Ao minuto: EUA entram na ofensiva contra o Irão e atacam instalações nucleares

[Paciente]

A informação foi retirada do site oficial da Gold Fields.

Como podes ver existem dois pagamentos anuais, mas não existe nenhum dividendo fixo, ao contrário do referi no post anterior. As minhas desculpas pelo lapso.

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Dividend Policy
It is the company's policy to pay around 50 per cent of its cash earnings as dividends depending upon investment opportunities.

ADR Dividend Rate - US$

Period Date Paid Rate

Interim 1999 19 Mar 1999 $0.0702
Final 1999 08 Oct 1999 $0.0445
Interim 2000 24 Mar 2000 $0.0258
Interim 2001 & Final 2000 23 Mar 2001 * $0.1189
Final 2001 21 Sept 2001 $0.0399
Interim 2002 25 Feb 2002 $0.0683
Final 2002 26 Aug 2002 $0.2045


*These two dividends were paid simultaneously due to the deferred dividend for Fin Year 2000 in terms of the failed Gold Fields/Franco Nevada merger constraints.

[Silver Wolf]

tirei estes dados do yahoo finance, por isso acho q o melhor é confirmarem noutra fonte... De qq modo:


Aug-21-02 0.22
Feb-20-02 0.08
Aug-15-01 0.05
Feb-14-01 0.14
Feb-16-00 0.03

[Paciente]

Confirmo que no ano passado houve dois pagamentos mas já não me lembro das datas. Se não estou em erro a GFI tem um dividendo fixo (independente dos resultados) e um variável.

Vou ver se consigo arranjar as datas para depois colocar aqui no Fórum.

[Visitante]

Tenho ideia de que são distribuídos duas vezes ao ano. Alguém me confirma isso e me diz qual é a próxima data?

[Karamba]

Não vou divagar sobre o ouro, e o Ulisses já hoje aqui colocou um post de um colaborador do realmoney, em que eram abordados diferentes pontos de vista sobre a evolução (curto/médio prazo) do da cotação do ouro (no longo prazo ...é a tal coisa, o melhor é esquecer).

Ora bem, se houver uma corrida às acções do ouro Sul Africanas, é preciso estar já no papel. Pq depois da corrida, o argumento do DY já é ao contrário (passa a estar baixo).

O melhor mesmo, é procurar ler (interpretar)os gráficos, e actuar da mesma forma como actuamos com acções das telcos ou do cimento ou seja do que fôr.

Um abraço Paciente.

[Paciente]

Pelo menos por enquanto.

Não quero com isto dizer que não seja uma boa acção para ter em carteira, apenas não será das que irá beneficiar de uma eventual corrida às acções que pagam bons dividendos em virtude do novo enquadramento fiscal dado pelo pacote de estímulo económico lançado pelo Bush.

Neste cenário, e tal como refere o artigo, a GFI (Gold Fields), HMY (Harmony Gold Mining) e AU (AngloGold) serão as empresas mais procuradas.

A DROOY deverá subir, tal como outras acções do sector, mas por razões que não estas relacionadas com dividendos.

[IXIC]

Eu gosto especialmente da DROOY (nasdaq)!

[Paciente]

Para aqueles que investem em acções ligadas ao ouro, deixo aqui um interessante artigo que aborda as consequências do pacote de estímulo económico lançado pelo G W Bush.

Segundo o artigo, o presidente norte-americano poderá ter dado uma ajuda preciosa às empresas sul-africanas uma vez que estas são as que maiores dividendos pagam por oposição às empresas norte-americanas.

Estão assim criadas condições para se assistir a uma corrida às acções sul-africanas do sector - conhecidas por distribuir bons dividendos - que deverão ter a preferência dos investidores face às suas congéneres norte-americanas.


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>Bush's gift to SA golds

By: Stewart Bailey


Posted: 2003/01/13 Mon 19:18 | © Mineweb 1997-2003


JOHANNESBURG – South African gold majors look set to receive assistance from an unlikely quarter in their quest to outperform their larger North American rivals this year; President George W Bush’s economic stimulus package. The cornerstone of the $670 billion economic rejuvenation package – and the shot in the arm for South African golds - is the proposal that the archaic double tax on company dividends be halted, which if approved will spin out more than $364 billion to US taxpayers over 10 years.
Once the din from the growing number of near-bankrupt US states opposed to the deal dies down – they fear the proposed cuts will reduce the attractiveness of their tax-free municipal bonds – analysts expect punters to start hunting for high dividend-yield shares; and that’s where the South African gold heavyweights Harmony, Gold Fields and AngloGold, come in.

South Africans; reliable dividend payers

A prophetic report published on 13 December last year by JP Morgan’s global precious metals team, which predicted an imminent end to double taxation, flagged South African gold stocks as monotonously reliable dividend players with attractive dividend yields.

