nice resultsNice 1st Q release, some items I thought were solid included:
- repurchased 2.8M units at average price of $11.06. Given the price is now below that and I figure they know what they're doing, seems like decent buying opp and probably a floor of some sort (given they can buy up to 25M units)
- The payout ratio at the time of the IPO was 95%, it's now down to 80% and they forecast they'll be down to about 70% by 2010, hence covering the tax burden upon conversion to corporation. I was originally skeptical that future earnings would grow enough to cover tax, but they are currently posting exactly that kind of growth right now and have since IPO.
Time to buy...
- D