Vale (VALE3) pays R$40.2 billion in dividends; see conditions

the mining company Valley (VALLEY3) announced the payment of BRL 40.2 billion in dividends, an amount that corresponds to R$ 8.108316476 per share, said the company on Thursday (16).

The figure refers to the first half of 2021. The payment of remuneration takes place on September 30, according to the company.

The cut-off date for holders of shares traded on the B3 will be on September 22nd, while for holders of ADRs (American Depositary Receipts) traded on the New York Stock Exchange will be on September 24th.

Vale’s shares will trade ex-dividend on B3 and NYSE starting September 23rd. ADR holders will receive payment through Citibank NA, the depositary agent for the ADRs, effective October 8, 2021.

According to the mining company, the value of dividends per share may vary slightly as a result of the program
repurchase and the consequent change in the number of outstanding shares. Vale will issue a new notice to shareholders informing the final value per share.

The company also informed that the board of directors approved the cancellation of 152,016,372 common shares acquired in buyback programs prior to the one currently in effect and kept in treasury, without reducing the value of its capital stock.

Vale’s capital is now divided into 5,132,458,398 common shares and 12 special class preferred shares, all with no par value.

On the stock market, Vale (VALE3) falls; BTG recommends purchase

Vale’s shares (VALE3) closed this Thursday down by 4.15%, at R$ 87.93, pressured by the fall in iron ore in the international market.

The price, more than 20% below the company’s best moment, is a buying opportunity, analysts at BTG Pactual said in a report on Tuesday (14).

“We calculated a multiple of “only” 3.5x EV/EBITDA and FCFE [Fluxo de Caixa Livre para o Patrimônio Líquido] yielding 17%, metrics that look very attractive,” analysts said.

For BTG, most of the free cash flow generation must be returned to shareholders, with management still highly “averse to capex [investimento em bens de capital] expensive.

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