The screen
A takeover such as Elon Musk’s of Twitter Inc. – at a near 40-per-cent premium for shareholders! – invariably spurs a hunt for the next lucrative takeover candidate. Spinoff stocks, with their above-average takeover prospects, are usually in the running. These new listings – former subsidiaries “spun off” by a parent company to its shareholders as a special dividend – often have the small size, pure-play focus and growth prospects to attract one or several suitors.
From a list of U.S. and Canadian spinoffs, we singled out dividend payers offering both profit growth and takeover potential. We then applied our TSI Dividend Sustainability Rating System; it awards points to companies based on these key factors:Two points if it has raised the payment in the past five years;One point for operating in non-cyclical industries;Two points for a strong balance sheet, including manageable debt and adequate cash;One point if the company’s an industry leader.
Companies with 10 to 12 points have the most-secure dividends, or the highest sustainability. Those with seven to nine points have above-average sustainability; average sustainability, four to six points; and below average sustainability, one to three points.
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