Q: Could you comment on earnings. The metrics here are looking much better... would you consider this company less risky than say 18 months ago?
5i Research Answer:
EPS of 69c beat estimates of 47c; Revenue of $42.1M matched estimates. EBITDA of $33.5M was 3% short of estimates. Book value rose 36c per unit. About $70M in new investments were made. Distributable cash rose by 14% per unit. Payout ratio is 56%. As cash flow rises and payout declines, we would consider it in better shape. The interest rate cycle should also help the company. We would still consider it higher-risk income, but well-priced and ownable.