to see any regulatory issues with the dividend payment and expect an additional payment to occur in Q4 of 2021. At the current share price, the potential additional dividend would translate to a DY of 4.7%.