Bell Potter forecasts FMG final dividend $2.57
Vesna Poljak
The historic iron ore price rally puts Fortescue Metals Group in pole position to pay a final dividend of $2.57 a share, according to broker Bell Potter, taking its full-year payout to $4.04 a share.
Bell Potter analyst David Coates upgraded his final dividend estimate from $2.41 a share, and concludes the stock is trading on a yield of 10.4 per cent. The broker's new target price is $23.96 from $23.85 and its recommendation lowered to "hold" from "buy" as the upside for the stock from higher prices appears largely capped.
Assuming an interim dividend of $1.78 in 2021-22, the forward looking dividend yield is 17.5 per cent fully franked and $4.35 a share (final plus interim).
In a scenario where the spot price held to the end of the June quarter -- for an average of $US200 -- Bell Potter finds the final dividend could be as high as $2.62 a share, but that's only 5¢ higher than its base case.
Unfavourable exchange rate moves and higher costs are the two main offsets to higher earnings, Mr Coates finds.
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$22.59 |
Change
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Mkt cap ! $69.55B |
Open | High | Low | Value | Volume |
$22.37 | $22.60 | $22.21 | $90.44M | 4.024M |
Buyers (Bids)
No. | Vol. | Price($) |
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2 | 2064 | $22.57 |
Sellers (Offers)
Price($) | Vol. | No. |
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$22.59 | 197 | 1 |
View Market Depth
No. | Vol. | Price($) |
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2 | 2064 | 22.570 |
1 | 2400 | 22.540 |
2 | 691 | 22.520 |
5 | 819 | 22.500 |
3 | 12551 | 22.490 |
Price($) | Vol. | No. |
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22.600 | 18983 | 10 |
22.610 | 17467 | 3 |
22.620 | 2523 | 2 |
22.630 | 5425 | 5 |
22.640 | 20727 | 8 |
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