The primary question for me is the DIVIDEND. Is it safe?
The bump up tp an 80% POR does not fill me with sparkles, but reaffirmation of the dividend is soothing. However, the comfortable and orderly decrease in debt bodes well in any less than rosy macroeconomic puke.
The regular commentary reflecting negatively on acquisitions is a brush too wide. Growth by acquisition can be a robust strategy when management executes OR walks away because the price is wrong. I key in on DWS's ROE as a measure of DWS Management skill.
DWS gave up some margin -- rarely good -- for the potential of increased business volume -- time will tell.
OV
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