Am in the throes of deeply researching PZ Cussons for a purchase, having been tracking it for a while, so your analysis was interesting!
One thing that will hold this share back at a lower rating is the removal of any bid potential. The founding family concert party holds 45%+ of the shares I believe, with the cornerstone being the charitable trust.
The flip side is that dividends are prioritised by the charitable trust and presumably other members of the family living off their inheritance. So I can easily see this go back to a 6p+ dividend, which provides ample support for the current SP.
Am in the throes of deeply researching PZ Cussons for a purchase, having been tracking it for a while, so your analysis was interesting!
One thing that will hold this share back at a lower rating is the removal of any bid potential. The founding family concert party holds 45%+ of the shares I believe, with the cornerstone being the charitable trust.
The flip side is that dividends are prioritised by the charitable trust and presumably other members of the family living off their inheritance. So I can easily see this go back to a 6p+ dividend, which provides ample support for the current SP.