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Can you trust the Royal Mail share price’s 7.7% dividend yield?

first_img See all posts by Rupert Hargreaves Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Simply click below to discover how you can take advantage of this. Image source: Getty Images. There are currently only a handful of stocks in the FTSE 250 that support dividend yields of 5% or more. One of these companies is Royal Mail (LSE: RMG). At the time of writing, shares in Royal Mail support a dividend yield of 7.8%, which looks highly attractive compared to the index’s average of 2.9%.Many investors consider incredibly high dividend yields to be a sign of distress. Therefore, it’s often best to avoid companies with yields more than twice the market average. On this basis, Royal Mail looks to be in distress, but should investors really be worried?5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Income potentialOne of the fastest ways to figure out if a dividend is sustainable is to look as cash flow. Dividends are paid out of cash resources. If a company isn’t generating enough free cash from operations to cover the payout, then it will either have to borrow money or cut the distribution.In its last financial year covering the 12 months ending 31 March 2019, Royal Mail recorded operating cash flow from operations of £493m and capital spending for the year of £364m. That suggests total free cash flow for the year of £129m.Unfortunately, the group’s total dividend distribution for the year amounted to £242m. This implies the company paid out more than it could afford in its last financial year. With this being the case, it’s no surprise management decided to cut the postal service’s distribution by 40% in May 2019.This cut should have helped improve dividend sustainability, but there’s another problem. City analysts expect the company to report a 57% decline in earnings per share in its current financial year. A further reduction of 26% is expected for fiscal 2021.UnsustainableIf Royal Mail’s dividend looked unsustainable in its 2019 financial year, even a 50% dividend cut might not be enough to save the distribution if net income slumps as much as analysts are expecting over the next two years.In the past, the company has been able to produce extra cash by cutting costs and selling off assets. However, it can’t continue to do this forever.Royal Mail has always had a fractious relationship with its workforce. Therefore, further cost cuts to help shareholders, at the expense of employees, could only lead to further industrial action.At the same time, group borrowing has increased as management has tried to fill the gap between cash coming in and cash flowing out of business. Net debt was £1.4bn at the end of the company’s last reported period. In fiscal 2016, net debt was just £244m.ConclusionWe won’t know what management wants to do about Royal Mail’s dividend until the company announces is its full-year results in the middle of 2020. Still, considering all of the above, it seems highly probable the organisation will cut its dividend further.As such, it looks as if the Royal Mail share price’s 7.7% dividend yield cannot be trusted. Rupert Hargreaves owns no share mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.center_img Can you trust the Royal Mail share price’s 7.7% dividend yield? “This Stock Could Be Like Buying Amazon in 1997” Rupert Hargreaves | Tuesday, 4th February, 2020 | More on: RMG I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Enter Your Email Address Our 6 ‘Best Buys Now’ Shareslast_img read more

