Look to retail bonds for cash flow when dividends disappear
capitec’s* annual results for the year ended 29 February teach us two important things right now. Firstly, while they were excellent, results to 29 February of this year are meaningless. Anything before Covid-19 became a pandemic is interesting but tells us nothing about the next few years.
The bigger point is the disappearing dividends. Headline earnings per share was up 19% but the dividend was
