At the share price before the announcement, this would amount to a DY of 1.1%. The ex-date is proposed for 15 January 2024.
Yesterday, One’s Board of Directors called for the GSM meeting, which will be held on 9 October 2023 (first call), or 10 October 2023 (second call). In the call, a proposal for the distribution of profit is also included, in the amount of RON 37.9m. This is to be paid out from the H1 2023 consolidated net profit of RON 287.9m, which would imply a payout ratio of 13%. On a per-share basis, this would mean that the gross dividend amounts to RON 0.01 DPS, with a DY of 1.08%.
As a reminder, ONE maintains a policy of paying out up to 35% of distributable net profit, in 2 tranches each year. In 2023, the first tranche was proposed back in March, and approved in April, and the 2nd one which was proposed in yesterday’s OGSM notice, and if approved, will be paid out in January 2024. Because of this system, the 2023 dividend might seem low right now, but overall after the 2nd tranche is announced, we expect it to be higher. In fact, according to our estimates, we expect the total dividend to be paid from 2023 profit at RON 0.026, which at the current price would amount to a DY of 2.83%.
The ex-date for the dividend proposal is set for 15 January 2024, while the payment date is set for 31 January 2024. Below we included the historical overview of the Company’s dividends per share and dividend yields.
One United Properties dividends per share (RON) and dividend yields (%) (2020 – 2023, RON)*
Source: One United Properties, InterCapital Research
*Dividends per share and dividend yields are presented in the year from which the profit was distributed
