Dividends in Russia and in the USA.

25 сентября, 2021 от fake Выкл

«Incorrect you, Uncle Fedor, Eat Sandwich.»

(C) M / f «Three from Prostokvashino»

I love to systematize and lay off the shelves. And such a pleasant thing, as dividends, and systematize nice.

Although it says folk wisdom «From the fact that a hundred times to say» Halva «in the mouth will not be sweeter,» but this is not quite true. Thinking about good — this is alone alone. So the British are taught — «Think Positive».

So I will reflect on good — about dividends.

Immediately warning — hardened stock solders will not find anything new in the article. There will be no secrets and revelations — just the author’s review of the principles of payment of dividends in Russia and the United States and the comparison of the most striking differences. So you can not spend the time to read especially advanced stocking.


The first and brightest, in my opinion, the difference is the basis for calculating dividend sizes

In Russia, the profit shares roughly «here and now»

But still — this is the financial indicators of the year for which dividends are paid.


In America, another approach is most often preached to the determination of dividend payment. The amount of payment itself is established in a solid monetary amount and is not growing in proportion to the company’s financial success, but for a small arbitrary sum of money annually (if the company is going well, and in principle increases dividends).

Thus, for a shareholder, acquiring a shares of large, stable companies, the effect of unevenness in the annual financial results of the company is smoothed. In a good year, the company will accumulate money, and will not immediately distribute them to shareholders. And in a bad year, it can pay dividends to shareholders and in debt — this also happens (why it is necessary to companies — explain further in the paragraph about the dividend aristocrats and kings).

Interestingly, for such a favorite one now, the ideas of the «dividend pension» are not the ideal neither the other system: there is no stability of payments in Russia, and in America, the amount of dividends is very small in the average (as a percentage of the value of shares).

Let’s look further.

The second serious difference is the frequency of payments.

In Russia, most companies pay dividends once a year. Less often — two.

Those who are both metallurgists and phosagro pay more often than two times a year — to count on the fingers.

In the US, they are traditionally paid (those who are in principle pays dividends quarterly. It is not worth talking how it is convenient and nice for the shares holders — and the cash flow is stable, and there is no special dividend para. Beauty, and only. In this regard, it remains only to hope that our issuers will learn from Americans this positive tradition.

The third difference — the presence of dividend aristocrats and dividend kings in America

Without going into details (those who are interested in may commemorate parts) the essence of the following:

Dividendy aristocrat

Dividend King.

It is easy to see that in our market there are in principle there are no companies that could meet such requirements. And the problem here is not only that the market we have a very young — 50 years ago, we still built the communism and did not think about the dividends — the problem is also in the fact that the principle of the calculation of dividends is another (remember, in the first paragraph, we are about Did it say — «then thick, then empty»?)

So it turns out that although our journalists love for a red sense that the Sber of that Lukoil is called «our Russian dividend aristocrats», but the principle of accrual and payment of dividends does not have a real dividend aristocrat to appear, even after 25 Years — sequential and even growth of dividends from year to year we do not happen.

Rostelecom, however, voiced the plans to switch to the payment of dividends on the principle of a similar one with American — promised to pay in every next year at least 5% more than in the previous year. It will be interesting to see how it will look like.

In general, it must be admitted that our and the American model of calculations has its own charms. The predictability of American is very impressed, and the status of a dividend aristocrat or dividend king often forces the company to pay dividends even in debt — so as not to lose this status. What creates a pleasant predictability of cash flow for the holder — in fact, the promotion acts in this case and no matter how the bond substitute gives highly guaranteed (albeit not 100% guaranteed) payments.

Not 100% guaranteed, because despite the way, the company will value their status of the dividend aristocrat — from time to time, then one other company loses it.

On the other hand, and the Russian system has its advantages — for example, the shareholders of metallurgical companies would not receive such huge dividends this year on the American system. And in the Russian — please. The companies earned a huge profit — and immediately share it with shareholders, so to speak, «not delay in a long box»))

In general, moving to the conclusions, receive dividends on any system (and on the Russian, and American) business is good. The main thing is to buy stock shares that pays them a lot and stable. Right way to become