Okay, fair, I'll go again.
FY 2021 earnings per share (cps) 214.1
FY 2021 dividends (cps)
Interim 88 + Final 90 = Total 178
214.1 - 178 leaves surplus capital after dividends of 36.1cps
Yield obviously fluctuates depending on the price you bought at, but let's assume WES is aiming to pay 4% as you suggest.
$1.78/4*100 = a share price of 44.50 for the 2021 period.
FY 2022 earnings per share (cps)
H1 107.3
H2 ???
FY 2022 dividends (cps)
Interim 80 + Final ??? = 4% assumed yield
(0.80 +???)/4*100 = $(20+???)
If earnings are flat then we could assume a target price of $40 per share to maintain a 4% dividend, with the inferred final dividend being 80c.That would mean dividends are lower than last year, with an inferred higher surplus of 54c per share after dividends (214-160=54).
The question is do you think H2 will be flat, be up, or be down?
Personally I'm leaning towards down, or at least preparing for it, which would infer a share price south of $40.
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