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Equity

Loterias targets 95% pay-out ratio

Loterias y Apuestas del Estado began pre-marketing a €7bn Madrid initial public offering on Monday with early discussions between the bookrunners and investors focusing on the dividend yield as the most important valuation metric. Bankers expect pricing around the 8% mark with the company targeting a pay-out ratio of at least 80% and a target of 95%.

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