Source: Valor Econômico
By: Adriana Cotias
Return with dividends may exceed 9% in the year
List of candidates for good payers in 2021 has 24 companies, shows Economática
More than two dozen companies have the potential to pay fat dividends to shareholders in 2021. According to Economática’s survey, based on profits reported by the end of the third quarter, the potential return on earnings (including interest on equity) of the total evaluated ranges from around 2% to more than 9.6%. With the Selic rate at 2% per year, this is an inviting dividend yield.
To pass through the filter, Economática considered companies that registered profits in both 2019 and the first nine months of 2020. In addition, the result up to the third quarter has to be equivalent to at least 75% of the accumulated profit in 2019, with the potential to deliver a profit equal or superior at the close of 2020 data.
The assumptions also included an average financial trading volume from R$ 5 million per day at B3 and a dividend policy of the companies equivalent to last year, ie no change. The basis was the stock price at the last trading session of 2020.
On the list of 24 companies extracted, highlight to the electric energy sector, which traditionally pays good dividends, and is represented by eight companies. In the sequence appear insurance companies, real estate exploration and food, with two companies each. Other ten segments have an asset represented.
The best projected dividend yield is Enauta Participações ON, with 9.64% per year, in comparison to the 7.14% shareholder remuneration in 2020. The following units appear: Taesa (9.63%), Wiz ON (8.32%), Cyrella CCP ON (6.8%), AES Tietê (6.37%) and the São Paulo Transmission (6.26%).
In some cases, the dividend yield projected for this year is higher than that of 2020 because some papers had strong devaluation. As Economática reminds us in its report, the denominator in the calculation of the yield is the stock price. Thus, if the asset loses value, the percentage result in dividends and JCP tends to be higher, even if the company disburses the same volume in reais.
At the beginning of 2020, of the 21 companies mapped by Economática, starting from a minimum yield of 4% – equivalent to the Selic rate of the time – only nine companies reached a return higher than the projected 4%. The covid-19 pandemic eventually reduced dividend distribution throughout the year.
The company that best compensated its shareholders was Taesa, with a yield of 9.63%, compared to an estimated 6.06%. The paper with the highest potential was Itaú Unibanco ON, with a forecast of 8.76%, but the real value was 4.67% due to the sharp reduction in the distribution of profits by the banking sector.