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Summary
European dividends grew 10% to reach a new high in 2023 at EUR 478bn. Powerhouse industries like banking, capital goods and pharmaceuticals supported an upswing in aggregate payments.
Now, amidst a challenging macroeconomic environment and rising geopolitical risk, we expect European dividends to remain resilient with aggregate ordinary payments projected to increase mid-single digits (5%) in 2024.
Join us as we discuss our expectations for dividend challenges and opportunities in 2024.
To help us in our analysis, we look forward to welcoming Chris Williamson, S&P Global Market Intelligence’s Chief Business Economist, who will help us to decipher the most recent economic data trends and their potential impact upon the dividend markets. We will also have Paul Watters, Head of Credit Research for S&P Global Ratings in Europe, to highlight the latest rating trends across various sectors in the region. Elizabeth Bebb, Head of Factor and Dividend Indices EMEA for S&P Dow Jones Indices will discuss why dividend index methodology matters and explore how dividend forecasting data can be incorporated into indices.
- Latest economic trends in Europe
- Credit outlook for the key sectors in the region
- Dividends from key sectors such as banking, capital goods, and healthcare continue to lead the way
- An overall slowdown is expected, with notable cuts to the transportation and materials
- Dividend index methodology and incorporating dividend forecasting data
Speaker
S&P Global Market Intelligence
Chris Williamson
S&P Global Market Intelligence
Chief Business Economist
Chris is a well-known economic commentator and is regularly quoted in international business print and broadcast press, and frequently speaks at conferences on global economic issues. He also sits on several economic advisory panels.
S&P Global Ratings
Paul Watters
S&P Global Ratings
Head of Credit Research EMEA
Paul Watters is Head of European Credit Research for S&P Global Ratings. Since 2017 he has been the chair of S&P’s European Credit Conditions Committee where senior analysts and economists examine macro credit trends and risks factors that may broadly impact Credit Ratings.
Prior to his current role Paul has held various senior product development, analytical, and research roles within S&P’s Leveraged Finance Group since joining S&P in January 2002, that included being a primary analyst for a portfolio of high yield credits in the metals and mining, chemicals, and oil and gas sectors.
Previous to S&P, Paul spent almost fifteen years working in debt capital markets in various senior trading and research roles with both Lehman Brothers and Nomura International.
Paul is a CFA Charterholder, and a Fellow of the Association of Corporate Treasurers.
S&P Dow Jones Indices
Elizabeth Bebb
S&P Dow Jones Indices
Head of Factors and Dividend Indices EMEA
Liz Bebb is Director, Factor & Dividend Indices at S&P Dow Jones Indices (S&P DJI), focusing on the EMEA region. In her role, Liz focuses on alternate beta strategies, including factor-based indices as well as dividend, quantitative and dynamic-allocation strategies.
Liz Bebb is Director, Factor & Dividend Indices at S&P Dow Jones Indices (S&P DJI), focusing on the EMEA region. In her role, Liz focuses on alternate beta strategies, including factor-based indices as well as dividend, quantitative and dynamic-allocation strategies. Liz works closely with the IMPG, Sales, Marketing and Global Research & Design departments to bring new ideas to market. Prior to her current role, Liz had responsibility for U.S. equity indices.
Prior to joining S&P DJI, Liz worked for LGPS Central, managing the pooled equity assets of eight Midlands-based local government pension scheme funds. For the majority of her career, she was an Equity Analyst/Investment Manager working for both asset managers and investment banks covering companies across sectors, market capitalizations and global market regions.
Liz is a CFA charterholder, has a bachelor's degree in economics from the University of Newcastle Upon Tyne and has a master's degree in finance from Stirling University. Additionally, Liz holds the ASIP designation from the U.K. CFA Institute and the CFA Institute Certificate in ESG Investing.
Nikita Chhabra
EMEA Dividend Forecasting Research Lead
Nikita Chhabra is the EMEA Dividend Research Lead in the Dividend Forecasting team. Nikita leads dividend forecasting research efforts in EMEA, which covers 13 different markets including France, United Kingdom, Germany, Italy, Switzerland, the Netherlands, etc. She is responsible for all research report related initiatives in EMEA from idea generation to planning and media communication. Her primary coverage are German DAX indices. Nikita holds a Master of Business Administration with a specialization in Finance from the IILM Institute, New Delhi.
S&P Global Market Intelligence
Pattie Zhang
S&P Global Market Intelligence
Research Analyst, Dividend Forecasting
Pattie Zhang is a Research Analyst in the Dividend Forecasting team at S&P Global Market Intelligence.
Pattie, based in London, is responsible for UK stocks in the FTSE 100 and FTSE All-Share indices. She is committed to forecast accuracy by monitoring company news and staying in touch with investor relations teams. She has published a number of short reports to illustrate her forecast revision and methodology; in addition, she has been working on long reports to present her outlooks on dividend trends.
Pattie graduated from Imperial College with a Master’s degree in Risk Management and Financial Engineering. She is honoured to be the Women in Finance scholar at Imperial College Business School.
Herne Martin
Research Analyst, Dividend Forecasting
Herne Martin is a Research Analyst in the Dividend Forecasting team at S&P Global Market Intelligence.
Herne Martin is a Research Analyst in the Dividend Forecasting team at S&P Global Market Intelligence. Herne is part of the Dividend Forecasting team and specialises in the French, Dutch and Belgian markets. His responsibilities include performing analysis on stocks, delivering research reports and handling client queries. Herne holds a BA(Hons) in Politics from the University of Warwick.
Moderator
S&P Global Market Intelligence
Kevin Soyer
S&P Global Market Intelligence
Head of EMEA Dividend Forecasting
Kevin Soyer is a Director for Research & Analysis, Dividend Forecasting at S&P Global Market Intelligence.
Kevin Soyer is a Director for Research & Analysis, Dividend Forecasting at S&P Global Market Intelligence.
Kevin works in the Dividend Forecasting team where he is responsible for global business development and heads the EMEA Dividend Forecasting team. His research has been quoted in the top-tier publications including the Financial Times and The Times. He joined the firm in 2012, and prior to that worked at BNP Paribas in the Equity Derivatives division.
Kevin graduated with a Master in Financial Markets from NEOMA Business School (Rouen), France. He is a CFA Charterholder and a member of the CFA Society of the UK.
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