Oikein hyvät analyysit edellä olevassa viestissä. Oikeita asioita on katsottu - velkaisuutta, korkotasoa ja kassavirtaa. Joitakin pomintoja:
Citycon Oyj has a rather high debt to EBITDA ratio of 12.1 which suggests a meaningful debt load. But the good news is that it boasts fairly comforting interest cover of 3.9 times, suggesting it can responsibly service its obligations.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. During the last three years, Citycon Oyj produced sturdy free cash flow equating to 67% of its EBIT, about what we'd expect. This free cash flow puts the company in a good position to pay down debt, when appropriate.
We're quite clear that we consider Citycon Oyj to be really rather risky, as a result of its balance sheet health. For this reason we're pretty cautious about the stock, and we think shareholders should keep a close eye on its liquidity.
To summarise, shareholders should always check that Citycon Oyj's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend.
It's a concern to see that the company paid a dividend despite reporting a loss, and the dividend was also not well covered by free cash flow.
Näistä kaikki asiat on luettavissa Cityconin vuosikertomuksesta. Kannattaa muistaa, että velatonta kiinteistöyhtiötä on vaikea Skandinavian alueelta löytää. Citycon on kuten kaikki yhtiöt: osakkeenomistajan on pidettävä niitä silmällä kaiken aikaa. Mitään suuria paljastuksia tässä ei juuri ilmennyt - kylmää sijoittajan silmää kylläkin. Kolea luettava on aina raikastavaa.