JMS has a strong history of capital management, which we believe will persist. A large potential part of the MD’s remuneration is capital management. JMS has returned ~US$122m of cash to shareholders in the last year via 3 buybacks (buyback prices were A$0.5264, $0.3821 and $0.44 respectively). We expect dividends rather than buybacks in our modelling. We estimate a 1H19 DPS (paid in October, but Company to consider in June/July) of 4.5cps, and 2H of 2.5cps (paid in April 2019). We assume FY20 DPS of 4cps. These assumptions are based on declining Mn prices. At spot prices, we estimate that DPS could be 8cps for FY19 and FY20. We initiate with a Buy recommendation and a $0.55 twelve month target + 7cps
IPO - Jupiter Mines Limited, page-181
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Last
21.5¢ |
Change
0.010(4.88%) |
Mkt cap ! $421.5M | |||
| Open | High | Low | Value | Volume |
| 20.5¢ | 21.5¢ | 20.0¢ | $1.104M | 5.396M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 197258 | 21.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 21.5¢ | 326229 | 5 |
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| Last trade - 16.10pm 27/08/2024 (20 minute delay) ? |
| JMS (ASX) Chart |