Today's trading update reads positively, evidencing a further rise in cash receipts towards pre-Covid levels, as three royalty partners exit forbearance measures. As a result, Duke will return to cash paid dividends from Q3/21E at attractive yields currently. Our newly released forecasts see YoY recovery in performance to FY23E, while significant upside exists from sizeable equity stakes arising from forbearance. Trading at a 16% discount to forecast FY22E NAV, we see Duke as overly discounted g ....
12 Nov 2020
Cenkos: Duke Royalty Ltd -- The return of cash dividends
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Cenkos: Duke Royalty Ltd -- The return of cash dividends
Duke Capital Limited (DUKE:LON) | 32.2 0 0.0% | Mkt Cap: 134.0m
- Published:
12 Nov 2020 -
Author:
Cavendish Research -
Pages:
15
Today's trading update reads positively, evidencing a further rise in cash receipts towards pre-Covid levels, as three royalty partners exit forbearance measures. As a result, Duke will return to cash paid dividends from Q3/21E at attractive yields currently. Our newly released forecasts see YoY recovery in performance to FY23E, while significant upside exists from sizeable equity stakes arising from forbearance. Trading at a 16% discount to forecast FY22E NAV, we see Duke as overly discounted g ....