Based on normalised EBITDA of $350m, to get to 1.0 to 1.5x target gearing implies debt could rise from the $290m at FY22 YE to $350m-$525m ie. an increase of $60m-$235m.
Even at the bottom end of the range of $100m available for capital management this allows for a dividend of 6.5cps or share
At the mid point of the range ie. 1.25 times ,the implied $150m available for capital management could provide for a 5c dividend ($80m) as well as a $70m buyback (approx 100m shares/6.5% of shares on issue). At 5% interest cost buyback is highly eps accretive.
Ann: SWM Investor Presentation and Trading Update, page-14
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