I think I was expecting a min of 13.5c so this is good. Total dividend this year = 9 + 9 + 9+ 15 = 42cps Total shares on issue - 173m From what I gather DDR has a 100% payout ratio so total dividend = NPAT. If this is correct, NPAT for FY21 = 173 x 0.42 = 72.7m PBT is typically a factor of 0.7 so PBT = 103.8m
This compares to FY20 PBT of 81.9m - an increase of 26.7%. At the 9m mark, pcp increase in PBT was 26% so this PBT in this quarter grew at a slightly faster pace - this slight increase in growth is likely a direct result of the Exceed business contributing a full 3 months for this quarter.
Overall a good result but nothing surprising considering the outstanding Q3 result. What matters more to me (and the SP) is the growth rate going forward. Q3 and Q4 had some backorders that have been completed - question is what now? We shall find out in the commentary in the coming weeks - best case scenario DD says demand still exceeding supply leading to better margins and more backlog of work.
DDR Price at posting:
$14.13 Sentiment: Hold Disclosure: Held
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