Daniel, GEM receives most earnings in h2. For example, 1h14 eps was only 5.5 cents vs fy14 eps of 18.6 cents. Some difference is due to acquisitions but basically kids are out of school and childcare in jan and part of feb which is a chunk of h1 ebit.
Critics point out , partly correctly, that gem's dividend has been sailing too close to the wind, i.e., barely covered by earnings and in fact not covered enough because earnings are directed to acquisition and debt costs. But that can occur when growth is rapid. gem might have better yield coverage in fy15 due to more moderate growth. And i wouldn't be surprised if gem gets a windfall from the 19% afj holding (assuming the private equity firm actually gets the cash to pay afj shareholders!)
Incidentally, you may have noticed that gem's hot copper forum is infested with "not held" posters who provide acidic comments that are either vacuous or border on libelous -- I'm surprised hc hasn't protected itself. I don't see much of this type of foul posting elsewhere.
GEM Price at posting:
$3.17 Sentiment: None Disclosure: Held
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