Public developers are not expected to pay dividends to shareholders in 2027, - Kommersant.
There are several prerequisites for abandoning dividends: a high debt burden, declining revenues and growing losses. At the same time, the value of developer shares on average falls twice as fast as the Moscow Stock Exchange index.
Almost the only developer with an "average" chance of paying remains LSR. For other developers, payments in 2027 are considered unlikely.
Smollett's net debt exceeds EBIDTA 3.6 times, Athlon's 4 times and APRI's 5 times. GloraX has a debt load of 2.9x, but a moratorium on dividends has been imposed until the end of 2027. LSR has a net debt-to-EBIDTA ratio of 2.8 times trailing earnings, NRA notes.
Developers can return to massive payments only when the market recovers, not before 2030.