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What is the situation with real estate companies in terms of cash flow? Sure, depreciation and write-downs depress earnings. But this doesn't have a direct impact on cash flow, which is why it's not quite so blatant for a dividend share - is it?
Of course, write-downs have an impact on interest and, in the case of sales, a negative impact on cash flow.
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@Stryke Correct, the operating cash flow remains stable.
The problem is more with the balance sheet.
Devaluations increase the debt ratio.
This means higher risk and higher interest costs in the future.
In the long term, this can also jeopardize the dividend.