From what I can see in this latest report:During the reporting...

From what I can see in this latest report:

During the reporting period, about $69 million was paid out in dividends.

During that same period, NPAT was around $72 million.

Caveat: I'm not an expert in accounting, so there may be some kind of tax credit associated with the FF divvy that I am not aware of.

That being said, it appears that pretty much all the profit is being paid out as the divvy, with only a $3 million contingency left over. It doesn't look sustainable to me, except in a perfect world scenario where profit continues to grow year on year so that $3 million buffer can get a little bigger.

The last couple of reports have shown decent growth in most of the continuing businesses. It's not impossible, but if profits were to dip or if the business required a big chunk of capital for a new venture I fear the divvy could be at risk which explains why TAH continues to trade at a big discount relative to it's divvy yield.

Very keen to hear the opinions of others on this as I'm not an expert and others may interpret the numbers differently.