Ah yes I forgot about that, have to eat my hat! Intending to pay a 2.5cps dividend in May (3.8% interim, 8% yearly dividend?).
Should see a rerating with the dividend.
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Targeting full year dividend of 6cps. ~8.5% yield (refer to AGM address).
Bullish break of weekly/monthly bull flag if it can sustain this, would like a bit more volume to come in. Also breaking above a multi year downtrend.
Attachment 12332
i agree with jaa that they probably brought the portfolio instead of risking losing all those customers and the 40 million revenue/ yr. cost $609 per customer approx so they wont get the full benefits of the purchase till the following yr.
and like you say bigger client base means potential risks are more claims on there diminishing investment revenue
As at 30 September 2020 TWR had tax losses of circa $90m, which a tax benefit of $25.7m had been recognised in the financial statements (assuming all recognised tax losses are NZ tax losses rather than Pacific Islands, etc.). As future profits are earned, the income statement records a tax expenses as these losses are used up. That doesn't mean any tax will be paid to IRD and therefore there won't be any imputation credit available. If TWR made a taxable income in NZ of $30m per year (whick looks about right given the NZ segment profit disclosed for 2020, adjusted for the EQC settlement write off), then it will be three years before they need to pay any tax to IRD and three years before they can attach imputation credits to dividends.