Here are a few comments for your consideration:
a)Yes, according to the company policy the payout ratio is between 50% and 80%, so the maximum "error" in the payment can be 8/5=1.6
b)In reality for the past several years since FY19 the payout ratio has not been below 70%, so the above mentioned error is reduced to 8/7=1.14 or only 14%only.
c)Now we will take into a consideration an error made by PilbaraBoy with a statement of “FMG receive approx 85-90%”. As per the information from http://www.custeel.com/en/csi.jspwe have that the average 62% Fe fines IOP since 1 January 2022 has been ~US$142.
A full production cost in the past was ~US$41. So based on the 70% (from recent company reports) and 90% (from PilbaraBoy post) rates we have the following figures for the profit:
70% => US$99.4-US$41=US$58.4
90% => US$127.8-US$41=US$86.7
86.7/58.4>1.48 or over 48% error
So in summary as you can see an error in the rate for the IOP for 62% Fe is significantly larger that an error in the realistic payout ratio.
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