Bell Potter forecasts FMG final dividend $2.57
Vesna Poljak
The historic iron ore price rally puts Fortescue Metals Group in pole position to pay a final dividend of $2.57 a share, according to broker Bell Potter, taking its full-year payout to $4.04 a share.
Bell Potter analyst David Coates upgraded his final dividend estimate from $2.41 a share, and concludes the stock is trading on a yield of 10.4 per cent. The broker's new target price is $23.96 from $23.85 and its recommendation lowered to "hold" from "buy" as the upside for the stock from higher prices appears largely capped.
Assuming an interim dividend of $1.78 in 2021-22, the forward looking dividend yield is 17.5 per cent fully franked and $4.35 a share (final plus interim).
In a scenario where the spot price held to the end of the June quarter -- for an average of $US200 -- Bell Potter finds the final dividend could be as high as $2.62 a share, but that's only 5¢ higher than its base case.
Unfavourable exchange rate moves and higher costs are the two main offsets to higher earnings, Mr Coates finds.
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Open | High | Low | Value | Volume |
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11 | 1487 | 17.950 |
3 | 6628 | 17.930 |
1 | 1500 | 17.920 |
28 | 7848 | 17.900 |
Price($) | Vol. | No. |
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18.070 | 4370 | 1 |
18.080 | 270 | 1 |
18.140 | 1700 | 2 |
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