Remember this - 60-70% of NPATA is to be paid out as dividends from 2H FY14 onward (Dec year-end for SIQ). See the Prospectus for the details.
As a result, if the business has NO profit growth, you've got a dividend yield of 9.8cps FF, meaning 7.5% FF (10.8% gross) - and that's using the 60% figure. If you use 70%, that's even higher.
That doesn't include extra business won in that time...
Once that sort of yield is available, people don't just ignore it for too long.
siq results tomorrow, page-6
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$7.77 |
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