Based on the text of the current dividend policy document,

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Rostelecom's current dividend policy is valid from 2021 to 2023. The company is preparing the next one for 2025. "We will maintain continuity in the new dividend policy. We understand that shareholders value stability and the company's readiness to fairly distribute profits, ensuring profitability for shareholders along with the lebanon whatsapp number database development of the company's business and infrastructure. Rostelecom will also maintain transparency of the principles of the dividend policy and the decisions made within its framework," a representative of the Rostelecom press service explained to a ComNews correspondent. The company does not disclose other details until the approval of the dividend policy, as well as the fact that 2024 falls between the current (until the end of 2023) and the next version of the document (which is being prepared for 2025).

the source of dividend payments to the nominal shareholder is the company's net profit. Rostelecom strives to pay at least 5 rubles per ordinary share for each reporting year and at least 5% more than the previous reporting year.

The company also strives to ensure that the amount of dividend payments (total for ordinary and preferred shares) does not exceed 100% of net profit according to international financial reporting standards (IFRS) for the reporting year.

FG Finam analyst Leonid Delitsyn believes that changes in the dividend policy will be insignificant: "Most likely, dividends will be tied to net profit indicators and make up a certain share of it. Rostelecom's main shareholder has no urgent need to receive money from the company in order to direct it to higher-priority projects. Rostelecom itself is a growing promising project, rising on the wave of import substitution."

Kirill Komarov, Head of Investment Analytics Department at Tinkoff Investments, is also confident that the dividend policy will not undergo significant changes: "The fact is that the dividend policy already has all the qualities in line with the interests of shareholders - a minimum level of payments (close to 50% of profit under IFRS) and flexibility in increasing payments if necessary or especially successful results (up to 100% of profit under IFRS). The adjustments will most likely be cosmetic and will not have a strong impact on the perception of the company's dividend history. In our opinion, Rostelecom shares look fairly valued by the market given its growth prospects and the level of dividend yield."

As of November 14, 2023, the price of one share of PJSC Rostelecom on the Moscow Exchange is 80.45 rubles. Over the past 30 days (from October 16, 2023 to November 14, 2023), the share price fluctuated from 75.5 rubles to 82.38 rubles. The minimum value for the period from the beginning of 2021 to November 14, 2023, the shares reached on February 24, 2022 - 45.45 rubles, after which they began to grow.

Chief analyst of PAO Promsvyazbank Alexey Golovinov gave a forecast for the share price for the near future: "In our opinion, the price of 90 rubles per share of Rostelecom looks fair. This estimate will be relevant until the publication of the updated strategy and policy in the second quarter of 2024."

Leonid Delitsyn explained whether it makes sense to buy Rostelecom shares: "Previously, the shares were cheaper, and we recommended buying them. At the moment, the price is 80.6 rubles (ordinary shares) and 75.4 rubles (preferred shares). Long-term investors who see the company's growth prospects over a three- to five-year horizon can buy Rostelecom shares. However, there are not so many long-term investors on our stock market. Most investors are not interested in the prospects for share price growth, but in high dividends at the moment."

The current dividend policy is designed for three years and applies to dividend payments in 2022, 2023 and 2024 (i.e. based on the results of 2021, 2022 and 2023, respectively).

PJSC Rostelecom's revenue for Q3 2023 amounted to RUB 173.9 billion. This is 14.3% more than for Q3 2022, - RUB 152.1 billion. Revenue for the first nine months of 2023 (from January to September) amounted to RUB 498.5 billion versus RUB 435.6 billion for the same period in 2022.

The company's net profit for Q3 2023 amounted to RUB 13.6 billion against RUB 8.6 billion in Q3 2022. For the first nine months of 2023, net profit increased by 29.1% compared to the same period in 2022 and amounted to RUB 40.5 billion against RUB 31.3 billion.