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Still good value if we assume $10-12 for 2022's divis.
Nearing two years since Anglo American bailed out Sirius investors with their 5.5p offer. At the time I was nursing losses of c£40,000, with an average of ~20p. Stuck all the takeover money and about 100% more into AAL shares at an average of £12ish. AAL now over £37 a share, so much more than wiped out my SXX losses, and with divis since then of over $5 per share on top.
And every 10 AAL shares got us 1 in TGA last year at £1.20, already worth over £6 and due to pay a divi in May of about 40p, the icing on a well iced cake, especially since I ploughed virtually all last year's divi income into TGA, mostly at around £2-£2.50 a share.
Thanks Anglo, for bailing out Sirius, keeping Woodsmith alive and making me a return of well over 4x my total investments in AAL and TGA.
The $1b a year Woodsmith will bring to AAL's bottom line in a couple of years won't make a huge difference to a company already making $20b pa in profit, but will be nice enough.
..
Final of $1.18 plus special of 50c, making $1.68 (last year: 72c).
Basic eps $6.93 ($1.69), total divi and buyback $4.99 per share ($1). ROCE 43% (17%). Underlying EBITDA more than doubled to $20b.
Just amazing.
According to the Sunday Times:
"Rio Tinto is expected to fork out one of the largest-ever annual dividends during the coming week. The approximately £12.1bn payout for shareholders will likely include a special dividend. The forecast from the analyst consensus is that sales topped $65bn in 2021, for pre-tax profits of $39bn and a $10.20 per share dividend. That would be the second-largest ever dividend in the history of the FTSE 100, behind Vodafone's £18bn payout in 2014. The most optimistic analyst anticipates a payout of $11.60 per share."
Significantly more than I paid per share when I bought my first RTZ, as then was, back in the 80s.
Final divi up 11%, NAV up 40% to over £11/share, pre-tax profit up 20% to £356m, eps up 15% to 29p. Pipeline of over 1m sq' under development, mostly pre-let. All very satisfactory.
Like for like sales up 3.5%, "stacked" over 2 years up over 17%. The self-inflicted wound of IFCN China finally lanced giving an exceptional IFRS operating loss of £804m (2020: £2,160m profit). Divi maintained.
Expect the headlines will concentrate on the loss and inflationary dangers, but I remain a cautiously optimistic long term (since 1984) holder.
Seems pretty pointless sagging off the BBC when the worst quote about BP's profits - "a cash machine" - came from our own CEO. What a hostage to fortune. Did he have Git O'Harri as his communications advisor?
Re possible 20% South African dividend tax, see the original prospectus:
**In the case of UK resident Shareholders, the convention between the UK and South Africa for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains, concluded on 4 July 2002, as amended by a protocol signed on 8 November 2010 (the “UK/South Africa Treaty“) provides for lower withholding rates of 5%. **
The 5% rate is, of course, accepted by HMRC to reduce UK tax liability for dividend income for those whose shares aren't in a tax exempt envelope (eg ISA/SIPP).
I have a rule which says I never let one stock get to over 10% of my portfolio (except Berkshire Hathaway, currently nearing 20%). Last time Shell broke over 10% the share price was at about £22 and I reluctantly sliced a fifth of my holding, and then watched the covid crash. Picked up about an extra 50% of my holding at mostly c£13.
As of today's rise, Shell is back at 8.7% of my wad. If we reach £23-24 again, should I trim back again, or regard this as another exception given the times?
I had thought my December top up would be my last, but the weak share price and a few divis arriving in January changed my mind, so I added another 7.5% to my modest pot, taking my average up to £1.07.
Usually the market knows best and there may be a reason these have dropped back so much, but I can't see anything likely to interfere with what should be stellar results in under a fortnight.
Bought my first tranche at £1.18. Probably will add if the new CEO looks like staying longer than 5 minutes. As John Lee puts it "Titon — with the slogan, “If you insulate you must ventilate” — should be seeing real opportunities for growth in the present climate. Its rock solid, cash-rich balance sheet should provide a superb platform on which to grow.". Lee got me into Air Partner which is just being taken over with a 50% premium, so it seems only fair to put the proceeds into another of his recommendations - he's rarely let me down: Treatt, Daejan and Vitec have all made me decent returns. Quarto is the exception.
0JKF not greal used. I've topped up my Jxn at $37.75, as they've dribbled down from a high of $47. Rather wishing I'd stuck more of my Pru in them, as even with the recent decline, they're still up 35% for me, and paying a (well covered) divi of 5.3%.
Can't think why these are dribbling down as I think anything under $50 is a screaming "buy", especially with the 5.3% divi. So stuck myself down for a few more at $37.75, to go with the ones I bought in September at $26 and $30.50 (and "drip" in December at $38). Wish I'd stuck more of my Pru in here, and will use some of April's ISA sub to add here again if it's still at these levels.