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Gold/Mining/Energy : Canadian Oil Sands Trust

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To: gregor_us who wrote (5)	2/28/2007 9:18:24 PM
From: Wyätt Gwyön	of 15

Actually, he's a tad higher on the dividend, as his dividend comes in around your FCF. dividend and FCF can be close to synonymous, once COS stops paying down its debt. it has announced that its debt level will be paid down to the target level of $1.6 billion at the end of Q1, at which point i expect them to pay out virtually all of FCF as dividends. the old debt target was $1.2 billion, which would obviously take them longer to reach. that further reduction of $400 million would be $400 million of FCF that wouldn't go to dividends. they decided to increase the debt target so that they can maximize dividend payments over the four-year window before trusts go bye-bye (if that happens).

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