It has been about 4 years since I looked at Accordia Golf Trust (AGT) as an investment proposition. Many things have changed since then and I wondered how it has fared since then.

What has Changed

Dividends- The dividend history of AGT has shown there is a slight decline in dividends. Below is the dividend history.


From its latest Financial Year Ending March 2019, it can be seen that dividends for AGT has been on a decline. This is a far cry from the past where Dividends given were generous.

Sustainable Dividends?

From the cashflow statement for FY2018,  AGT gave out JPY$3.4 Billion in Dividends. With the recent release of dividends which is about 2% lower, one can reasonably expect another JPY$3.3- 3.4 billion in dividends provided to investors. However, the question begs- Is the Dividends Sustainable?

In terms of Cashflow wise, it does seems sustainable because AGT is producing about JPY$10 billion in