Overtime we expect to build to a regular dividend pay-out
ratio in the order of 40%.
Lintner (1956) was the pioneer in studying the behavioural pattern of management in deciding dividend policy and his study revealed that management is usually conservative in nature; and dividend policy is largely based on the earnings of current year, as also the dividend pay-out
of the previous year, and does not deviate largely from this.
Scottish Power was the only one of the "big six" to cut its dividend pay-out
with a reduction from pounds 427 million to pounds 83 million.
Instead of the flat dividend pay-out
given to most company shareholders, the scheme rewards the loyalty of long-standing customers.
- Dividend pay-out
of 40% per year between 2018 and 2020.
Following the dividend pay-out
for 2017 at close to 100% we have revised up our assumption regarding the dividend pay-out
over 2018-2022 to 100% from 90%, which corresponds to about CZK0.3 billion per annum.
We assume that Canal's conservative financial policy, with a net debt cap at EUR1.2 billion, Net Debt to EBITDA below 4.0x and dividend pay-out
between 50% and 80% commitments, will remain in place during the rating horizon or become stricter given the ample headroom against targets.
Global Banking News-October 27, 2014--Nigeria's central bank implements new rules on dividend pay-out
Ardshin's FCC ratio decreased to 15.3% at end-2017 from 16.8% at end-2016 after a large dividend pay-out
relating to the Arexim acquisition and following loan growth.
2017 Results and Forecasts: Syngenta generated Fitch-adjusted FCF of USD1 billion in 2017 on the back of stable profitability, favourable working capital movements, and a lower dividend pay-out
. Sales were marginally down on 2016 as a double-digit decline in LatAm Crop Protection was broadly offset by overall business growth in North America, EMEA and Asia Pacific.
ratios are high by international standards and the four banks propose to distribute between 70% and 75% of 2015's net income to shareholders.
The firm had put a hold on dividend pay-outs