Waiting for a greedy dividend pushes Parmalat. The stock accelerates to +2% to 1,87 euros in contrast with the rest of the Ftse Mib and the only positive stock on the list. The market is betting that the extraordinary dividend of a year ago will be repeated, which led to a total of 10 cents per share (which would mean a yield of 6% at current prices).
The reason to believe it? The hunger for liquidity of its main shareholder Lactalis which needs fresh resources to reduce the debt which is around 6 billion euros. And the numbers pose no obstacles to this scenario. Experts expect a net profit for Prmalat broadly in line with that of 2011 (189 million at parent company level and 224 million at consolidated level before extraordinary items). "Although we expected a coupon of 0,05 euros per share in 2012, we believe Parmalat may be able to distribute a dividend of 0,10 euros, also thanks to the strong net financial position," commented Kepler in a note confirming the target price at 2 euros and a buy opinion on the company's fundamentals.
On the other hand, yesterday the record sales recorded by Danone also gave the title the shine: in 2012 the French group recorded revenues of over 20 billion euros for the first time in its history and thus decided to distribute a dividend of €1,45 per share, up 4,3% on the previous year.
Further driving the stock are rumors of a possible delisting through a residual takeover bid by Lactalis which owns 83%. Hypothesis already circulated and taken into consideration by analysts but which to some seems unlikely in the short term given the high debt of Lactalis. But with minority shareholders the road has already been uphill for some time and it will not be enough to offer a penny and go: the hearing is expected on February 28 to decide whether to order an inspection in the context of the civil trial on the acquisition of Lactalis Usa , a subsidiary of Lactalis, by Parmalat itself which has raised the small shareholders and the Amber fund and shouted the robbery of the cash of the Collecchio group.
