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RSGUF - Don't Be Tempted By Rogers Sugar's Sweet Dividend
Rogers Sugar Inc
Investment Thesis
Rogers Sugar Inc. (RSGUF) is an appealing business thanks to its simplicity, dominant market position and steady demand. The company has a long history of rewarding shareholders with an attractive dividend funded by consistent free cash flow. While the company is offering a juicy yield of ~7.9%, there is little prospect for dividend growth and few obvious catalysts to drive sales growth.
After years of stagnation, Rogers has pursued an acquisition strategy to expand from sugar into the maple syrup/products market. Rogers needs to demonstrate that it can successfully use the