Ann: Dividend/Distribution - FMG, page-353

Agree @jb206.

I hate to say it folks, but as much as think the company is traveling in the right direction medium to long term, my thoughts are that I think Fortescue's

Revenue is going to come in lower.

Underlying net profit after tax is going to come in lower once again.

Their margins are going to come in lower.

I also think their dividend payout is going to be at the lower end ie between 50-60%.

I don't see any meaningful contribution to the Energy business just yet, that should change come next FY and hopefully offset costs.

Costs are rising, however, all in line with their detailed road map ramp up. You've got fleet replacement ramp up for example. Keep in mind that savings will result across the board, including in Energy, now that Fortescue One's structure is lean and efficient.

I hope I'm surprised to the upside.

Tony