NEC is a completely different beast to SWM - SWM have publishing assets where advertising is down 15% together with a debt pile whereas we basically have the 9 Network and some digital assets and no debt - we are paying out 80% to 100% of NPAT as fully franked dividends - so our divs are going to jump around quiet a lot IMO. SWM's divs are a steady 4c/per half .
SWM have the Olympics and will do their shirt on Rio but it will also impact NEC's advertising share in this two week period.
Shorts are holding, page-15
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