Thoughts on FY18 Madamswer? I make it FY17 eps of 4.7c and at...

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19/07/17

12:31

Post #: 25954737
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Originally posted by madamswer ↑

"No mention of dividend but the result should support a continuation at present levels imo"

@crookers,

As the balance sheet has repaired itself over the past few years, so the board has been happy to ratchet up the dividend payout ratio:

SDI - Net Debt ($m)
JH11: 10.9
DH11: 11.0
JH12: 8.0
DH12: 9.8
JH13: 6.4
DH13: 6.7
JH14: 4.7
DH14: 5.6
JH15: 2.1
DH15: 3.8
JH16: -0.3
DH16: 1.7
JH17: 0.5 [Forecast, based on latest guidance]

SDI - Dividend Payout Ratio (%)
JH11: 32
DH11: 0
JH12: 21
DH12: 0
JH13: 30
DH13: 9
JH14: 16
DH14: 17
JH15: 34
DH15: 32
JH16: 31
DH16: 59
JH17: 40 [Forecast]

As can be seen, I expect the company to be close to a debt-free state currently (despite the significant investment in working capital over the past few years (by ~$10m over the period being reviewed) as the supply chain has fattened).

So I expect the POR for the final dividend to continue to creep up, to 40%.

Based on the latest guidance, a fully-year NPAT result of $5.6m means that the JH NPAT result was $3.6m (there is always a second-half seasonal bias to SDI's earnings).

That translates to JH2017 EPS of 3cps which, at a 40% POR, points to a 1.2cps final dividend (up from 1.0cps for the pcp).

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Thoughts on FY18 Madamswer?
I make it FY17 eps of 4.7c and at current SP of 55.5c it is batting a PE of 11.8 which is bang on its median PE over the last ten years.
Cheetham has put a glow on a crappy FY17 result by getting us to focus on the future. But with an AUD approaching 80c I don't see much of a solid improvement. All we have is a "trust me, our R&D will deliver on exciting new products".

Sorry I cannot see much to cheer about here other than it is a very solid company financially.

SDI Price at posting: 55.5¢ Sentiment: None Disclosure: Held
2 Upvote

0 Great analysis

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Thoughts on FY18 Madamswer? I make it FY17 eps of 4.7c and at...

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