This is a reference guide to our Dividend Analysis codes that describe the prevailing circumstances and conditions. These are applied at the time of a dividend’s announcement or when it goes XD.
| Code | Circumstance | Comment |
|---|---|---|
| 00 | Warrant or Capital Share | No dividend payment |
| 01 | Fixed payments of interest and dividend | Assumed no change |
| 02 | Nothing to suggest any change | No change assumed |
| 03 | Minimum forecast by company | Company's forecast used |
| 04 | Forecast by company | Company's forecast used |
| 05 | Quarterly dividend | Assumed that the first three payments are equal with the final slightly higher, the total being the sum of the payments |
| 06 | Second or third quarterly payments | Assessed as applicable |
| 07 | Interim paid in current year, when no interim paid in previous statement regarding future payments | Unchanged total assumed, or assessed realistically |
| 08 | Interim increased to reduce disparity between interim and final payments Unchanged total assumed | Unchanged total assumed |
| 09 | Interim unchanged,strong possibility of an increase in the final to follow Estimated as appropriate | Estimated as appropriate |
| 10 | Interim increased without any qualification by the company | Unchanged final assumed |
| 11 | Interim increased and an increased total can be expected | Final increased in the same proportion |
| 12 | Interim increased and an increased total can be expected | Final increased but not by the same proportion as the interim |
| 13 | Maiden interim or final | Where final already paid, forecast total includes interim and last years final. Where no dividends paid, a realistic forecast has been made |
| 14 | Final dividend declared when interim passed and no forecast | Unchanged forecast total assumed |
| 15 | Final dividend declared when interim passed but intention to resume interim Assumed interim dividend will be 50% of final paid, forecast total equals 150% and final payments | Assumed interim dividend will be 50% of final paid, forecast total equals 150% of the final |
| 16 | Company's forecast for interim dividend exceeded | Final increased by the same percentage |
| 17 | Positive trading statement made by the company | Forecast increased where warranted |
| 18 | Interim declared after divdends passed after one or more years and the company indicates a strong possibility of a final to follow | Assumed final is equal to interim or unchanged, which ever is applicable |
| 19 | Interim declared after dividends passed for one or more years without any Assumed final equal to interim indication of a final | Assumed final equal to interim |
| 20 | Special dividend announced | One off payment not recurring |
| 21 | Special dividend announced | Recurring payment as forecast |
| 22 | Inapplicability of other rules | Each case is individually assessed in order to arrive at a realistic estimate |
| 23 | New issue | No forecast as data is currently unavailable |
| 24 | Company Suspended | Forecast as applicable |
| 25 | Resumed dividend payment | Estimated as appropriate |
| 26 | B shares in lieu of dividend | Current dividend replaced by redeemable B shares, future payments may follow suit |
| 27 | Subject of takeover bid or merger | Assessed as applicable |
| 28 | Last accounting period not equal to twelve months | Dividend adjusted to an annualised basis |
| 29 | Offer or merger unconditional or agreed | No forecast |
| 30 | Optimistic trading statement but no comment on the dividend | Unchanged dividend assumed |
| 31 | Optimistic trading statement and likelihood of increased dividend | Total increased between 7.5% to 12.5% |
| 32 | Zero forecast but company says it hopes to resume or commence payments | Estimated as appropriate |
| 33 | Interim followed by zero final but optimistic statement | Estimated as approriate |
| 34 | Forecast at time of a Rights Issue | Company's forecast used |
| 35 | Small increased expected | Total increased by a maximum of 7.5% |
| 36 | Substantial increase expected | Estimated as appropriate, Increase in excess of 12.5% |
| 37 | Company aims to restore as soon as possible | Estimated as appropriate |
| 38 | Forecast at time of making acquisitions | Company's forecast used |
| 39 | Forecast as a takeover defence | Company's forecast used |
| 40 | Interim unchanged,doubt as to ability to maintain last years total | Total reduced accordingly |
| 41 | Interim reduced | Final reduced in the same proportion as the interim, unless company states otherwise |
| 42 | Interim passed but company indictes that a final will be paid | Unchanged final assumed or estimated as appropriate |
| 43 | Interim passed with no indication as to whether a final will be paid | Half or nil final assumed whichever is applicable |
| 44 | Dividend lower than forecast made in prospectus or at time of rights or scrip Final or total reduced in the same proportion issue | Final or total reduced in the same proportion |
| 45 | Interim dividend unchanged, serious doubt about ability to maintain final Reduced final assumed | Reduced final assumed |
| 46 | Substantial reduction probable | Assumed dividend is reduced by an amount specified by the company where applicable, or assessed as appropriate |
| 47 | Interim followed by zero final, no forecast | Nil forecast or estimated as appropriate |
| 49 | Profits warning | Next dividend will be maintained but no comment as to future payments, in case of interim this does not imply an unchanged final |
| 50 | No comment as to future dividend policy but poor trading outlook | Unchanged dividend assumed |
| 51 | Poor trading but hope to maintain dividend payment | Unchanged dividend assumed |
| 52 | Final dividend unchanged, but serious doubt as to its maintenance | Forecast reduced as applicable |
| 53 | Final reduced | Interim reduced by the same proportion as the final or estimated as appropriate |
| 54 | Final passed | Nil forecast |
| 55 | Dividend suspended (already XD) or Dividend cancelle | Our Forecasts may not yet have been reviewed |
| 98 | Scrip Dividend | Dividend paid as scrip for this dividend only |
| 99 | European Stock | Forecasted as applicable |
Source: Dividend Analysis, Copyright (c) 2024