If there is a song worldwide that is a true Christmas emblem, it belongs to the pop diva Mariah Carey and her All I want for Christmas is you. It is a classic, which nurtures surveys on how the Christmas spirit no longer resurfaces only during the month of December. A recent study published by the NBC network reflects how since the year of its premiere, 2005, this hit has gone from being heard during the 31 days that lasted the last month of the year to covering 78 days in 2019, which begin at the beginning of October, just when one of the two strongest annual dividend payment seasons kicks off. Looking ahead to the two and a half months ahead until the end of January, some 25 companies from all over the Spanish stock market will reward their shareholders, and they are more than last year taking into account that some of them have already decided to return to normality of their payments, prior to the pandemic, not so much by amount, but by frequency.
Having left behind the dividends already paid from large companies such as Inditex, Santander and Cellnex Telecom last week, what lies ahead is a month of November – the remainder of it – with two of the highest returns in the market, such as those of Mapfre and Naturgy, and a December full of dividends. Ho ho ho!
November payments
There are fifteen days to close the month of Black Friday, the one of Single Day (11/11) in China and that of all those capitalist traditions that Europe has decided to import without almost asking before. It is about advancing purchases, in short, before Christmas.
Something similar has decided to do Mapfre, whose payment, traditionally, took place at the end of December. This year the insurer will pay the first on account of the 2021 result on November 30. To access it, it is necessary to have shares in the company before November 26, the date on which the securities will be listed without the right to receive it. The payment will be 0.0606 euros gross per share, which represents a return of 3.1% after a rally 7% since it presented results on October 29.
Telefónica’s ‘scrip’, of 0.15 euros, in the middle of next month, rents 3.8%
This rise in the stock market is what has caused Mapfre to fall several places in the dividend yield ranking of the Continuo, to the current 7%, to eighth position. The consensus expects a second payment for the month of June of 0.077, with which the total for 2021 would amount to 0.1376 euros, 8.7% higher than 2020 -when it cut its remuneration- and still 6% below the pre-Covid dividend (0.1464).
The insurer payment is the only one that can still be hunted. Naturgy and Renta Corporación They pay their payments this Monday, the 15th. It is the second interim dividend for the gas company, for an amount of 0.4 euros, in the absence of the third. In total, the consensus foresees a dividend charged to 2021 of 1.53 euros, which currently yields 6.8%. Its minimum commitment until 2025 is a distribution of 1.20 gross euros per share. According to his plan, he will go from a payout average from 120% until 2022 to 85% from 2021.
On November 19 Ferrovial It will pay 0.305 euros gross to shareholders who have chosen to receive the dividend in cash and not in shares (which it amortizes via buybacks regularly). In any case, whoever does not have shares in the company can no longer access it. With a profitability forecast for 2021 of 2.5%, the forecast of total remuneration for the year is 0.655 euros.
December payments
The last month of the year is loaded with gifts for shareholders and concentrates some of the most attractive payments, such as those of Atresmedia (according to forecasts, although the company maintains it canceled), that of Enagás, Telefónica or Merlin Properties.
The Socimi led by Ismael Clemente opens the month with a dividend that was announced this week, as it was not expected. Traditionally, the firm has rewarded its shareholders with a second payment in October, but during 2020 the pandemic led it to cancel this distribution to reduce cash outflow. In view of better prospects, Merlin Properties announced last Thursday that it will distribute 0.15 euros gross per share on December 3. The maximum date to buy shares that give access to payment is next November 18. This is the first dividend charged to 2021 from the Socimi. Last year it only distributed 30 cents in a single annual payment, but it has already decided to recover the pre-Covid trend. What is the market waiting for? That Merlin distribute 0.32 euros this year, which rents 3.3%. The firm, near annual highs, is still far from trading at pre-pandemic levels.
The 0.70 euros that Endesa will deliver in January allow the investor to capture 3.7%
Enagas has done nothing but gain muscle among the most attractive dividends with the pandemic, as it has continued to increase its payments despite still not recovering its pre-Covid prices. On the 15th it will distribute, according to estimates, 0.68 euros that allow it to pocket 3.4%.
On December 16, the most profitable dividend in the national market is expected, which is paid by Atresmedia. But it is a mystery because it is not confirmed. The company has not spoken since it canceled its remuneration charged to 2020. The consensus expects that this year it will recover its remuneration and that it will do so in a big way, with an annual profitability of 10.8%. The dividend is expected to amount to € 0.381 gross per share.
