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Morningstar‘s Stock Analysis GM

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We See GM Resuming Dividend and Buybacks as Good News for Its Depressed Stock

Analyst Note

| David Whiston, CFA, CPA, CFE |

General Motors stopped its quarterly dividend of $0.38 per share in April 2020 because of the pandemic. Since its October 2021 analyst day, management has had multiple high-profile public opportunities to say it will eventually resume its dividend but not committed to doing so, which supported our October prediction that GM would pay special dividends rather than a regular quarterly one. CEO Mary Barra on the firm’s Feb. 1 earnings call said the dividend would not resume at the time but the company would eventually consider all options to return excess capital to shareholders. CFO Paul Jacobson at an Aug. 9 investor conference answered a question about the dividend in a way that to us seemed more open to the dividend resuming than management had talked about since October. He talked about having a consistent return to shareholders in more stable economic times and that he liked the flexibility of share repurchases but also the consistency and discipline of a dividend.

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Key Statistics GM

Company Profile GM

Business Description

General Motors Co. emerged from the bankruptcy of General Motors Corp. (old GM) in July 2009. GM has eight brands and operates under four segments: GM North America, GM International, Cruise, and GM Financial. The United States now has four brands instead of eight under old GM. The company lost its U.S. market share leader crown in 2021 with share down 280 basis points to 14.6%, but we expect GM to reclaim the top spot in 2022 as 2021 suffered from the chip shortage. GM Financial became the company's captive finance arm in October 2010 via the purchase of AmeriCredit.

300 Renaissance Center
Detroit, MI, 48265-3000
T +1 313 667-1500
Industry Auto Manufacturers
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 157,000

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