For me it's:
• Believing higher rates for longer. (Puts an increased strain on the business and its customers). And brings competition for returns.
• Belief Covid brought forward demand (WFH) hard to understand impact going forward.
• Ongoing integrations.
• Business operates on low margins with a high payout ratio. This risks volatility in the path for the dividend.
It now has to compete against 5% interest for parking your cash vs nothing in 2021/2022.
The CEO buying definitely hasn't indicated the direction the share price is going to move.
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