Short Attack - Price Manipulation, page-135

I agree with this but it begs the question whether the market has misinterpreted the type of company DDR is.

Over the last 12 months we have been treated as a counter-cyclical company, feeling the pain of the tech rout as long term yields increase, when really we are a high cash flow generating business with relatively cyclical revenues (reinforced by management’s comments about enterprise / business spending at the recent AGM). Financially speaking rate rise and inflation expectations generally hurt the valuations of tech companies with high proportions of their expected cash flows well into the future (I.e. growth stocks) and I don’t believe we fit into this category at all.

I think having “data” in your name and experiencing strong revenues during COVID unfortunately makes it hard to shake the “tech” company label but I largely believe we were beneficiaries of this period due to very different factors than just a lower discount rate (structural change to WFH, etc.).

I’m optimistic that this will be proven by the results of management over the next few months so fingers crossed they deliver as they have previously and we should see another uplift like last year.