Sell @ $0.765, $0.76
Cleared all my extras plus some of the original ones which I’d intended to hold for longer term yield. Went to check on their FCF (Free Cash Flow) to see if an Interim Dividend is possible but instead, see that for past 2 years, FCF/share was less than the usual 4ct Total Div,
|
Year |
OCF |
CAPEX |
FCF |
|
|
FY13 |
6.64ct |
3.26ct |
3.38ct |
|
|
FY12 |
4.46ct |
1.20ct |
3.26ct |
|
|
FY11 |
7.22ct |
1.18ct |
6.04ct |
|
|
FY10 |
6.35ct |
0.61ct |
5,74ct |
|
|
FY09 |
5.10ct |
0.51ct |
5.00ct |
|
|
FY08 |
4.73ct |
0.99ct |
3.74ct |
|
There was a big increase in CAPEX in FY13, likely as per their new Leasing model. FY14 will be interesting to see if that’s going to results in higher OCF (Operating Cash Flow). For now, it looks unlikely Total Div will be increased from the current 4ct, unless they dip into their Cash (11.53ct / share).