Having withdrawn its final dividend of 55.72 euro cents per share back in April, the £7bn cap said earlier this month that it would now pay holders 29.75 euro cents for 2019.
It gets better. In addition to this payment, the company also announced a 2020 interim dividend of 19 euro cents per share. This is despite pre-tax profit in the six months to the end of June slumping 26% to 466m.
On a little less than 14 times estimated FY20 earnings, Mondi looks cheap in my book. The share price is still 35% below where it peaked in 2018, despite rising free cash flow and consistently decent margins and returns on invested capital.
