Why the drop from $27 to $21?Having done a quick review of today's release, I am struck by these two trends:
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EBITDA- $18.3 Million Dec 31st, $17.2 Million Mar 31st, $15.2 Million Jun 30th.
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Payout Ratio- 43.7% Dec 31st, 54.6% Mar 31st, 68.7% Jun 30th.
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Absolutely, there were outside factors, such as the drop of the Australian Dollar, that contributed to the declining trends. However, there are a number of very concerning issues, such as the drop in transactions and revenue in the core Canadian business that brings the long term viability here into question.
Buying opportunity? The 6% payout pales in comparision to the 20% price drop....