You are right. Their target is 1.5x and as at 30 Sep 2020 it was sitting at 1.53x.
So I don't see why we won't get a dividend.
Going forward MPG will be generating $30m+ operating cashflows. Less $7-9m capex, less lease liabilities of $7m. Leaves $14- $16m to payout as dividends and reduce debt. And this is with Australia just on par. Imagine if their earnings continue to increase.
I'm hoping to see a $13.4m FY profit. EPS $0.072. Can currently buy this stock at $0.42. Market Cap $77m. Honestly i dont get it.