RE:CIBCHey KHERSON__WHY Have You NOT
CALLED OUT the CIBC Analyst eh !!!! ????
Sustainable Dividend (Improved Payout Ratio): We see CHE.UN’s
dividend (yielding ~7%) as sustainable, with an implied FCF-based payout
ratio (excluding growth capex) of ~40%-50% in both 2024E and 2025E.
Including growth capex, our estimates imply a payout ratio of ~80% in 2024
and ~60% in 2025, with the Y/Y improvement driven by lower anticipated
capex spend in 2025 (Cairo, Ohio ultrapure expansion on track for a 2024
start-up).