Sherborne Investors Guernsey B : dividendes de 100% à 200% ?

mimizoe1 a écrit :

et surtout à ses possibilités  financières ! (ratio distribution:  1376,59%)

Le rendement sur dividende de la société est de 14%, ce qui est très élevé, mais pas non plus incroyable pour une société risquée.

Attention au ratio de distribution qui ne veut pas forcément dire grand-chose, car le résultat net est de plus en plus souvent "pollué" par des éléments non comptables.

L’idéal est de regarder à la fois le ratio de distribution par rapport au résultat net, mais aussi, par rapport au flux de trésorerie.

Dans le cas présent, Sherborne Investors est une société d’investissement, donc c’est encore plus compliqué à appréhender, car aussi bien le résultat net que le flux de trésorerie peuvent ne pas être représentatifs de la bonne santé ou non de l’activité.

Sauf erreur, 14% sur Bloomberg :
https://www.bloomberg.com/quote/SIGB:LN

Il y a peut-être eu un dividende exceptionnel qui pollue le rendement sur dividende indiqué sur les autres sites, puisque souvent, il s’agit d’un rendement sur dividende basé sur les versements des douze derniers mois antérieurs.

mimizoe1 a écrit :

Et d’autres "polluants non-comptables" que vous mentionnez (pouvez-vous m’en suggérer quelques-uns , pour ma compréhension ?)

Ces sujets devraient vous aider :
- https://www.investisseurs-heureux.fr/t15295
- https://www.investisseurs-heureux.fr/bl … etter/630/

Sherborne a distribué des dividendes en fonction de ceux perçus par sa participation de 30% dans le fonds Electra Private Equity PLC.
Celui-ci a liquidé une grande partie de ses actifs entre 2016 et 2018 d’où les gros dividendes.

Electra Private Equity PLC Annual Report and Financial Statements a écrit :

“From a market capitalisation of £1.2 billion at the start of October 2015 we have now made and announced distributions to shareholders of over £2.0 billion with remaining net assets of £0.2 billion after announced distributions. The direction is now clear, and we will seek to optimise value in the remaining portfolio over an acceptable timeframe whilst managing our cost base accordingly.”

Having concluded in the second phase of our strategic review in October 2017 that a listed closed-ended fund structure is not optimal for private equity investment, and having had significant interest in our portfolio assets, in May 2018 we commenced the third and final stage of our strategic review. This considered all options for the future.
The review concluded that it would be optimal to accept offers received for our larger non-controlled assets and thereafter consult with shareholders over the future. The Board considered that having now paid and announced distributions to shareholders of over £2.0 billion since 2016, and given the size of the remaining portfolio, it is unsustainable to continue in our current form and, on 30th October 2018, recommended a managed wind-down of the portfolio to shareholders.
In making this recommendation, the Board had concluded that, given the well documented challenges in both the UK retail and casual dining sectors, it was not appropriate to sell the two remaining larger assets TGI Fridays and Hotter Shoes at this time. These assets represent nearly 90% of the remaining portfolio, after disposals already announced, and are fully controlled.

The Board is now focused on managing the recovery and strategic development of TGI Fridays and Hotter Shoes, and the continued growth of our smaller controlled investment, Special Product Company, towards acceptable exits balancing value and timing, and will continue to seek optimised exits from the remaining non-core portfolio and remaining non-controlled investment, Sentinel Performance Solutions.

An inevitable consequence of our strategy and of managing our cost base accordingly is that a number of colleagues who have contributed significantly to the successful generation of shareholder value over the past three years will be leaving us. I would like to thank them for their contribution and wish them well