Death threats and attacks on freedom of expression intensify in Tunisia

first_img Forum on Information and Democracy 250 recommendations on how to stop “infodemics” March 6, 2013 – Updated on January 20, 2016 Death threats and attacks on freedom of expression intensify in Tunisia November 11, 2020 Find out more News Signed, (Tunis, 4 March 2013) – The following is an open letter to the authorities in Tunisia, initiated by the World Association of Newspapers and News Publishers (WAN-IFRA), Norwegian PEN, PEN International WiPC and Index on Censorship and signed by 20 other IFEX members:Death threats and attacks on freedom of expression intensify in TunisiaDeath threats, physical attacks, an emergence of hate speech and accusations of official censorship of critical media have escalated the perilous situation for freedom of expression in Tunisia. As the political crisis deepens following the assassination of outspoken left-wing political leader Chokri Belaïd, and the resignation on Tuesday 26 February of Prime Minister Hamadi Jebali, attacks against journalists and writers have intensified.The undersigned members of the International Freedom of Expression Exchange (IFEX) call on the Tunisian government to condemn such attacks, guarantee the safety of journalists, writers and media workers reporting on the on-going crisis, and implement legislation available to them that better protects freedom of expression.Death ThreatsTunisia has witnessed an unprecedented campaign of death threats against journalists, writers and media workers critical of the ruling Ennahda Party and its handling of recent events.Most disturbingly, a ‘death list’ of names of prominent writers and journalists who supposedly “antagonise Islam” is said to be in circulation, with writer and journalist Naziha Rjiba one of those to have received anonymous telephone death threats. It is widely believed the League for Protecting the Revolution – said to have close ties with the Ennahda Party – issued the list. Rjiba received a call shortly after the assassination of Belaïd in which she was warned to be silent or else “she would be next.”On 11 February, journalists Nawfel El Ouertani and Haitham El Mekki from Radio Mosaique FM had their lives threatened for their coverage of Belaïd’s funeral. The station had already been the recipient of threats and had applied to the Ministry of Interior for protection.Veteran journalist and former head of the National Syndicate of Tunisian Journalists (SNJT), Neji Bghouri, has received a number of death threats via email and mobile phone. The latest incident occurred on 14 February when a member of the League for Protecting the Revolution reportedly shouted, “soon, you’ll be killed.” Najiba Hamrouni, current head of the SNJT, has also reported receiving death threats from unknown callers who accuse her of defaming the Ennahda Party and “insulting Islam”.The undersigned IFEX members are seriously alarmed by these developments and call on the Tunisian authorities to urgently provide those targeted with a safe environment in which to carry out their work. They also call on authorities to fully investigate those responsible for issuing such threats so as to deter a climate of impunity in the country.Attacks on Freedom of Expression EscalateThe undersigned IFEX members consider the 22 January decision by deputy leader of the National Constitutional Assembly, Mehrezia Labidi, to ban journalists from working inside the Assembly as a deliberate attempt to deny access to information, and call on the authorities to recall the decision.Harassment and physical attacks are also on the rise. On 24 January police interrogated Al-Shorouk journalist, Mouna Bouazizi, following a complaint by a local official over her coverage of events in the city of Qarjani. Bouazizi has been repeatedly harassed and prevented from carrying out her work.Reports suggest that security forces have deliberately targeted journalists covering the fallout from the assassination of Belaïd. On 7 February, police in Gafsa City attacked Tunisia Africa News Agency journalist, Farida al-Mabrouki as she covered clashes with protesters. In a similar incident, Shraz Al-Khunaisi, a journalist with Internet TV channel Tunis Al-Ikhbariya, was also attacked and dragged to the ground by police.Another journalist for the same channel, Ahmad Akkouni, was hit by a rubber bullet while covering clashes between police and protesters in Tunis. The following day, police officers physically attacked Tarek Al-Ghorani, a photographer and staff member with the Tunis Centre for the Freedom of Press, as he took pictures at Belaïd’s funeral.In addition, rapper and playwright Mohamed Amine Al-Hamzaoui required hospital treatment following a severe assault by up to five police officers that took place as he participated in the funeral. Al-Hamzaoui is known for songs criticising police attacks on protesters.Hate speechEvidence is emerging that the media are being subjected to a deliberate campaign of hate speech during prayer ceremonies and in political discourses. Prayer leaders in several mosques across Tunisia have blamed journalists and writers for either “insulting Islam” or “hindering the work of the Ennahda Party”, while journalists criticised by politicians have reportedly been the victims of reprisal attacks.During the 15 February rally held in support of the Ennahda Party in Tunis, widespread anti-media rhetoric was heard from speakers and marchers alike. Shouts of “shameless media” accompanied physical attacks against journalists covering the event. A prevalence of graffiti slogans stating “Journalists are liars” and “Journalists are hypocrites” can also be seen on the streets of the capital.Broadcast woesThe independence of the broadcast media has been called further into question following the unplanned proliferation of new radio stations and TV channels across the country, many of which are owned by pro-government, Ennahda Party supporters.The government has also been accused of silencing a number of emerging independent radio stations by withdrawing frequencies under the pretext of unpaid license fees. On 12 February, Oxygen Radio Bizerte was shut down for 24 hours, a move seen by Tunisian human rights groups as political interference aimed at silencing critical voices.The undersigned IFEX members repeat calls for the Tunisian authorities to appoint an independent body that has the power to organise the audio-visual licensing system fairly and without political bias.Legislative stallingDespite public statements on 10 December 2012 announcing the adoption of long-overdue legislation, and with it the establishment of the Independent High Authority for Audiovisual Communications (HAICA), the undersigned IFEX members note little change regarding the implementation of the government’s media laws, particularly in respect to decrees 115 and 116 concerning media freedom.As a crucial step in guaranteeing the safety of journalists, the undersigned IFEX members again call on the Tunisian authorities to implement these decrees as a matter of urgency. For the independence of the media to be assured, wider consultation should also be sought from civil society and journalist organisations to supply HAICA with a broader more legitimate mandate for change. December 26, 2019 Find out more News World Association of Newspapers and News PublishersIndex on CensorshipNorwegian PENWriters in Prison Committee, PEN InternationalBahrain Center for Human RightsCanadian Journalists for Free ExpressionCartoonists Rights Network InternationalCenter for Media Studies & Peace BuildingCommittee to Protect JournalistsFreedom ForumFundamedios – Andean Foundation for Media Observation & StudyI’lam Media Center for Arab Palestinians in Israel – INTERIM MEMBERIndependent Journalism CenterInstitute for the Studies on Free Flow of InformationInternational Press InstituteInternational Publishers AssociationMaharat FoundationMedia Rights AgendaNational Union of Somali JournalistsPacific Islands News AssociationPalestinian Center for Development and Media Freedoms – MADAPublic Association “Journalists”Reporters Without BordersWorld Press Freedom Committee to go further Organisation Help by sharing this information center_img Tunisia : RSF asks Tunisian president’s office to respect journalists November 12, 2019 Find out more Follow the news on Tunisia TunisiaMiddle East – North Africa Receive email alerts TunisiaMiddle East – North Africa RSF_en Eleven organizations from civil society create the Forum on Information & Democracy, a structural response to information disorder News Newslast_img read more