Guy Deslondes
Guy Deslondes
although asset cash credit distressed flow mean measures operators reduce returns rights sales scope tight
Cash flow is resilient, and has been some years. There's scope for operators to reduce shareholder returns if they need to, although we don't think they will do that. It's not like 2001 when credit measures were so tight it could only mean distressed asset sales and rights issues. It's not like that now.
business company looking market model position protect work
We are looking for protection. We try to work out how well-equipped a company is to protect the business model and the market position it has now.
clearly negative trend
The trend is clearly on the negative side.
amount cash figures giving higher increases work
This is a big amount of cash to be giving back. The figures will be even higher in 2006, when the increases in dividend work through.
credit equity focus magic
M&A is not the magic circle. But it is important, and the focus is more and more on equity than on credit quality.