Exactly the point! AFFO has now gone above distributions for the first time in a long time. That means, they will be borrowing money (at around 3.3%) to pay dividends.
And that explains why the share price is at a discount to NAV for the first time in a long time (ex Covid).
And you may have noticed, they stopped doing this slide comparing dividends and AFFO. This is from FY21. While they have continued to increase the dividends at the predictable 4% per year, the fundamentals of the business has deteriorated to the point that the AFFO payout ratio has increased from ~80% to 116%. I understand part of this is timing, but this is now two years with at least another year or two forecasted.
There'll be a time to buy RFF again, but not until they improve their macadamias and AFFO.
Exactly the point! AFFO has now gone above distributions for the...
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Last
$2.05 |
Change
0.010(0.49%) |
Mkt cap ! $795.8M | |||
| Open | High | Low | Value | Volume |
| $2.04 | $2.07 | $2.01 | $1.117M | 545.9K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 10709 | $2.05 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.06 | 2155 | 1 |
View Market Depth
| Last trade - 16.10pm 03/05/2024 (20 minute delay) ? |
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Last
$2.06 |
Change
0.010 ( 0.91 %) |
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| Open | High | Low | Volume | ||
| $2.02 | $2.07 | $2.02 | 625111 | ||
| Last updated 15.58pm 03/05/2024 ? | |||||
| RFF (ASX) Chart |