Capital
Website:
Capital
Index:
FTSE Small Cap
EPIC: CAPD
Supersector:
Energy
Sector:
Oil: Crude Producers
Subsector:
Exploration and Production
Market Cap:
£258.43M
Payout Frequency: Semi-Annual
Capital Dividend Analysis and Summary
Dividend details
- Final dividend: 1.3 US cents per share
- Total 2025 dividend: 2.6 US cents per share (unchanged year-on-year)
- Ex-dividend date: 16/04/2026
- Record date: 17/04/2026
- Payment date: 12/05/2026
- Currency: USD default; GBP optional (election deadline 20/04/2026)
- Cash cost: c.$2.9m for the final dividend; c.$5.4m total for FY2025 dividends
- Dividend cover (underlying):
- Operational EPS 5.4c vs DPS 2.6c = ~2.1x
- Operational NPAT $12.4m vs total DPS cash ~$5.4m = ~2.3x
- Adjusted cash from operations $92.9m (~17x cash cover of total DPS)
- Yield: not stated in the RNS (share price not provided)
Sustainability and growth outlook
- Sustainability: The dividend appears well covered by cash generation and underlying earnings. Net debt fell to $31.8m (from $75.7m), and liquidity is underpinned by $97.5m of investments, providing optionality.
- Quality of earnings: Statutory EPS (34.9c) was flattered by $66.0m investment gains; underlying performance was broadly flat (Operational NPAT down 3.9%). The flat full-year DPS (2.6c) reflects a prudent policy aligned to operational, not investment, earnings.
- Growth trajectory: 2026 revenue guidance of $410–440m (+23% at midpoint) and ramp-ups at Reko Diq (H2 2026 run-rate) and Sukari, plus continued MSALABS expansion, support potential for medium-term dividend growth once these translate to sustained underlying profit and cash flow.
- Capital intensity: 2026 capex of $55–65m (growth and sustaining) suggests near-term cash prioritisation for projects; dividend growth likely remains measured until project cash flows mature.
Financial support and capital allocation
- Cash generation: Adjusted cash from operations of $92.9m (+20.5%) and net operating cash flow of $73.6m provide strong coverage of the ~$5.4m annual dividend.
- Balance sheet: Low leverage (Net debt/Adjusted EBITDA ~0.4x) and extended maturities after March 2026 refinancing (term loan to 2029, RCF to 2030) bolster dividend resilience.
- Capital allocation: DPS held flat despite higher statutory earnings, indicating discipline. Notably, the Company raised equity in 2025 ($38.2m), which increases future cash cost of a flat per-share dividend.
Structural/strategic items relevant to dividends
- Debt refinancing (March 2026): RCF refinanced into a $37.5m term loan (matures 2029) and a $37.5m RCF (matures 2030) — positive for liquidity and funding certainty.
- Equity issuance (2025): ~$38.2m raised; higher share count lifts the absolute dividend cash outflow (final dividend estimated at $2.9m vs $2.6m last year).
- Operational ramp-ups: Reko Diq and Sukari mining contracts plus MSALABS expansion are expected to support revenue scale and diversification from H2 2026 onward.
Risks and flags to dividend stability
- Underlying vs reported earnings: Heavy reliance on volatile investment gains in 2025; underlying (operational) profitability was marginally down, so dividend growth depends on execution of 2026 projects.
- Execution risk: Timely ramp-up at Reko Diq and Sukari is critical; delays could pressure near-term free cash flow given $55–65m 2026 capex.
- Working capital: Operating cash was supported by a large increase in payables; partial unwind could soften cash conversion.
- Policy flexibility: Board explicitly lists potential “adjustments to the dividend pay-out policy” as a downside mitigation in stress scenarios.
- Sector/country risks: Exposure to commodity cycles and multi-jurisdictional tax/operational environments; minor prior-period payroll tax restatements highlight compliance complexity.
