The Dividend Destroyers

This infamous list includes stocks that have reduced their dividend payments consistently or stopped paying dividends altogether.

The criteria to become a member of this list are that the stock must have been paying dividends for at least five years and the trend in dividend payments has been declining. One off increases in dividends are discounted if the company has a history of decreasing or missing dividends.

Generally, the share market sees a reduction in dividends as a signal of poor performance and will discount the company’s share price immediately and substantially.

There are several acceptable of positive reasons why companies may reduce or stop dividend payments. These are:

  • To conserve cash for a new investment opportunity that will result in a longer term increase in earnings and possibly dividends.
  • To conserve cash to repay debt and therefore reduce interest costs.

The most common reason however is as a response to reduced actual earnings or to signal lower earnings ahead in the future. Share markets usually respond swiftly and viciously to unexpected dividend reductions and slash the share price accordingly.

An important thing to consider is whether the company has split its shares during the historical period of dividend evaluation. There will be a once of reduction in dividend at each share split so it is important to consider this reason for an apparent poor history of dividend performance.

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Stock Company Sector Dividend
Franking Yield Price
per Share
Star Rating
PPKPPK Grp00.0%0%283.40.00x
NHFNIB Hldgs19.5100.0%2.83%68826.71.37x
NHCNew Hope Corp10100.0%4.83%20716.91.69x
NCMNewcrest Min19.0685.0%0.96%197334.951.83x
NCKNick Scali36100.0%5.14%70149.81.38x
NBLNoni B13100.0%5.18%25115.31.18x
NAMNamoi Cotton00.0%0%527.760.00x
NABNational Aust Bank198100.0%6.71%2951194.70.98x
MXIMaxiTRANS Ind3.5100.0%4.67%756.661.90x
MRNMacquarie Media6100.0%5.13%136.510.141.69x
MRMMMA Offshore00.0%0%22-17.590.00x
MQGMacq Grp48545.0%4.62%10490716.21.48x
MOCMortgage Choice18100.0%8.91%20217.80.99x
MMSMcMillan Shakespr68100.0%3.98%170775.311.11x
NTCNetComm Wireless00.0%0%1362.440.00x
PPGPro-Pac Packaging2100.0%5.06%39.5-0.31-0.16x
PMVPremier Invest56-72.6%3.67%152766.781.19x
PMEPro Medicus5100.0%0.61%8209.331.87x
PMCPlatinum Capital00.0%5.05%19825.710.00x
PHIPhileo Aust5100.0%0.38%132551.9510.39x
PFGPrime Financial0.9100.0%6.43%14-0.06-0.07x
PANPanoramic Res00.0%0%53.5-2.090.00x
OSHOil Search11.230.0%1.59%70725.422.26x
OMHOM Hldgs00.0%0%12712.670.00x
NWHNRW Hldgs00.0%0%
MLBMelbourne IT11100.0%2.15%32612.561.14x
MIRMirrabooka Invest14100.0%3.75%2675.820.42x
KCNKingsgate Cons00.0%0%34-14.430.00x
KATKatana Capital0.560.0%2.6%778.9517.90x
JHXJames Hardie Ind40.1210.0%1.77%226974.891.87x
JBHJB Hi-Fi132100.0%5.04%2620184.11.39x
IZZiShares China LCap118.6290.0%1.81%6296-198.99-1.68x
IXPiShares Glb Telecom229.4670.0%2.99%7480998.354.35x
IXJiShares Glb Health183.5950.0%1.21%14783906.724.94x
IXIiShares Glb Cons256.1420.0%1.93%12904493.521.93x
IVViShares S&P 500519.232-0.5%1.43%356084067.327.83x
IVEiShares MSCI EAFE200.9480.0%2.18%9050-1875.33-9.33x
ITWiShares MSCI Taiwan113.090.0%2.22%4907-904.9-8.00x
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