DividendsWiki Por Dividendos
Special Dividend
"A one-off payment outside the ordinary dividend policy, usually after an asset sale or excess cash build-up. It does not count towards sustainable yield."
A special dividend is a one-off payment a company distributes outside its ordinary dividend policy: it is not part of the regular calendar and there is no commitment to repeat it.
Where it comes from
The typical causes are three: the sale of an asset or subsidiary (the company distributes part of the proceeds), an accumulated cash surplus the board decides to return, or a one-off profit that will not repeat. In every case the message is the same: this money will not come out of the recurring business next year.
The golden rule: do not count it
For the dividend investor, a special dividend is a pleasant gift that distorts every metric unless it is kept separate:
- Do not include it in the dividend yield: a screener that mixes it in will show an inflated yield that will not repeat. It is a classic source of false opportunities — and a first cousin of the .