Forecast and Financial Ratios

Revenue (Mil) (FY) 2,187.25
EBIT (Mil) (FY) 687.13
EBIT (Mil) (MRQ) 273.30
EBIT (Mil) (TTM) 687.13
EBITDA (Mil) (FY) 888.97
EBITDA (Mil) (MRQ) 384.88
EBITDA (Mil) (TTM) 888.97
Net Income Excluding Extraordinary Items (Mil) (FY) 699.98
Net Income Including Extraordinary Items (Mil) (FY) 695.11
Diluted EPS Excluding Extraordinary Items (FY) 8.22
Diluted EPS Including Extraordinary Items (FY) 8.17

Dividend Policy

In accordance with the JSE’s dividend policy, the practice has been to return distributable cash to shareholders after ring fencing cash for regulatory capital requirements and investment (CAPEX and inorganic opportunities).

The ordinary dividend of 725 cents per share for 2020 represents a progressive 5% increase in nominal terms and translates into an ordinary dividend pay-out ratio of 83% (2019: 87%). The Board resolved to adjust the Group's dividend policy to reflect a pay-out ratio of 67% to 100% of current earnings. The previous pay-outrange was 40% to 67% of current profits, and the widened rangereflects the fact that cash generated exceeds NPAT, largely as a consequence of the technology investments in previous years.

This trend is expected to continue for the next few years.

Dividend Declared
Year Dividend (Cents)  
2009 192  
2010 210  
2011 250  
2012 250  
2013 400 (350 plus 50 special dividend)
2014 480 (400 plus 80 special dividend)
2015 625 (520 plus 105 special dividend)
2016 560  
2017 605  
2018 840 (655 plus 185 special dividend)
2019 840 (690 plus 150 special dividend)
2020 725 No Special dividend declared

Analyst Coverage

Firm Analyst Email
Avior  Sabena Omar  sabena@avior.co.za
RMB Morgan Stanley Teboho Mosoeu Teboho.Mosoeu@rmbmorganstanley.com

JSE Limited is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding JSE Limited's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of JSE Limited or its management. JSE Limited does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.