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Dividend lkadlo



Dividend shares are fairly popular market segments. I will benefit from making things clear, because the high dividend yields seem attractive to me and if the event meets this criticism. This also applies to Cedar Fair LP, which now offers a significant margin of over 7%, and which I would like to win today. income. The company operates parks full of mountain tracks and similar attractions. In 2018, 25.9 million people visited and their final results are summarized in the following table. The markets are growing at a rate of more than 3%, operating cash flow of about 1.6%, free cash flow has declined and in the last 12 MSCs have reached $ 150 million. A detailed look at the beat when the dividend has been paid out is quite clear about what the company has issued. In 201

8, they earned 203 million while free cash flow of $ 160 million.


Source: Morningstar
The difference between the free cash flow and the dividend company's debt growth and the decrease in cash in the balance sheet. What can of course not be done. There are now EBITDA liabilities of about one factor one. There is also a clear explanation for the current high exchange rate exchange: The company will need to reduce the dividend considerably. Nevertheless, if only what she paid for the last 12 MSCs had been paid, the fee would have dropped to about 5.7%. And so it is still high enough to just explain it when it comes to cash flow, it is a stagnant, even falling company. Otherwise, even at this discount, the risk is denied. Let's cheat on what to do with valuation.

The company's current capitalization is $ 2.86 billion. The beta shares should be about 0.51, which is a bit surprising. In that case, the risk of a stock should be significantly below the risk for the entire market, but deprived parks do not seem to be a defensive sector. If we use this pesto, the required irreversibility is about 5%. And my current capitalization would motivate the free cash flow of $ 150 million in descending ranks by about 0.25%. In other words, the markets are stuck in zero stagnation.

If the company were to run in the same way as in the past five years in the future, the share price and the capitalization price would be high. Shares (even more precisely according to the company) would be overestimated as free cash flow decreased by 4.6%. However, there was a growing investment as a result, while operating cash flow increased to 1.6%. If the free cash flow were to grow from the same rate at the same time, in my opinion, the stock would not have more than 50% of the growth potential.

So bad what is the relevant trend, whether the investment cycle and the company will invest in the following year (even at least equal). Mr Tenebruso says this will be the case, but at Business Insider it will not be an analytical society with a decline in CapEx before 2021. And according to the development of the share price, neither investments nor as a whole is clear.


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