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Analytics and Market news

Monday, 26 February 2024

Ukraine Weekly Market Monitor

Eavex Capital

The National Bank has reported that its stability assessments indicate sufficient capital and significant resilience within the Ukrainian financial system. Accumulated profits will enable the sector to meet the requirements for implementing capital conservation buffers, after which restrictions on dividend payouts may be eased. In this regard, Raiffeisen Bank (BAVL), which historically allocated approximately 50% of its profits to dividends, may resume such practices. Raiffeisen Bank’s net profit per share for 2023 amounted to 7.8 kopecks. Therefore, with a possible dividend payment of 3.9 kopecks per share, the dividend yield at the current stock price on the exchange will be 14%. The quotations of Raiffeisen Bank’s shares decreased by 0.4% over the week to 27.9 kopecks.

At the beginning of this year, there were 63 banks in Ukraine, with significant asset concentration observed, as the 20 largest banks control 93% of assets, and the top 10 banks hold nearly 78% market share. Five state-owned banks control 54% of the system’s assets.

Ferrexpo (FXPO) shares, traded on the London Stock Exchange, fell by 8.1% to GBp 74 after the company announced that the board of directors canceled the interim dividend payment of 3.3 cents per share. The interim dividends were declared on January 18 and were scheduled to be paid to shareholders on February 23, 2024. The decision to retract the interim dividends was made after a lawsuit was filed against the main Ukrainian asset of Ferrexpo, which is Poltava Mining. Earlier, it was reported that the Eastern Commercial Court of Appeals ruled to recover UAH 4.7bn (USD 120mn) from Poltava Mining. Lawyers for Poltava Mining have filed a cassation appeal against the decision of the Eastern Commercial Court of Appeals.

POLITICS AND ECONOMICS

- Zelenskiy Threatens Trade Restrictions Against Poland Over Border Blockade

- Ukraine Passes the IMF Review for Next USD 880mn Tranche

The National Bank of Ukraine has opened a special fundraising account to support the Armed Forces of Ukraine. Please find more at the National Bank’s official website under the link below:

www.bank.gov.uafull report



Eavex Capital welcomes any questions or comments you may have regarding our research products.
Please contact us by email:

Dmitry Churin, Head of Research, [email protected]



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