06-02-2013, 08:57 PM
(06-02-2013, 08:07 PM)FFNow Wrote: Could have paid more with more cash in their balance sheet.
Cash flow is flattish and NPM dropped for the first time (down 0.46% from previous year) but it's too small to be a cause for concern.
Why don't they pay out more of their cash? Was a bit puzzled that dividend remained exactly the same. Are they preparing their cash hoard for M&A?
FCF for FY 2012 was about $26m, while dividends for full-year amounted to about $16m, therefore the cash should increase by about $10m a year.
Let's wait and see what happens....
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