RT2014 schreef op 29 oktober 2019 16:13:
Euronav heeft de komende kwartalen de kans om die schuldenlast scherp terug te dringen, maar ik verwacht niet dat dit gebeurt.
Dit is wat de ceo zei over het managen van de balans, dividenden en buybacks:
"We have demonstrated that when it comes to balance sheet management, we like to be conservative. I mean,
today we are probably a little bit under levered. We recognize it, we would prefer to be around 50%. And so we did not hesitate since the beginning of this year to deploy some of that cash into share buyback, which has a definitely a huge value for existing shareholders. And it's a lasting value as opposed to dividends. But it's not buyback or dividend. We have done both.
We have a minimum dividend policy and we have the possibility to do buyback and to do more buybacks. But you will have to recognize that what we have done so far this year i.e., $30 million, is the largest buyback program ever done by this company, doesn't mean that we've done enough. But it means that we have put quite a lot of money into the market and certainly at a time where we felt that the share price was not reflecting the real value of Euronav and not even the intrinsic value, NAV value of Euronav.
(...)
So those are the things that we constantly think about. So we always think about share buyback, dividends further acquisition, I think that in last four or five years, we have demonstrated that we were always there to acquire more vessels if the value was correct, if it was the right point in time in the cycle. We have done two massive transactions, but we have done also smaller deals. So everything is possible."
Met andere woorden. Verwacht eerder hoge dividenduitkeringen/buybacks of aankoop van tankers dan het terugdringen van de schulden.