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I broadly agree AIMOK, aside from using cash generated for share buy-backs. That's basically saying that investors should be able to generate better returns with the cash than the Board expect to manage. I'd rather see surplus funds used for carefully targeted acquisitions.
Did not MCRO report before that they had £700m in the bank and £350m financing facility, plus of course the debt. By know I would hope that the cash pile is around a £1000m, so MCRO should be in a strong position to pay off debt. However, reducing debt to save interest payments may not be the best use of the cash when the BoD knows that all the debt is managed out to 2024. My view is that a balanced approach of debt reduction, share buy back and dividends is the best way forward and is the compromise that will keep everyone happy to some degree. Personally, I have just reinvested the dividend into more MCRO shares - seems sensible to me at this point. Await the imminent report.
The problem with MCRO is the high level of debt that it is carrying. This is causing great uncertainty and an unstable share price. It would be much better for the company to come up with a positive strategy to deal with the debt rather than chucking increasing amounts of money at Dividends. Hopefully they will announce not just improving turnover but, also a plan to reduce debt. Personally I would rather have an increasing SP as a result of market confidence than a few sweeties given out as dividends. If anyone at the BOD looks at this board? DEAL with the DEBT!
Have they appointed a new CFO yet?
For the divi you have to look at adjusted profit after tax, which I seem to recall was just over 500 million. Mcro have said they will pay a divi covered 5x profit after tax. The 15.5 cents divi amounted to around 50 million which is in line with that guidance. Should cost them about 100 million for the full year.
I would expect the divi to grow this year as margins increase to around 41%.
What is net profit? What is financing cost? Can u please tell in approx figures if you rememeber?
That 1.2 billion is ebitda profit not net profit. You need to deduct debt interest and all other associated costs before you get your profit after tax.
Does anybody else think divided will be increased by 100-200% for the next Yr consider £1b profit... Where r they spending such large profits..finanxijg cost?