£1.20 Special Divi19 Jul 2011 13:30
We see the potential for a 120p special dividend in addition to >+10%
pa ordinary dividend growth: We estimate that a 120p special dividend
would increase leverage from 0.2x to 1.6x at end Jun-12E, which we view
as comfortable – the company operated with >1.6x leverage during the
downturn, when it also had higher product investment costs than now.