SBS
Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) currently pays a dividend yield of 2.4% with an FCF payout ratio of 147.8%. Dividend safety isn't about the yield - high yields often signal stress - it's about whether free cash flow comfortably covers the payment. The full coverage analysis is below. Educational only, not investment advice.
FCF payout coverage. Companhia de Saneamento Básico do Estado de São Paulo - SABESP's free-cash-flow payout ratio is 147.8%. Below 60% is comfortable - the business is keeping at least 40% of cash for reinvestment, debt reduction, or buybacks. Between 60-90% is workable but tighter; above 90% leaves no buffer, which is where dividend cuts become a real risk during a downturn.
Earnings vs FCF. The traditional payout ratio (dividends / earnings) sits at 27.1%. Compared against the FCF payout ratio above, large gaps indicate one of two things: accounting earnings being inflated by non-cash items (FCF payout much higher than earnings payout - red flag) or aggressive cash management lifting near-term FCF (FCF payout much lower than earnings payout - sometimes a sign of working-capital releases that won't repeat).
Growth track record. Companhia de Saneamento Básico do Estado de São Paulo - SABESP's 5-year dividend CAGR is 73.8%. Consistent growth across at least one downturn is the gold standard - it means management treats the dividend as a commitment, not a discretionary outflow. A 5-year track record without a cut during the last recession is much stronger evidence than a high current yield.
Dividendensicherheit ist nicht die Höhe der Rendite - eine hohe Rendite signalisiert oft Stress. Es geht um Deckung: deckt der Free Cashflow die Dividende bequem mit Spielraum? Der invest-like-Dividenden-Sicherheits-Score gewichtet drei Signale: FCF-Ausschüttungsquote (unter 60% ist komfortabel; über 90% ist fragil), Gewinn-Ausschüttungsquote (weniger zuverlässig als FCF, weil Periodenabgrenzungen Cash-Defizite verschleiern können) und Dividenden-Wachstumshistorie (konstantes 5-Jahres-CAGR vs. Kürzungen im letzten Abschwung).
Nur Bildung - selbst eine A-bewertete Dividende kann morgen durch eine einzelne Vorstandsentscheidung gekürzt werden. Wir messen die dokumentierte finanzielle Fähigkeit, die Auszahlung aufrechtzuerhalten, keine Vorhersage von Management-Absichten.
Framework-Analyse zu Bildungszwecken. Keine Anlageberatung, keine Empfehlung, nicht auf deine persönliche Situation zugeschnitten. Mach immer deine eigene Recherche.