As I have explained previously, the problem is that their dividend, tax and capex payments over the second half are going to exceed their net operating cash flows by up to $30m. Therefore, they will not be able to fund the sort of dividend payments you are all expecting.
I just check the Goldman Sachs report and they are estimating a total year dividend of 22.1c. Given they have already paid out a 21c interim dividend, this equates to a 1.1c final.
The Goldman analysis also has a price target of $5.34 assuming a recovery in the almond price but so far no signs of that happening.
I think this will go under $4 and possibly lower depending on how far their debt blows out.
Broker data, page-19
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