http://nzx-prod-s7fsd7f98s.s3-websit...526/308395.pdf Front page is very much on trend for the times isn't it !
Normalised profit 21.5 cps and paying 17 cps will not lead to stretching of the balance sheet, in fact debt level's came down really nicely at the half year result recently.
I stick with 5 year analysis, anything further back is not especially helpful in looking forward in my view. (Others will have legacy issues with underperformance under different management and I understand their perspective but won't let it cloud my assessment of future maintainable dividends)
Pages 67-68 - 5 year summary look quite satisfactory to me from an income perspective. In an investment world starved for income this one selling consumer staples looks well capable of continuing the trend of paying reliable income going forward.
Cindy will be back for a second term to ensure the demographic are well looked after and have plenty of money for consumer staples.