Free Cash Flow Uncertainty In 2024A reported zero free cash flow in 2024 signals weakened cash conversion or a reporting anomaly, undermining the firm’s ability to self-fund investments, maintain dividends, or build reserves. Persistent FCF volatility raises medium-term financing and operational risk.
Normalized Earnings And Limited Revenue GrowthEarnings retreat from prior peaks and a broadly flat top line indicate limited organic growth momentum. Over months, this constrains reinvestment capacity and makes profitability more sensitive to trading volumes and market structure shifts, increasing earnings volatility risk.
Dividend Sustainability ConcernsAn outsized dividend yield, coupled with recent zero FCF, raises structural questions about payout sustainability. If cash generation remains constrained, maintaining elevated distributions could deplete buffers or force balance-sheet adjustments, pressuring long-term financial stability.