Almarai BoD proposes DPS of SAR0.85 for 2018; ahead of EFGe
Almarai’s [2280.SE] Board of Directors (BoD) proposed a cash dividend distribution of SAR0.85/share for 2018 (total of SAR850mn), coming ahead of our forecast (EFGe: SAR0.75/share) and the SAR0.75/share paid out in 2017. The dividend implies a payout ratio of 39.2% based on annualised 9M18 earnings and a dividend yield of c1.7%.
Almarai: SAR50.90 as of 10 Dec. 2018, Rating: Buy, TP: SAR56.00/share, MCap: USD13,573mn, ALMARAI AB/2280.SE
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