I don't think they'd do a share buy-back. Stokes from memory has around 40% of the stock and any buy back would, I assume, be problematical because he won't sell back shares at these levels and would, as a result of fewer shares on issue, move over the 40% mark which is the ceiling before an offer required. That's how I remember the regulations anyway. Correct me if I'm wrong. I don't think they'd pay a $100m divi because they have always wanted to keep powder dry for accretive acquisitions. My guess would be more like 2c, but even this level means a 5% plus yield, from a very low payout ratio, leaving good potential for divi growth. A 2c dividend wouldn't put a dent in their free cashflow, but gets income funds looking at them again and would put $13m in Kerry Stokes' coffers.
The bottom line is that they can easily afford a meaningful dividend at these levels whilst maintaining the ability to pay debt down quickly AND retain cash for acquisitions. Best fundamentals for a long time and way too cheap on valuation
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I don't think they'd do a share buy-back. Stokes from memory has...
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18.0¢ |
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Mkt cap ! $277.0M |
Open | High | Low | Value | Volume |
17.0¢ | 18.0¢ | 17.0¢ | $551.8K | 3.109M |
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No. | Vol. | Price($) |
---|---|---|
8 | 344568 | 17.5¢ |
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Price($) | Vol. | No. |
---|---|---|
18.0¢ | 618017 | 8 |
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8 | 344568 | 0.175 |
21 | 1234575 | 0.170 |
5 | 460000 | 0.165 |
12 | 684101 | 0.160 |
5 | 593000 | 0.155 |
Price($) | Vol. | No. |
---|---|---|
0.180 | 618017 | 8 |
0.185 | 368457 | 6 |
0.190 | 554911 | 13 |
0.195 | 130306 | 6 |
0.200 | 433996 | 12 |
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