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Dividendová politika ve vybraném podniku
Tejček, Martin
An optimal dividend strategy for joint stock companies is crucial for their long-term efficient earnings management. The choice of an adequate dividend strategy depends on several aspects such as: the life stage of the company, the value of re-tained earnings, the company's investment plan and, last but not least, the forecast of future earnings. Through financial analysis, it was found that the ROE of Lesy Beskydy, a.s. is decreasing year by year, despite relatively stable sales, which is one of the main indicators of of company´s inefficient profit management. The proposed dividend strategy envisages an increased one-off dividend pay-out of 30 % of retained earnings and a stable pro-dividend policy with an annual dividend pay-out of 40 % of EAT. The main objective of this strategy is to optimize the use of free capital in the company and to guarantee stable returns for shareholders in the form of return on equity at an average ROE = 16.28 % over the 2021-2025 fore-cast period. The strategy also allows shareholders to efficiently appreciate the cap-ital acquired from the company on the financial markets with a potential return of CZK 5,334,000 per year (by 2025) at an average financial market return of 5,5 % p.a.
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