Weak Cash‑flow ConversionMaterial negative OCF and FCF in 2025 (and prior volatile years) point to working‑capital and inventory timing risks inherent in resale cycles. Persistent weak cash conversion increases dependency on external financing and can constrain capital allocation over months.
Rising Leverage And Debt LoadIncreasing debt and higher leverage amplify downside if property market softens, raise interest and refinancing risk, and reduce flexibility to buy opportunistically. Elevated leverage materially affects resilience across a typical 2–6 month downturn in transactions or financing conditions.
Cyclical, Uneven Revenue TrendsThe business is exposed to cyclical transaction volumes and financing conditions; historical uneven growth and recent negative annual revenue growth suggest earnings and inventory turns can swing materially, raising execution and timing risks for sustained cash generation.