I don’t normally like to use charts - but we are simply...

I don’t normally like to use charts - but we are simply regressing to the long term mean/average, and are in fact still below trend/where we should be - hence the near double digit dividend yields

If Dividend payout start becoming more constant/keeps up with agreed ratios as profit grows - then the price will go up to allow yields to inverse and normalize at 5-6%; prices will need to go up 20%. The path of least resistance now is for WDS to cross over the long term red trend line - and ride on a more valuation led super cycle given ESG has helped restrain future/competitor supplies, and thus will preserve price and demand allowing WDS to reap above trend profits for the next decade or two “if” it can be very tight on project execution/ management of costs. Even if they wish to transition to renewables the energy required will be extra on top of “maintenance” energy.

my assessment is that it’s a win win for us shareholders

The key is for management now is to stay focused and not be distracted.

1) execute projects on time/on cost
2) be conservative in m&a - ideally organic exploration/field development
3) be shareholder focus in all decisions - shareholders like/gets very used to dividend expectations, but as other posters have alluded - preserving/balancing balance sheet