AGL - Accordant Group. was previously AWF Madison, Allied...

[Snoopy]

Not wishing to muck up your Div figures, but -

the 8.0 cps paid on 29 Nov 2019 was interim for 2019/20 year
No final was paid/declared

the 8.2 cps paid 30 Jun 2021 was final for 2020/21 year
No interim was paid/declared

the upcoming 6.5 cps payable (I imagine) in November 2021 will be interim for 2021/22 year

It perhaps helps to tie in relative to each year's EPS which they belong to, rather than when they are paid out

Your observations are astute and correct nztx. However, a cold hard fact is that 'this years final dividend' comes out of 'next years bank balance'. If you want to find out how much money a company retains on its books at the end of the financial year, you have to take this years earnings and subtract from that this years interim dividend and last years final dividend. That is why I present the dividend figures as I do. Of course when doing a capitalised dividend valuation the amount of earnings retained does not matter. But it does matter in some alternative valuation techniques. I like to keep things consistent across different valuation methods, which is why I present the dividends grouped in the way I do.

If we followed your method of presenting the dividends adjacent to the year in which the earnings ostensibly used to pay the dividends were actually earned, then the dividend table would look like this.

	eps	dps (imputed)
FY2017	19.6	NM + 8.2
FY2018	15.8	8.0 + 8.2
FY2019	6.2	8.0 + 8.2
FY2020	9.4	8.0 + 0.0
FY2021	18.1	0.0 + 8.2
FY2022	?	6.5 + ?
Total	?	63.3
5 year Average		12.7

There is nothing wrong with laying out the dividends in this way. It is equally valid to the layout methodology that I choose. However, both methods are just different ways of presenting the same figures. Whatever presentation method you choose, makes no difference at all to the capitalised dividend valuation result.

SNOOPY