In a year that saw a general rise in commodity prices amid the resumption of global activity and the Ukraine war, producers of raw materials have emerged among those rewarding investors with a dividend.
A survey conducted by the financial data platform TradeMap indicates that among the 10 largest dividend payers in 2022, as of July, there are 4 commodity producers.
The leadership is responsible for Petrobras shares, which at the end of July announced the distribution, following second-quarter results, and Bolsonaro’s government’s request for state-owned companies to expect to pay dividends. 87.8 billion Brazilian riyals to shareholders.
CSN Mineração and Enauta Participações, both from the oil and gas sector, also appeared among the highlights of the period.
For the study, the dividend yield index was taken into account, which measures the size of the dividend in relation to the stock price traded on the stock exchange.
The energy sector, known for generating stable cash, inflation-linked contracts, and being a traditional dividend payer for shareholders, through CPFL Energia and EDP – Energias do Brasil, is popular among publicly traded companies. 2022.
“Only one of the companies is currently paying the current Selic level, Petrobras, given the company’s strong cash generation in recent months,” says Jader Lazzarini, CNPI analyst at TradeMap.
On the rise since the beginning of last year, the Selic rate has risen from a historic low of 2% annually to currently 13.75%, as the market is betting that Copom (the Monetary Policy Committee) can again raise 0.25 percentage points at the next meeting in September, and raise rates Interest to 14% per year.
The TradeMap analyst adds that it is important to note that the return offered by Selic is in a 12-month period, while the indicator that measures the level of dividend yield takes into account the period from 2022 to July.
Higher oil prices and operating results offset Petrobras’ political risks, managers say
According to Rodrigo Santoro, head of variable income at Bradesco Asset, bank manager dividend funds focus on sectors traditionally known to provide returns to investors through the payment of dividends.
As a result, commodity producers such as Petrobras and Vale, large banks (Itaú and Bradesco) and energy companies (Eletrobras and Energisa) are among the key positions in the portfolios.
Santoro says the state-owned oil company, in particular, is today one of the biggest bets on Bram’s dividend funds, adding that despite the company’s inherent political risks, value is fully discounted from equity over stock exchanges, and strong operating results, More than offset doubts about possible attempts at political interference.
Santoro also says he has encouraged in recent months a position reduction that has been implemented in Valley, with the Chinese economy slowing and iron ore prices falling on the international market.
But this, in the case of oil, the outlook for the sector is more positive and sustainable, given the reheating of the economy on a global scale after the pandemic, and the constraints imposed on the oversupply of the commodity.
Bram’s specialist also remembers that shares of companies on the stock exchange suffer a discount in proportion to the dividends paid per share at the time of payment. This amount received from the bonus distribution is reinvested by the manager’s money into equity in the portfolio, with an emphasis on yield enhancement and extracting maximum value in the medium and long term from the positive aspects of the development, says Santoro.
Banks resume payments with strong results after the pandemic
One of the main bets in the home dividend fund portfolio is currently in large banks, such as Itaú and Bradesco, says Luis Fernando Misagia, director of variable income at Icatu Vanguarda.
He remembers that the banks had set dividends by the government during the pandemic, in order to generate a liquidity buffer to prepare for a more negative economic scenario.
According to the latest results, referring to the second quarter of 2022, banks have shown that they have been able to demonstrate strong growth in loan portfolios and earnings, with a level of delinquency still relatively manageable, says Icatu Vanguarda Director.
In the second quarter, the big four banks – Itau Unibanco, Bradesco, Santander and BB (Banco do Brasil) – recorded a total net income of R$26.6 billion, a figure corresponding to a growth of 20.5% compared to the same period last year.
Today, Missagia says Petrobras is also among the largest positions in the Icatu Dividend Fund’s portfolio.
In the expert’s assessment, with the global supply of oil constrained to meet demand, and with the price of the commodity able to maintain itself around the current level, Petrobras should maintain strong cash generation in the coming months.
Missagia says SOE law and improvements in governance over the past few years, contribute to the company’s ability to obtain some protection against government interference with respect to the recent past, and to maintain a profitable policy for its investments.
The energy sector, via CPFL, Engie and Equatorial, which benefits from rising inflation through indexed contracts for price indexes, makes up Icatu Vanguarda’s dividend portfolios.
Retail and health are also present in dividend portfolios
In addition to exposure to the most popular sectors to be found in dividend funds, the Bram manager also cites retailers Arezzo and Lojas Renner among the stocks in the portfolios dedicated to this area.
“These are companies that we think will pay big dividends in the long run,” Santoro says.
Inter Asset’s director of variable income, Rafael Cota Maciel also identifies shares of dental network Odontoprev among the bets in the manager’s dividend fund portfolio, among bets that are slightly out of market common sense.
Odontopreve is a leader in its sector, operating in a position that is considered more defensive and safer than the average stock exchange, and less vulnerable to market volatility and economic activity performance, says Maciel.
However, most of the fund’s portfolio dedicated to good dividend payers from Inter Asset is also reserved for the traditional sectors – commodity exporters (Petrobras, Vale and Gerdau), the financial sector (BB and BB Seguridade) and energy (Taesa and Transmissão Paulista).
“We’re in a good moment to invest in good dividend-paying stocks, because there’s a lot of cheap stuff in the stock market,” says the Inter Asset principal.
It indicates that the higher the prices of the shares discounted in relation to the value estimated by the investors, the greater the dividend yield that the company provides, because the index is a result of the relationship between the value of the dividends paid and the value of the dividends the value of the shares traded on the stock exchange.
The Inter Asset director also adds that, given the profile of dividend-paying companies, with strong cash generation available for distribution to shareholders, they have been able to better navigate the country’s macroeconomic environment with high interest rates, compressed inflation, and weak economic growth – while offering The Ibovespa Index is up 6.3% in the year to August 19, the B3 Idiv (Dividend Index) is up 14% in the same range.
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