The second most attractive payment on the Spanish stock market will also play in December, but what is not known is the specific day. Metrovacesa, with a profitability of 8.10%, announced a first annual dividend for the last month of the year of 0.3955 gross euros, which yields 5.25%, and the novelty is that there will also be a second next year, according to company sources confirmed. Metrovacesa has its remuneration linked to the generation of annual cash flow. Its objective is to distribute as dividends 80% of what it generates. At the end of September, the firm led by Jorge Pérez de Leza managed to beat its own cash flow target of 100 million euros, with which, what is foreseeable, is that the remuneration gives for something else.
3.8% offer Telefónica with the scrip of 0.15 euros that will be delivered on December 17. The teleco, which has recorded about 22% on the stock market so far this year, usually pays its shareholders twice a year, generally in December (the payment on account) and in June (the complementary one). Those 0.15 euros are the first part of your total payment charged to 2021, of 0.30 euros divided into two payments of the same amount.
The market expects Atresmedia to recover its remuneration this year, with a profitability of 10.8%
For its part, Bankinter It already paid its first interim dividend for 2021 on October 1 -for an amount of 0.133 euros gross-, the first day on which the sector was free from the veto of the European Central Bank (ECB) on shareholder remuneration. The consensus expects a second payment for the end of December, of 0.055 euros. Traditionally, the orange entity distributes four annual dividends and the forecast is that they together reach 307 cents, which implies a return of 6.2%. The last pre-Covid dividend was 0.29, which would be higher.
To close the month, the market places the next dividend of Sabadell on December 27. It will mean a return to remuneration by the entity, once the veto of the ECB has been lifted.
January payments
In the month of January, it pays dividend a classic of the remuneration in Spain: it is Endesa, which, predictably, will pay on the 3rd, prior to the gift of Kings, 0.70 euros per share, which at current prices offer 3.7%. It is the first payment of the electricity company in charge of the result of 2021; The company usually pays twice a year, in January (the payment on account) and in July (the supplementary payment). The value is among the worst of the Ibex on the stock market this year, after having fallen around 14.5% so far in 2021. It continues to be 17% below pre-Covid levels, which at no time has come to recover.
The two dividends that the group is expected to pay in 2022 total 1.3 euros (0.70 in January, plus 0.60 euros in July). That amount offers 6.8%. 2021 will be the year in which Endesa, in accordance with the dividend policy that it approved at the end of 2018, will stop distributing 100% of its profits among its shareholders, to pass to deliver 80% to them. Of the profits of 2022 and 2023 it will offer them 70%.
Metrovacesa has announced a first annual dividend for the last month of the year that offers 5.25%
Above that 3.7% of Endesa is Farma Field, with a forecast dividend of 0.17 euros, which allows the investor to pocket 4.8% although, yes, in scrip. Its calendar is similar to that of Endesa, since it distributes dividends in January (predictably on the 3rd, like the electricity company) and in June. The payment planned for June 2022 amounts to 0.032 euros, which offers a return of 0.9%. Regarding your recommendation, you receive a maintain by the analysts of the consensus that FactSet collects.
The only dividend already confirmed for January is that of the train manufacturer CAF, which on the 13th will deliver 0.4 euros per title, whose yield stands at 1.1%. The Basque group usually pays only once a year. In his favor is the endorsement of the purchase advice given by the analysts.
A little earlier, on Three Kings Day, they are expected to remunerate their shareholders CIE Automotive and Zardoya Otis. The manufacturer of components for the automotive sector will distribute, according to Bloomberg, 0.31 euros, which at current levels rents 1.2%. The company has risen on the market by about 15% so far this year. Traditionally, it distributes two annual payments of the same amount. This year they amounted to 0.25 euros, and this is estimated at 0.31 euros. Despite the pandemic, CIE decided to maintain the expected amount of the approved dividend and also the dates of its distribution, in January and July, as it had been doing since 2013. The market consensus gives its securities a buy.
For its part, the elevator manufacturer – which is in the process of takeover by its parent company, the multinational Otis – would pay 0.075 euros in Reyes, offering 1.1% to the investor. He pays four times each year, and January would be his third payment on account for the year 2021. Only a few days ago he distributed the second dividend on account (it was last Wednesday, for 0.074 euros). It is also a purchase.
Day 10 will be Electric Network the listed company that, foreseeably, rewards its investors. It will do so with 0.2727 euros, which rents 1.5%. The manager has put on paper what his payment will be for the coming years: from 2020 to 2022 he will distribute a gross euro per title and year, which rents, at current prices, 5.5%; and from 2023 to 2025 it will reduce it to 0.8 euros, lowering its return to 4.4%. And on January 13, Técnicas Reunidas will deliver the dividend. With the 0.109 euros that he will distribute, it is possible to catch 1.3%. The value receives a tip to hold from analysts.
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