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No. of Recommendations: 1
At first glance I find it rather amazing that the best thing they have to do with their cash is pay a premium to retire debt with interest rate in the 3's. At the premium their yield is between 1% to 2%, but on further thought price multiples are normally dominated by growth rates and risk.

Fast growing and safe stocks should have higher multiples and slower growing and riskier companies should have lower multiples. Perhaps decreasing debt & risk will have a positive effect on the share price through multiple expansion because getting 1-2% on your investments doesn't do much for the earnings/FFO growth, but perhaps presently the main things is just survival.
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