Read more
Capital Annual Dividend Yield - 1.66%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 17/04/2025 |
15/05/2025 |
Final |
1.30¢ |
USX |
| 28/08/2025 |
06/10/2025 |
Interim |
1.30¢ |
USX |
Total (Annual Dividends Per Share):
1.91p
(Using exchange rate on 30/04/2026
$ = £0.73627)
Dividend Yield =
Annual Dividends Per Share (1.91p)
÷ Share Price (115.5p)
= 1.66%
Capital Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 16/04/2026 |
12/05/2026 |
Final |
1.30¢ |
USX |
| 28/08/2025 |
06/10/2025 |
Interim |
1.30¢ |
USX |
| 17/04/2025 |
15/05/2025 |
Final |
1.30¢ |
USX |
| 29/08/2024 |
03/10/2024 |
Interim |
1.30¢ |
USX |
| 18/04/2024 |
15/05/2024 |
Final |
2.60¢ |
USX |
| 31/08/2023 |
03/10/2023 |
Interim |
1.30¢ |
USX |
| 13/04/2023 |
09/05/2023 |
Final |
2.60¢ |
USX |
| 01/09/2022 |
03/10/2022 |
Interim |
1.30¢ |
USX |
| 07/04/2022 |
10/05/2022 |
Final |
2.40¢ |
USX |
| 02/09/2021 |
01/10/2021 |
Interim |
1.20¢ |
USX |
| 08/04/2021 |
04/05/2021 |
Final |
1.30¢ |
USX |
| 03/09/2020 |
25/09/2020 |
Interim |
0.90¢ |
USX |
| 09/04/2020 |
04/05/2020 |
Final |
0.70¢ |
USX |
| 09/04/2020 |
04/05/2020 |
2nd Interim |
0.70¢ |
USX |
| 05/09/2019 |
27/09/2019 |
Interim |
0.70¢ |
USX |
| 11/04/2019 |
03/05/2019 |
Final |
1.50¢ |
USX |
| 06/09/2018 |
05/10/2018 |
Interim |
0.60¢ |
USX |
| 26/04/2018 |
18/05/2018 |
Final |
1.20¢ |
USX |
| 07/09/2017 |
06/10/2017 |
Interim |
0.50¢ |
USX |
| 27/04/2017 |
19/05/2017 |
Final |
1.00¢ |
USX |
| 08/09/2016 |
07/10/2016 |
Interim |
1.50¢ |
USX |
| 28/04/2016 |
06/05/2016 |
Final |
2.50¢ |
USX |
| 03/09/2015 |
09/10/2015 |
Interim |
1.10¢ |
USX |
| 30/04/2015 |
08/05/2015 |
Final |
1.90¢ |
USX |
| Year |
Interim |
Final |
Currency |
Total |
Change |
| 2024 |
1.300 |
2.600 |
USX |
3.900 |
0.000 |
| 2023 |
1.300 |
2.600 |
USX |
3.900 |
5.400 |
| 2022 |
1.300 |
2.400 |
USX |
3.700 |
48.000 |
| 2021 |
1.200 |
1.300 |
USX |
2.500 |
8.690 |
| 2020 |
0.900 |
0.700 |
USX |
2.300 |
4.540 |
| 2019 |
0.700 |
1.500 |
USX |
2.200 |
22.220 |
| 2018 |
0.600 |
1.200 |
USX |
1.800 |
20.000 |
| 2017 |
0.500 |
1.000 |
USX |
1.500 |
-62.500 |
| 2016 |
1.500 |
2.500 |
USX |
4.000 |
33.330 |
| 2015 |
1.100 |
1.900 |
USX |
3.000 |
|
Capital Dividend Calculator
Capital Dividend Growth
| Dividend Growth (1Y) |
-2.24%
|
| Dividend CAGR (5Y) |
3.48%
|
| Years of Growth |
–
|
| Payout Ratio |
7.38%
|
| Buyback Yield |
-4.37%
|
| Shareholder Yield |
-2.67%
|
| P/E Ratio (TTM) | 4.52 |
|---|
| Forward P/E | 10.82 |
|---|
| P/FCF | 8.72 |
|---|
| Earnings Yield | 20.03% |
|---|
| FCF Yield | 11.47% |
|---|
| ROE | 21.18% |
|---|
| ROCE | 9.51% |
|---|
| Profit Margin | 20.06% |
|---|
| Operating Margin | 13.6% |
|---|
| Gross Margin | 43.19% |
|---|