Given the uncertainty of a global economic recovery and the dearth of corporate profitability across all sectors, the relative attractiveness of the South African gold shares should for the first time extend beyond the historical competition within the gold sector.

“In these uncertain times, a strong ongoing business delivering a 3 percent to 5 percent yield should offer relative safety against further market downturns,” said the JP Morgan report. “Since gold stocks within North America have been operated as growth stocks with small dividends, this sub-sector does not automatically come to mind as one in which to seek yield,” said the report.

Newmont, the industry number one and the only gold stock to feature in the S&P500, has an anaemic yield of 0.5 percent when measured against the South Africans, which start at 3 percent (Gold Fields) and end around 4.5 percent (Harmony and AngloGold).

Joachim Berlenbach, South African gold analyst at Citibank, says the pending double dividend-tax relief is potentially bullish news for the country’s gold shares, particularly given the disparity in yields compared to their US competitors. He says the attractiveness of the high payouts is not limited to the gold sector, however, with the platinum and diversified miners also regular payers. Berlenbach flags Impala Platinum as particularly attractive in this regard, given its current dividend yield of about six percent.

He also stresses the massive imbalance in favour of the South Africans in terms of their respective resource bases and the resultant growth opportunities. “Look at AngloGold and Barrick. They have virtually the same reserves, but AngloGold has more resources ounces than Barrick, and growth is going to come from resources, not reserves,” said Berlenbach.

South Africans favoured, regardless of tax cuts

Berlenbach doubts the change in tax legislation is unlikely to prod the North American majors to up their dividend yields. “They are more likely to use their cash for expansion and exploration,” he said.

Harmony, Gold Fields and AngloGold, however, will almost certainly continue their dividend paying form.

“The exploration phase (of the South African gold industry) is largely over…the domestic South African gold industry is concerned with extraction, rather than with further exploration and growth, hence returns must cover the cost of capital invested,” said JP Morgan. The research note said South African exchange control restrictions, which prevent the free expatriation of capital unless in dividends, made it difficult for mid-life South African mines to develop mines elsewhere. “(This) also encourages them to distribute dividends,” said JP Morgan.

London-listed Anglo American’s desire to expatriate cash from its associates AngloGold (54 percent) and Gold Fields (21 percent), should also ensure a steady dividend stream from those companies.

One Johannesburg-based gold analyst, however, says the benefit of the new legislation is too small to make a material difference to institutional investment decisions. “You would want to look at the underlying performance before deciding whether or not to invest in South African gold shares,” said the analyst, who believes the local stocks are still the better bet given his view that the rand will depreciate against the dollar this year.

The strength of the rand is one of the key factors mitigating against a stronger performance by the South African gold stocks this year. While the gold price rose more than 25 percent in 2002, the higher price has been offset by a stronger rand, which gained more than 40 percent during the same period. If, as expected, US interest rates rise and South African rates fall later this year, reducing an enormous arbitrage opportunity that is credited for rand-strength, the currency is likely to lose ground against the dollar. “A stronger rand could reduce (the dividend yield of the South African trio) in the short term…However, we feel this negative is more than balanced by our positive outlook for gold and the significant upside potential, in our opinion, for the metal’s price to surprise on the upside,” said JP Morgan.

Against the broader market

The three South African golds also perform well against the broader S&P500; according to the JP Morgan report the top quartile of the S&P500 has a yield of 3.5 percent, while the second quartile’s yield is 1.9 percent, the third at 0.47 percent and the fourth weighs in at zero.

The competition to attract the investment dollar is becoming increasingly fierce, but according to JP Morgan, the top dividend payers in the US market have growing concerns with financial performance and mounting concerns over potentially bankrupting litigation. That, coupled with the geopolitical strife in the Middle East and global economic uncertainty, increases the desirability of gold as an investment.

“Looking at the list of the S&P500’s top dividend payers, we see company’s with sizable targets on their backs. There are the big tobacco companies being hounded by lawsuits, and the utilities struggling with litigation in California and their finances,” said JP Morgan. “Gold is a sector that, in this environment, has attractive fundamentals, and the metal is still trading at the lower end of its historical price range.”

Will it pan out?

While the tax relief will undoubtedly be a boon for the South African resource shares, Bush’s proposal has yet to pass muster with US lawmakers. Bush can expect strong opposition from 43 of the 50 US states that are running deficits. California is a prime example, with its $34 million revenue gap accounting for less than half of the total $85 billion budget shortfall being faced by the states this year, the largest collective deficit in 50 years.

The strength of that lobby cannot be underestimated, but regardless of the merits of their argument, there appears to be consensus among commentators that some tax relief for dividends is on the way. It could be just the tonic to rejuvenate the US equity markets and attract speculative cash back onto Wall Street. After all, the US must find some way to fund that budget deficit or the dollar is going straight to hell.