i dont think the dividend can be maintained in this environment and given the fact that based on latest half year results to 31/12/06 dividend was basically 100% payout.
There is also the issue of cashflow, with CND having to pay final instalments on some businesses previously acquired.
However even if the dividend is cut, on current prices you will still see a fantastic yld. More importantly the share price is priced for disaster which isnt happening.
On a PE of around 5times earnings, shareholders can 'afford' a moderate drop in earnings and a couple of years of difficult trading.
If you can take a longer term outlook, once the economy gets through this difficult period (say 18months to 2years), the profits should significantly increase again.
This will really put a fire under CND's earnings and the shareprice will skyrocket.
In the meantime im quite happy to sit on my hands and collect the very attractive dividends.
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