It seems there is a good deal of uncertainty about CND's dividend. ABN Amro is expecting it to be maintained at 19c, while Macquarie is expecting a cut to 17c. Judging by the share price decline today, I suspect that some folks are expecting a larger cut, perhaps to 14-15c.
My personal view is that because earnings are likely to be sound this year, the dividend will be maintained at 19c. And, assuming Lloyd Morgan gets back into shape, FY09 should be a strong year for CND with a dividend rise to around 21c. However, until the company is in a position to confirm what its dividend will be this year, there will be no share price recovery.
If the 19c dividend is maintained, CND is now paying a massive 10% fully franked.
Despite the uncertainty with the dividend, I maintain my view that CND is a great long term buy at current prices and I am continuing to accumulate.
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