Caledonia Investments
Website:
Caledonia Investments
Index:
FTSE 250
EPIC: CLDN
Supersector:
Financial Services
Sector:
Equity Investment Instruments
Subsector:
Equity Investment Instruments
Market Cap:
£1.97B
Payout Frequency: Semi-Annual
Caledonia Investments Dividend Analysis and Summary
Key Dividend Details
- Dividend declared: Interim dividend of 3.68p per share
- Ex-dividend date: 04/12/2025
- Record date: 05/12/2025
- Payment date: 08/01/2026
- Cash cost: ~£19.3m
- Policy/structure: Interim now set at 50% of the prior year’s total annual dividend (FY25 total c. 7.36p: 1.97p interim + 5.39p final)
- Share split: 10:1 share split completed on 25/07/2025; per-share figures reflect this
- DRIP election deadline: 15/12/2025
Dividend Sustainability
- Cover: H1 revenue EPS of 7.3p vs interim dividend of 3.68p (~2.0x cover). Revenue profit was £38.5m vs cash dividend outlay of ~£19.3m.
- Income generation: H1 investment income of £57.6m; notable portfolio cashflow with £24.5m dividend from AIR-serv.
- Balance sheet/liquidity: NAV £3.01bn; liquidity of £430m (£105m cash + £325m undrawn RCF). Operating cash inflow of £32.7m in H1.
- Capital discipline: Ongoing buybacks (£13.5m in H1; 3.72m shares cancelled), reducing the future cash cost of dividends per share.
Dividend Growth and Outlook
- Progressive policy reiterated; interim set at 50% of prior year’s total supports at least maintenance, with scope for modest growth subject to performance.
- FY25 final increased to 5.39p (from 5.15p prior year), implying FY25 total c. 7.36p and a higher base for FY26 under the new payment profile.
- Potential catalyst: Agreed sale of Stonehage Fleming with expected proceeds of ~£288m (completion targeted H1 2026, regulatory approvals pending) should enhance financial flexibility for reinvestment and/or continued buybacks alongside dividends.
Structural or Policy Changes Affecting Dividends
- Dividend payment profile change: Interim set to 50% of the prior year’s total dividend.
- 10:1 share split executed on 25/07/2025.
- Share buybacks continue as an explicit capital allocation tool to address the discount (1.29p NAV accretion in H1).
- Asset rotation: Agreement to sell Stonehage Fleming; proceeds expected H1 2026, subject to regulatory approvals.
Risks and Flags to Dividend Stability
- FX exposure: 63% of NAV is non-sterling; no hedging policy—income and capital returns are sensitive to currency moves.
- Private assets/Funds: Funds pool delivered -2.2% in H1 with subdued distributions; private asset valuations involve judgment and may be volatile.
- Commitments: Uncalled commitments of £394m could draw on liquidity during weaker markets.
- Transaction risk: Stonehage sale still requires regulatory approvals (company has applied a modest execution/time discount to carrying value).
- Market risk: Ongoing macro/geopolitical uncertainty and equity market volatility could impact income generation from the Public Companies pool.
