The Dividend & Payout Advisor

Recommend a payout policy for this company.

Company: [DESCRIBE — PROFITABILITY, GROWTH STAGE, REINVESTMENT
OPPORTUNITIES]
Cash position and free cash flow: [DESCRIBE]
Shareholder base and expectations: [DESCRIBE]

Advise on:
1. Whether cash is better reinvested, paid as dividends, or used for
   buybacks — the core trade-off
2. What the internal reinvestment opportunities return vs shareholders'
   alternatives
3. The signalling effect of starting, holding, or cutting a dividend
4. Dividends vs buybacks for this situation
5. A recommended policy with the reasoning

Be clear that the answer turns on whether the company can reinvest at a
return above its cost of capital.