When evaluating VTB shares, I will take the standard route and look at the dividend history and the calculation formula that determines these dividends.

Figure 1.

As we can see, the average line or linear trend of these two sequences is not very different from each other.

So we can take the one with the largest slope and extend it into the future.

Figure 2.

Seven future years of this data equal the stock price for each corresponding year.

We then compare this with stock exchange quotations.

Figures 3 and 4.

In conclusion, it is worth noting that the company does not have sufficient capital and corresponding cash flow in the first quartile of the 25th year to pay the declared dividends.