Read more
Caledonia Investments Annual Dividend Yield - 19.37%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 05/12/2024 |
09/01/2025 |
Interim |
19.69p |
GBX |
| 26/06/2025 |
07/08/2025 |
Final |
53.91p |
GBX |
Total (Annual Dividends Per Share):
73.60p
Dividend Yield =
Annual Dividends Per Share (73.60p)
÷ Share Price (380p)
= 19.37%
Caledonia Investments Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 04/12/2025 |
08/01/2026 |
Interim |
3.6800p |
GBX |
| 26/06/2025 |
07/08/2025 |
Final |
53.91p |
GBX |
| 05/12/2024 |
09/01/2025 |
Interim |
19.69p |
GBX |
| 27/06/2024 |
01/08/2024 |
Final |
51.47p |
GBX |
| 30/11/2023 |
04/01/2024 |
Interim |
18.93p |
GBX |
| 29/06/2023 |
03/08/2023 |
Final |
49.20p |
GBX |
| 01/12/2022 |
05/01/2023 |
Interim |
18.20p |
GBX |
| 30/06/2022 |
04/08/2022 |
Special |
175.00p |
GBX |
| 30/06/2022 |
04/08/2022 |
Final |
47.30p |
GBX |
| 02/12/2021 |
06/01/2022 |
Interim |
17.50p |
GBX |
| 01/07/2021 |
05/08/2021 |
Final |
45.90p |
GBX |
| 03/12/2020 |
07/01/2021 |
Interim |
17.00p |
GBX |
| 25/06/2020 |
06/08/2020 |
Final |
44.50p |
GBX |
| 05/12/2019 |
09/01/2020 |
Interim |
16.60p |
GBX |
| 27/06/2019 |
08/08/2019 |
Final |
43.20p |
GBX |
| 29/11/2018 |
10/01/2019 |
Interim |
16.10p |
GBX |
| 28/06/2018 |
09/08/2018 |
Final |
41.50p |
GBX |
| 30/11/2017 |
11/01/2018 |
Interim |
15.50p |
GBX |
| 06/07/2017 |
03/08/2017 |
Final |
39.90p |
GBX |
| 06/07/2017 |
03/08/2017 |
Special |
100p |
GBX |
| 01/12/2016 |
05/01/2017 |
Interim |
14.90p |
GBX |
| 03/03/2016 |
01/04/2016 |
Final |
38.30p |
GBX |
| 03/12/2015 |
07/01/2016 |
Interim |
14.30p |
GBX |
| 09/07/2015 |
06/08/2015 |
Final |
36.80p |
GBX |
| 11/12/2014 |
08/01/2015 |
Interim |
13.80p |
GBX |
| 09/07/2014 |
07/08/2014 |
Final |
35.70p |
GBX |
| 11/12/2013 |
09/01/2014 |
Interim |
13.40p |
GBX |
| 10/07/2013 |
08/08/2013 |
Final |
34.30p |
GBX |
| 12/12/2012 |
10/01/2013 |
Interim |
12.90p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
19.690 |
51.470 |
|
GBX |
71.160 |
4.440 |
| 2023 |
18.930 |
49.200 |
|
GBX |
68.130 |
-71.670 |
| 2022 |
18.200 |
47.300 |
175.000 |
GBX |
240.500 |
279.330 |
| 2021 |
17.500 |
45.900 |
|
GBX |
63.400 |
3.080 |
| 2020 |
17.000 |
44.500 |
|
GBX |
61.500 |
2.840 |
| 2019 |
16.600 |
43.200 |
|
GBX |
59.800 |
3.810 |
| 2018 |
16.100 |
41.500 |
|
GBX |
57.600 |
-62.930 |
| 2017 |
15.500 |
39.900 |
100.000 |
GBX |
155.400 |
942.950 |
| 2016 |
14.900 |
|
|
GBX |
14.900 |
-83.330 |
| 2015 |
14.300 |
75.100 |
|
GBX |
89.400 |
80.600 |
| 2014 |
13.800 |
35.700 |
|
GBX |
49.500 |
3.770 |
| 2013 |
13.400 |
34.300 |
|
GBX |
47.700 |
269.760 |
| 2012 |
12.900 |
|
|
GBX |
12.900 |
|
Caledonia Investments Dividend Calculator
Caledonia Investments Dividend Growth
| Dividend Growth (1Y) |
27.47%
|
| Dividend CAGR (5Y) |
8.08%
|
| Years of Growth |
1
|
| Payout Ratio |
20.94%
|
| Buyback Yield |
2.53%
|
| Shareholder Yield |
17.78%
|
| P/E Ratio (TTM) | 11.01 |
|---|
| Forward P/E | – |
|---|
| P/FCF | 59.62 |
|---|
| Earnings Yield | 9.36% |
|---|
| FCF Yield | 1.68% |
|---|
| ROE | 6.25% |
|---|
| ROCE | 6.28% |
|---|
| Profit Margin | 84.3% |
|---|
| Operating Margin | 86.21% |
|---|
| Gross Margin | 100% |
|---|