Last week, Bumi announced its 2009 dividend of US$57mn or equal to 30.0% of its 2009 net income of US$190.45mn. The amount translated into Rp27.68/share of dividend or a yield of 1.75%
Bumi also restated its plan to lower its debt position by US$0.8bn to US$1bn in one year’s time while at the same time integrating and maximizing the value of high potential non coal assets the company has acquired into the group's consolidated performance.
This event is inline with our expectation and we foresee no impact to the company’s share price as it only yields 1.75%.
Currently BUMI is trading at 2011F of 10.1x and EV/EBITDA of 4.9x, Buy.
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