Code Directory

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.

00Warrant or Capital ShareNo dividend payment
01Fixed payments of interest and dividendAssumed no change
02Nothing to suggest any changeNo change assumed
03Minimum forecast by companyCompany's forecast used
04Forecast by companyCompany's forecast used
05Quarterly dividendAssumed that the first three payments are equal with the final slightly higher, the total being the sum of the payments
06Second or third quarterly paymentsAssessed as applicable
07Interim paid in current year, when no interim paid in previous statement regarding future paymentsUnchanged total assumed, or assessed realistically
08Interim increased to reduce disparity between interim and final payments Unchanged total assumedUnchanged total assumed
09Interim unchanged,strong possibility of an increase in the final to follow Estimated as appropriateEstimated as appropriate
10Interim increased without any qualification by the companyUnchanged final assumed
11Interim increased and an increased total can be expectedFinal increased in the same proportion
12Interim increased and an increased total can be expectedFinal increased but not by the same proportion as the interim
13Maiden interim or finalWhere final already paid, forecast total includes interim and last years final. Where no dividends paid, a realistic forecast has been made
14Final dividend declared when interim passed and no forecastUnchanged forecast total assumed
15Final 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 paymentsAssumed interim dividend will be 50% of final paid, forecast total equals 150% of the final
16Company's forecast for interim dividend exceededFinal increased by the same percentage
17Positive trading statement made by the companyForecast increased where warranted
18Interim declared after divdends passed after one or more years and the company indicates a strong possibility of a final to followAssumed final is equal to interim or unchanged, which ever is applicable
19Interim declared after dividends passed for one or more years without any Assumed final equal to interim indication of a finalAssumed final equal to interim
20Special dividend announcedOne off payment not recurring
21Special dividend announcedRecurring payment as forecast
22Inapplicability of other rulesEach case is individually assessed in order to arrive at a realistic estimate
23New issueNo forecast as data is currently unavailable
24Company SuspendedForecast as applicable
25Resumed dividend paymentEstimated as appropriate
26B shares in lieu of dividendCurrent dividend replaced by redeemable B shares, future payments may follow suit
27Subject of takeover bid or mergerAssessed as applicable
28Last accounting period not equal to twelve monthsDividend adjusted to an annualised basis
29Offer or merger unconditional or agreedNo forecast
30Optimistic trading statement but no comment on the dividendUnchanged dividend assumed
31Optimistic trading statement and likelihood of increased dividendTotal increased between 7.5% to 12.5%
32Zero forecast but company says it hopes to resume or commence paymentsEstimated as appropriate
33Interim followed by zero final but optimistic statementEstimated as approriate
34Forecast at time of a Rights IssueCompany's forecast used
35Small increased expectedTotal increased by a maximum of 7.5%
36Substantial increase expectedEstimated as appropriate, Increase in excess of 12.5%
37Company aims to restore as soon as possibleEstimated as appropriate
38Forecast at time of making acquisitionsCompany's forecast used
39Forecast as a takeover defenceCompany's forecast used
40Interim unchanged,doubt as to ability to maintain last years totalTotal reduced accordingly
41Interim reducedFinal reduced in the same proportion as the interim, unless company states otherwise
42Interim passed but company indictes that a final will be paidUnchanged final assumed or estimated as appropriate
43Interim passed with no indication as to whether a final will be paidHalf or nil final assumed whichever is applicable
44Dividend lower than forecast made in prospectus or at time of rights or scrip Final or total reduced in the same proportion issueFinal or total reduced in the same proportion
45Interim dividend unchanged, serious doubt about ability to maintain final Reduced final assumedReduced final assumed
46Substantial reduction probableAssumed dividend is reduced by an amount specified by the company where applicable, or assessed as appropriate
47Interim followed by zero final, no forecastNil forecast or estimated as appropriate
49Profits warningNext dividend will be maintained but no comment as to future payments, in case of interim this does not imply an unchanged final
50No comment as to future dividend policy but poor trading outlookUnchanged dividend assumed
51Poor trading but hope to maintain dividend paymentUnchanged dividend assumed
52Final dividend unchanged, but serious doubt as to its maintenanceForecast reduced as applicable
53Final reducedInterim reduced by the same proportion as the final or estimated as appropriate
54Final passedNil forecast
55Dividend suspended (already XD) or Dividend cancelleOur Forecasts may not yet have been reviewed
98Scrip DividendDividend paid as scrip for this dividend only
99European StockForecasted as applicable

Source: Dividend Analysis, Copyright (c) 2024