Yesterday, Valamar’s subsidiary Imperial Riviera proposed a dividend payment of EUR 2.07 DPS. At the share price before the proposal, this would amount to a DY of 1.9%.

After its Supervisory Board meeting, the Company announced the Board’s proposals for the distribution of profit. In total, they proposed EUR 2.07 DPS, which at the share price before the announcement would lead to a DY of 1.9%. The proposal is subject to approval at the GSM.

It should be noted that EUR 1.3m is reserved for legal reserves and retained earnings, while EUR 4.7m is proposed to be distributed as dividend payments – partially financed from retained earnings from 2019, 2021, and 2022.

Considering Imperial Riviera operates in the tourism industry like Valamar Riviera, and is a subsidiary of Valamar, the same law for the payment of dividends applies. The outcome for both companies is in line with our expectations, as we did not expect any dividend payment until 2023.

Imperial Riviera Dividend per Share (EUR) and Dividend Yield (%) (2020 – 2023)

Source: Bloomberg, InterCapital Research