I am in two minds over this forthcoming divy.
Cash on hand and receivables this year are 217.8 mil, compared to 200.2 last year.
This years may have been more if we excluded their little property venture.
It would be safe to say that $0.01 is a given.
Two things seemed to have changed from last year. One is China is bent on cleaning up the environment so any higher grade iron will be snapped up if its feasible to invest in SouthDown, sales are a given. Second is they have openly opened the books to 3rd parties with regard to SouthDown.
If divy is 1 cent then SouthDown is very much a possibility to move further ahead.
If SouthDown falls down at the 3rd party interest stage, expect 2 cent divy.
I think 1.5 cent divy means management cant work their chit out one way or another.
I am leaning to a 2 cent divy.
GRR Price at posting:
17.5¢ Sentiment: Buy Disclosure: Held
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