re: Ann: Metcash Limited 2013 Annual General ... one23,
Actually no - reported EPS was 24c, but underlying EPS was 32.6c. Divs come out of underlying earnings, not statutory earnings.
So 28c div on 32.6c EPS is 86% payout. And the high single digit (somewhere between 6 and 9, so let's say 7.5%, the midpoint) is 30.2 cps. If they maintain the div that's 25.9c div for the year. Which at the current price of $3.26 is still 8% yield fully-franked.
It's not a general sell-off IMO, other than the stop-losses and panickers who got caught up in the rush. The way those trades are going through, it's a big boy (or boys) exiting.
That said, a 7.5% drop in EPS may justify a 5.5% drop in SP. So I think re-assessment is not a bad idea. I have said for a long time now that I would not want to be overexposed to MTS and this is a good reason why.
I don't see any short-term SP trigger other than a bounce on this sell-off. The only thing that's going to break MTS out of this cycle is either an end to this deflationary environment for F&G, or some big growth in the other pillars cancelling out the decline in F&G.
Either that or, as I said before, the ACCC growing a spine and doing something about the anti-competitive behaviour of the duopoly
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- Ann: Metcash Limited 2013 Annual General Meeting
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Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
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1 | 40303 | $3.59 |
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Price($) | Vol. | No. |
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No. | Vol. | Price($) |
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8 | 49903 | 3.580 |
5 | 66766 | 3.570 |
3 | 12051 | 3.560 |
8 | 16000 | 3.550 |
Price($) | Vol. | No. |
---|---|---|
3.600 | 19989 | 3 |
3.610 | 35608 | 7 |
3.620 | 33405 | 7 |
3.630 | 5051 | 1 |
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