Construction | - by Lydia TOISUTA / Linda LAUWIRA
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TOTL has set the bar high by offering a lofty dividend payout for 2011 that’s triple the size of its 2010 payment, suggesting it is comfortable with its cash position. Despite the slower 1Q12 earnings growth, we continue to like the stock for its bottom line margin expansion. TOTL’s dividend payout ratio of 120%, double our expectation of 60%, was a very nice surprise. We fine-tune our earnings estimate and keep our 13.5x P/E-based (sector upcycle 2004–07) target price unchanged. Outperform maintained.
Chart By kedairader
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