ZIM does not have a 113% dividend yield but still impressive

Regarding: stock symbol ZIM is ZIM Integrated Shipping

One can note that at

It shows the dividend as 113% today

However, this free lunch is not quite the case, since if you go to

dated November 16 2022

in a communication issued from ZIM says the Q3 dividend will be $2.95 per share

and that the full year div will be $10.55 per share

So today's ZIM price is around $24.25, so

10.55 / 24.25 = 0.435 so 43.5 % is the actual dividend yield

According to Reuters data

Total Debt/Total Equity (Quarterly)

80.62

Long Term Debt/Equity (Quarterly)

54.39

I have seen higher but this debt level alone does not tell you the dividend is unreliable.

The valuation metrics are

P/E Excl. Extra Items (TTM)

0.51

Price To Sales (TTM)

0.21

Price To Book (Quarterly)

0.51

Shipping pricing has gone down by quite a bit for all things non oil+LNG.

However, despite the revenue drop the earnings are still positive.

It looks to me like this stock is valued as if half of its ships sank.

I have been buying some but it is less than 1% of my portfolio.

The next date where one would need to own the stock to receive the dividend (the Ex dividend date) is

Monday 11/28/22

Is there any other news that would explain a stock being down to this extreme?

Other thoughts?

Short sellers have to pay the dividend, though the stock price adjusts to the dividend payout

(the market pushes down the price in accordance with the cash the company spent on the dividend)

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