Crius Energy Trust Tr Unit CRIUF

RE:RE:RE:RE:RE:RE:RE:RE:big dividend cut imminent ?

[QuantGuru]

retailisdead, distributable cash was $4.4MM in the third quarter because of $2.2MM non-recurring charges, $3.4 negative performance from solar, and $5.2MM in increased upfront selling cost... Accounting for these, distributable cash should be around $15.2MM a quarter which is more than enough to sustain the current dividend. There are also other cost savings which they said is around annual run-rate of $25MM. Your claims regarding the effect of 2% monthly customer attrition are NOT well supported... You don't know how increased cost-to-acquire (from increased upfront selling costs) will impact the quality of future customers. Crius is already showing better adjusted ebitda with fewer customers. Also, it is no news that switching cost for clients is low (as it has always been), it is the nature of the game (the management is well experienced to stay competitive in this environment) and it does not affect the sustainability of the business model like you are describing. Even accounting for all that this trust is deeply undervalued... It is interesting how you show everything in such a bad way while having no skin in the game.