Stock has barely moved since the results came out, I’m adding....

Stock has barely moved since the results came out, I’m adding.

EPS of 13.7 cents (pre ‘specifics’) vs. 12.7 cents Reuters consensus; almost unchanged from FY6/15;
Final DPS of 4.0 cents vs. 3.4c consensus; makes for full-yr DPS of 12.0 cents (up from 9.2 cents in FY6/15) vs. 11.4 cents consensus.
Buyback of $49mn in FY6/16, equating to 3.4% of $1,401mn market cap (at Jun 2015).
Consensus FY6/17 DPS forecast is 12.9 cents; probably best to assume this will come down, but for now it’s a grossed-up yield of 17%!
Results PPT notes that dividend policy remains to pay 80-100% of NPAT pre-specifics and that payment in FY6/17 will be more evenly spread across interim and final dividends
Mgt. do appear to have borrowed to pay the dividend and execute the buyback, and thereby moved to a small net-debt position (from net cash), but the debt level should remain stable through June 18 with asset sale proceeds to cushion the impact of several capex commitments.
Not all is perfect here, the business model is gradually disintegrating. But in the worst case the dividend should support the share price. Hopefully, it'll do a lot more.