asx investment talks
TRANSCRIPT
SPEAKER: Matthew Olsen, van Eyk Research
LOCATION: Sydney
DATE: August 2013
ASX INVESTMENT TALKS
It’s not just about yield
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do not in any way reflect the views, opinions, recommendations, of ASX Limited ABN 98 008 624 691
and its related bodies corporate (“ASX”). Information and material presented at the seminar is for
educational purposes only and does not constitute financial product advice. Investors should obtain
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© Copyright 2013 ASX Operations Pty Limited ABN 42 004 523 782. All rights reserved 2013.
Disclaimer
This presentation is given by representatives of van Eyk Research Pty Ltd ABN 99
010 664 632, corporate authorised representative of van Eyk Financial Group Pty
Ltd ABN 28 149 679 078, AFSL 402146 (authorised representative number
408625) to wholesale clients only (within the meaning of section 761G of the
Corporations Act 2001 (Cth)). By attending this presentation you are representing
that you are a wholesale client.
This presentation has been prepared without taking account of any individual’s
objectives, financial situation or needs. Before making or recommending any
investment decisions, the relevant product disclosure statement should be read
and advice ought to be obtained from an appropriate financial adviser.
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“It’s not just about yield” Equity Income Investing – Basic Concepts
Matthew Olsen
Deputy Chief Investment Officer – van Eyk
http://vaneyk.com.au
Dividends
Franking Credits
Retained Earnings
Valuation Discount
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The Key Sources of Equity Income
What are the drivers for different dividend policies?
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Growth versus income policies for companies
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Companies changing their dividend policy over time
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Dividends
Franking Credits
Retained Earnings
Valuation Discount
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The Key Sources of Equity Income
FCF = Net Operating Cash Flow minus Maintenance Capex
FCF / NPAT
FCF / Dividends
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Free Cash Flow (FCF)
Companies explaining their dividend policy
10
Franking credit changes
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