Admirable company, but profits are heading back to 2103 levels despite sales being 25% higher.
If they are going ex growth on the earnings front, I reckon they’ll need to drop the dividend cover and become a yield stock.
They have the balance sheet to be able to pay 3c, which at todays price would equate to a 6.6% yield.
If they did that the shares are fair value.
Ann: Trading Update, page-38
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