Hybrid profit distribution makes a lot of sense, especially if the share price is estimated to be below the company’s fair value. Specifically, for many companies, it could be sensible to keep the dividend at a reasonable baseline, increase it moderately each year, and distribute surplus capital not needed for investments by buying back their own shares. EPS grows, and achieving dividend aristocrat status becomes easy.
The biggest problem for Inderes is that this level of earnings is not at all what many had hoped for and expected. A dividend laggard producing a steady (adjusted) result wasn’t exactly what was expected when Inderes went public, even if the reasons are understandable.