Our growth drivers allow the Group to grow revenue and underlying EBITDA organically at a steady pace. Since the investment cycle at Com Hem is predictable and the quality of our network is very high, we are able to maintain capex at a stable annual level. This creates a model with high operating leverage and cash conversion. We distribute all excess cash to our shareholders through both cash dividend and share buybacks.
During 2017, the Com Hem Group remunerated shareholders through a cash dividend and share repurchases totalling SEK 1.5bn, representing 6.7 percent of market capitalisation at December 31.
The AGM in March 2018 resolved to increase the cash dividend by 50% to SEK 6.00 per share (SEK 4.00 in 2017). The first payment of SEK 3.00 was given to shareholders in March and the next payment is scheduled for early July.
The picture below illustrates this model and shows the outcome for 2017.