Okay, fair, I'll go again.FY 2021 earnings per share (cps)...

Okay, fair, I'll go again.

FY 2021 earnings per share (cps) 214.1

FY 2021 dividends (cps)
Interim 88 + Final 90 = Total 178

214.1 - 178 leaves surplus capital after dividends of 36.1cps

Yield obviously fluctuates depending on the price you bought at, but let's assume WES is aiming to pay 4% as you suggest.

$1.78/4*100 = a share price of 44.50 for the 2021 period.




FY 2022 earnings per share (cps)
H1 107.3
H2 ???

FY 2022 dividends (cps)
Interim 80 + Final ??? = 4% assumed yield

(0.80 +???)/4*100 = $(20+???)

If earnings are flat then we could assume a target price of $40 per share to maintain a 4% dividend, with the inferred final dividend being 80c.

That would mean dividends are lower than last year, with an inferred higher surplus of 54c per share after dividends (214-160=54).

The question is do you think H2 will be flat, be up, or be down?

Personally I'm leaning towards down, or at least preparing for it, which would infer a share price south of $40.