Competitor watch and analysis for HUM, page-24

Humm needs to show an increase in retained earnings. The last few years have shown decreasing retained earnings, which conicide with a destruction in the SP. The primary reason retained earnings have been falling is that Humm has been paying out too much of it's earnings in dividends (and of course a small net loss in 2018). We should stabilise the dividend to the point where Humm can still retain earnings, so that it can grow organically.

The nice retained earnings growth from 2009 to 2015 provided aprox 1500% growth in the stock price (to 2013), with only a 290% growth in the retained earnings!! The power of retained earnings should not be underestimated. Come on Humm, smart up and lets build our shareholders equity!!!