Could you take a look at it again and comment on the difference? Is one of these an anomaly?I am interested in knowing if their situation is improving regarding dividend safety. Should I be concerned? Is the risk level increasing or decreasing? ... Thanks! PK
Since cash flow varies, the payout ratio does bounce around. Also, there can be differences if we look at 12-month cash flow or quarterly payout ratios as defined by the company. Finally, there have been some adjustments to reported numbers because of one-time expenses and pandemic payments (which impacted last year's numbers a little bit). It looks like an anomoly here. Looking in hindsight at SIA press releases, we show 96.3% in January, and 98.7% in March. Our lower number in March was likely a rolling number before year end financials came out. But it does seem off by too much. Using 12-month operating cash flow to June 30, 2023 for contrast, we get 76.4%.