Does anyone have a comment on this?? And who is Snowball's replacement?
From AFR
Citi analysts reckon outgoing Suncorp Group boss Patrick Snowball will have a parting gift for shareholders, with a sizeable special dividend worth a forecast 29¢ a share.
"With the FY15 result being the last Suncorp result to be presented by outgoing CEO Patrick Snowball, before he is replaced by Michael Cameron, we are expecting a farewell 'gift' in the form of a sizeable special dividend, even though the original RoE of 10% target has had to be abandoned," Citi analysts told clients on Tuesday morning.
"The precise size of this is hard to determine given an apparent degree of flexibility in the capital position, but as we have done for a long while we continue to assume total full year dividends of 105cps, flat on their level last year."
The analysts forecast a 29¢ a share special dividend, which is included in the 105¢ full year dividend. Suncorp paid 38¢ at the half year and Citi expects them to match it at the full year.
The comments came as Citi made a slight downgrade to earnings but retained its "neutral" recommendation.
Suncorp's Snowball is due to step down in October 2015 and will be replaced by GPT Group's Michael Cameron.
SUN Price at posting:
$13.55 Sentiment: None Disclosure: Not Held
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