Next e il dividendo straordinario

Uno dei miei titoli preferiti ha pubblicato oggi il seguente annuncio :

Dividend Declaration – Special Dividend Payable 1 May 2015

Next has a well established policy of returning surplus cash to shareholders through share buybacks or special dividends.  This week we paid the special dividend of 50p per share which we announced in our Trading Statement of 30 December.


In our December statement we set out how we would determine the price limit for share buybacks.  Using the lower end of our January 2016 profit guidance and an 8% Equivalent Rate of Return investment hurdle, the price limit calculated was £67.  

Since that time our share price has remained above £67 and we have been unable to return cash through share buybacks.  We are therefore announcing today a further special dividend, of 60p per share, to be paid 1 May 2015 to shareholders on the Company’s register at close of business on 10 April.  The shares will trade ex-dividend from 9 April.


We are forecasting that, at the lower end of our profit guidance for the coming year, we will generate around £360m of surplus cash.  If we are unable to buy back shares, we currently intend to return this cash in four quarterly special dividends of approximately £90m each, which equates to 60p per share per quarter, the first of which is announced today. We intend to continue to give around three months’ notice of special dividends.

The increase in our special dividend (from 50p to 60p per share) reflects our expectations for cash flow in the year ahead and is not a reflection of current trade. It should not be taken as an indication of any improvement in the trading or profit outlook for the Company since our December statement. We remain cautious for the year ahead and are not changing our buyback price limit or profit guidance at this time.


Our full year results to January 2015 will be announced on Thursday 19 March and at that time we will give further information on share buybacks and special dividends for the year ahead.

Che dire ? Semplicemente perfetto.

Se le azioni quotano sopra la soglia dell’ intrinsic value stabilito dal management non si ricomprano ma si distribuisce l’eccesso di cassa agli azionisti.

Se le azioni quotano al di sotto di quella soglia si ricomprano massicciamente per cancellarle aumentando così il valore per gli azionisti di lungo termine come me.

Il buy back andrebbe sempre fatto in questo modo.. ovvero solamente quando crea valore per gli azionisti.

Next è il presente ed il futuro del Black Dog.

In caso di ribassi delle quotazioni accumulerò pesantemente.

A presto amici !


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