Well, of course, it’s better to distribute the money as dividends or share buybacks if there are no investment opportunities with a good expected return. Relais, however, is in my opinion an attractive investment precisely because it has the opportunity to make investments with a very good return in the form of acquisitions.
The latest presentation had a good slide on the number of potential acquisition targets:
Approximately 170 acquisition candidates, from which about 50 higher-priority acquisition targets have been screened, and discussions are currently underway with about 20 companies. If deals from this list can be successfully concluded as they have been for the past five years, I wouldn’t mind if the dividends were not distributed.