Ann: Q1 FY23 Market Update, page-48

Livewire this morning had two analysts (Wilson Asset and Monash Inv) citing DDR as a sell. Reasons given by both were similar - DDR is not immune from current consumer macro conditions and recent reports from American PC and digital equipment retailers is backing this up. A greater load of debt on the balance sheet and high inventory were also mentioned. My personal feeling about these observations is that you either believe Vlad and David or you don't. Having held DDR since the days when they were 46c and watched their progress over a far greater time span than either of these analysts I am backing that they have underestimated the management's ability to ride these conditions out and probably still make some progress. This company indicates that it well aware of the macro conditions, states how they are coping with it, why they are holding inventory, how they have a backlog of orders and there is ample leeway within the dividend payout to deal with further unexpected issues. As I have said before if the dividend is reduced to cover such events no doubt the yield investors will look to jettison but to my mind this is a short term view. Long term they will continue to grow along with overall digital advancements as they have in the past - they are not stagnating when it comes to keeping up with digital innovation.