Ill tell you were the confusion may come from. Its the shares outstanding & duel listing. The difference between Rio Tinto PLC & RIo Tinto Limited. Rio Tinto Limited is the ASX listing as has 371m of the 1617.4m shares outstanding of Rio Tinto as a hole.
If you take at face value Rio Tinto's financial statements & dont make the adjustment for the fact the ASX listed shares are entitled to 19% of the earnings/assets. You will get wildly distorted ratios. With a current market cap of 48B AUD, compare that to a rough average of dividends paid 2019/2020 of 8B USD. That would be over a 20% dividend yield. If Bell Potter are forecasting a 21 dollar dividend then I would guess they have failed to adjust their analysis for the duel listing. Im sure this is very encouraging for clients of theirs.
any rough ideas about what the dividend will be, page-18
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