all time high, page-11

$3 is wishful thinking but $2.40 within the next year is very likely. M2's dividend policy is 70% of Net Profit After Tax (NPAT) which is forecast to rise by 41% in 2011. M2 has a history of living up to or exceeding its forecasts so there is no reason to doubt its projection for 2011. Being conservative this points to a dividend of at least 12.5 or 13 cents which would give a yield of 5.0% or 5.4% fully franked on a price of $2.40 so $2.40 is very much on the cards.