Andrew Stolz

FEBRUARY 7, 2022

Massive dividend yield secured by strong cash generation. Cash machine ensures consistent massive dividend yield. It consistently delivered strong FCFF that were more than sufficient to cover high dividends. The FCF yield shows ROEC’s dividend-paying potential. Highlights: End markets mature, no opportunities to grow.

Dividends 52

Dividends Net Debt EBIT Marketability 52

Andrew Stolz

JANUARY 28, 2022

Attractive dividend yield could rise to 2x Japanese average. Attractive dividend yield could rise to 2x Japanese average. In the past share, the company has increased its dividend per share and is likely to maintain that level. This could result in a massive dividend yield of 5%+ (Japanese average is 2.5%). Conclusions.

Dividends 52

Dividends Risk-free Rate Net Debt Equity 52

Andrew Stolz

JANUARY 17, 2022

Value play with strong dividend growth potential. However, increased CAPEX for capacity expansion and battery development lead to increase in net fixed assets again. In 2020, its net-debt to equity ratio stood at 0.9x. I expect dividend yield over the near-term to range between 2.5-3.5%. Ratios – Volvo.

Marketability 52

Marketability Dividends Net Debt Start-ups 52