Next dividend likely to be 2025/26, page-20

Trademoreper (along with the "analyst" in the note he uploaded) doesn't appear to understand what a dividend trap is. The company doesn't have a pile of unsustainable/risky debt, the dividends we have had so far did not exceed earnings (modest and sustainable payout ratio), plus the dividend yield is not outlandish for the sector. And I imagine that yields will become more consistent in time (and payout ratios increase) as major growth projects (already budgeted and paid for from profits) come online and CAPEX needs reduce. All that doesn't fit with the standard notion of a dividend trap.