I think CAF will be able to pay a small dividend in FY2020. The reasons are:
1) Ventura's operating profit is climbing 2) I've detailed why the advice division's gross profit will stay flatish 3) the deferred tax asset impact will be significantly reduced in FY2020, and if all things stay equal and the board follows their 50-80% payout ratio formula, that would mean a dividend of up to 0.6 cents per share.
Countplus sold their SMA business (TFS) to Morningstar. If CAF do the same, we may have a special divi.
CAF Price at posting:
12.5¢ Sentiment: Buy Disclosure: Held
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