Ill tell you were the confusion may come from. Its the shares outstanding & duel listing. The difference between Rio Tinto PLC & RIo Tinto Limited. Rio Tinto Limited is the ASX listing as has 371m of the 1617.4m shares outstanding of Rio Tinto as a hole.
If you take at face value Rio Tinto's financial statements & dont make the adjustment for the fact the ASX listed shares are entitled to 19% of the earnings/assets. You will get wildly distorted ratios. With a current market cap of 48B AUD, compare that to a rough average of dividends paid 2019/2020 of 8B USD. That would be over a 20% dividend yield. If Bell Potter are forecasting a 21 dollar dividend then I would guess they have failed to adjust their analysis for the duel listing. Im sure this is very encouraging for clients of theirs.
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