I think people should stop worrying about those dividends. They potentially need $50M to acquire the demo farms. Another $50M for the Mega Farm. Another $50M to acquire wholesale centers in 2nd tier and 3rd tier cities. Another $50M for steak houses. Another $50M for demo farms in Europe. Get the picture yet?
At the same time, leverage is increasing rapidly. They may get more cheap loans. Convertible bonds at $30-$50. They may get a big pile of cash if they spin-off or merge SJAP. But we don't know. They may sell HU or CF1/2.
After they have done all that, they should be repurchasing stock instead of paying big dividends. Preferably sooner.
You can't have it both ways. But look on the bright side. 15% revenue growth (and no profits) can fetch you a $200B market cap these days as is the case with AMZN. LOL.
it will take years and years to divest all the other assets. In the mean time the current structure is still operating and will be valued based on its 2014 eps and 2015/2016 financials. If we make it onto OSE this year we will likely be granted a higher PE but otherwise the business is still pretty much the same IMO. So I think 25-30 max 40 by year end is a good guess IMO.
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