VTB broker predicts payment of 1.1 trillion dividends in October-January
Analysts of VTB Moi Investments predicted an increase in dividend payments of Russian companies. Experts also told where the economy is going and what assets are worth looking at
The volume of interim dividends, which is paid from October 2026 to January 2027, may amount to 1.1 trillion. VTB My Investments analysts shared this forecast during the presentation of the investment strategy for the fourth quarter of 2026. For comparison: a year earlier, a little less than 1 trillion dividends were paid for the same period.
At the same time, according to the forecast of analysts, of the х1.1 trillion, more than х235 billion will be paid for free-floating shares and securities that are not blocked in C accounts.
The dividend yield of the Russian stock market on the horizon of 12 months will be 11.5%. At the same time, dividend "locomotives" will be companies in the oil and gas sector, experts said. In their opinion, the shares of companies focused on domestic demand also look interesting.
Among the dividend favorites for the coming year, VTB My Investments singled out:
"Surgutneftegaz" privileged - dividend yield on the horizon of 12 months 22.9%; X5 - 21.9%; "Bashneft" privileged - 20.8%; LUKOIL - 20%; "Transneft" privileged - 18.3%; "Gazprom Neft" - 16.1%; "Dom.RF" - 15.4%.
Among growth companies, where there is a great potential for revaluation of the value of shares, VTB My Investments investment strategist Alexei Kornilov noted the shares of technology companies, the consumer sector and transport. Among the favorites are Yandex, Group Positive, Ozon, T-Technologies and Sovcomflot.
In addition, he noted companies that have the potential to dramatically improve their financial performance. This is a representative of the gas industry Gazprom, a company from the MMK ferrous metallurgy sector and a technology company Vkontakte.
During the presentation, experts also updated the forecast for inflation, the key rate, the ruble exchange rate and the Moscow Exchange index. According to the updated indicators:
Index Mosex on the horizon of 12 months: 3340 points; The key rate of the Bank of Russia at the end of the year: 13.5-13.75%; Dollar exchange rate at the end of the year: 86; RMB at the end of the year: 12.8; Urals price average for the year: е62 per barrel; Gold: $4250 per ounce in the future 12 months.
Experts noted that the index of the Moscow Exchange is trading at a discount of about 30% to the level of P/E for 2022-2025. The growth of prices on commodity markets and the rouble exchange rate in the third quarter of 2026, which is favorable for exporters, support the net profit of companies from the Mosbirzhi index. The reporting season for the first half of 2026, which exceeded analysts’ expectations, led to higher forecasts.
VTB My Investments allocates shares in the oil and gas, financial and IT sectors. Analysts are more positive about the consumer sector. Among the factors determining the attractiveness of shares in the fourth quarter of 2026, they included the payment of dividends, share repurchases and IFRS reporting for the third quarter of 2026, which, as expected, some companies will reflect either improvement or preservation of strong results.
