Ann: Jupiter Declares 14.5% Yielding H1 2019 Dividend, page-44

We go ex-dividend on Friday (Sept 21). Some price pull back to be expected on the day, but I expect this will be a short term thing. Forward dividends ( annualized) should be between 4c to 6c depending on manganese price and the A$ exchange rate. This after allowing for 70% payout from profits as flagged already by Jupiter rather than the current 100%. Currently the manganese price is holding up well, there is no supply surge on the horizon from new mines or ramp-ups, in fact China as a significant past supplier is reducing domestic mine supply due environmental issues. I don't see the $A appreciating much in the short -medium term, and likely will maintain low 70's or even sub 70's especially if Labor looks like winning the next election ( due capital flight offshore). Even at the low-end assuming manganese prices fall back to historical averages and the $A moves up to 75c its still a 4c divvy annually, giving a yield slightly above 10% based on current share price. Any shares purchased ex-divvy if there is a short-term pull-back in price will enjoy an even higher future annualized yield. Assuming the manganese price remain roughly where it is currently and the $A remains in the low 70's, an annualized 6 cents divvy is entirely likely. On top of this, as we enter the ASX300 ( on September 24 I think it is) deep pocket funds/instos can buy-in to the stock, providing further share price support. So, overall, my view is any ex-divvy pull-back in share price on Friday will be short lived as it will offer excellent value to the retail sector and investment funds looking for good returns.