You are correct about M5 & M7 revenues not being applicable to them. I'm sure tolls will continue to rise and their agreements take care of that(with CPI+) and along with increased tolls comes increased profits as most of the extra revenue will fall to the bottom line as they are able to contain costs - meaning ever increasing distributions to unitholders. I'm also comfortable with the value of their tollways as the auditors would not let them keep $8.2mil in intangible assets on the Balance Sheet without impairment tests being done annually - and this comfortably covers the $4.2mil in borrowings. As with any company that runs a DRP not all distributions are paid in cash as some 20% elect to take more units instead. The distributions are sustainable as they are only paying out the free cash that is generated by their business. You are game calling this a Ponzi Scheme as Management have very deep pockets(thanks to their generous pay scheme) and might come after you with their legal eagles.
TCL Price at posting:
$5.16 Sentiment: LT Buy Disclosure: Held
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