When TIM S.A. (DB:TCZ) declares its dividends and goes ex, every past payment adjusted for splits, its stated dividend guidance, how well earnings and cash flow cover the payout, and borrowing around record dates, with ORTEX forecasts of the next dividends: dates, amount ranges and the chance of a raise or cut.

Ex-dividend date

The first trading day on which a buyer of the shares no longer receives the next dividend. Holders at the close of the day before are paid.

Record and pay date

The record date is when the company checks who holds the shares; the pay date is when the dividend is paid to them.

Forward yield

The dividends ORTEX expects over the next twelve months divided by the last share price.

Payout ratio

The share of earnings, or of free cash flow, that is paid out as dividends. Above 100% the dividend is paid from more than the company earns.

Source: ORTEX. Some figures are limited on the free view; live data and full history are part of ORTEX Advanced.