Almarai's board of directors (BoD) is proposing a cash dividend of SAR0.90/share for 2016 (total of SAR720mn). The dividend implies a payout ratio of c35% (based on our 2016e earnings estimate, in line with the company’s ten-year average of c38%) and a dividend yield of c1.3%. The proposed DPS comes in slightly below our forecast of SAR0.95/share. Ex-dividend date will be the day post the AGM, whose date is yet to be announced. (Company disclosure, Hatem Alaa, Nada Amin) Almarai: SAR67.00 as of 06 December 2016, Rating: Neutral, TP: SAR54.50 per share, MCap: USD14,293mn, ALMARAI AB / 2280.SE
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