In order to be able to keep paying the dividend in the future, everything needs to go right. Any hickups at that dividend will be slashed.
Future dividend will be around $90m ($1.28b market cap at ipo price x 7%)
EBITDA $184m
D&A: $39m
Interest Costs:$101m
Net Profit: $26.7m
Does that leave much room to pay the $90m annually in dividends??
Remember also the D&A in EBITDA???
Where is the funding to replace capital (the D&A)?? If that future funding going to be debt funded because all free operating cashflow is used to pay the dividend. If this is the strategy, that that debt (at already high levels) will just keep increasing.
IPO - Dalrymple Bay Infrastructure Limited - 8 December 2020 #, page-13
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