 Good day, fellow investors. Caplus S stock analysis is not a stock that I will invest. It's a high risk investment, but it is a perfect example of how low artificial interest rates in Europe are helping zombie companies to survive. So Germany is keeping interest rates low, not only to save Greece or Italy, but also to save itself. Let's see. If I compare global that are competing amongst themselves, fertilizer producers, Caplus S is having no cash flow yield, it has a huge debt, it has management issues, it has EBITDA, but the debt to EBITDA is 7, so it's completely different from other good companies like CF, like Nutrien. The Moisaikis somewhere in between and Yara is again highly stretched for their promises. What's going on with Caplus S? They have this strategy that they have implemented up to 2030. Have you ever heard the management implementing a strategy up to 2030? However, they have to do that because they need to borrow money just to survive. They hope to reach positive cash flows after the big mistakes of the past, some weather influence okay, but still the positive free cash flow will be hard to achieve if they miss on their promises. Their promises are that they will grow over the next, in this case, 15 years at 9% per year, even if the fertilizer market grows at what, 1.5 to 3% per year on average 2%. More they're going to grow 9% when they were terrible in the past beats me, but this is the promise they are promising their bondholders just to get the money and the bondholders are desperate to get some yield. And things are not going well. They have had productions, standstills in Germany, the Bethu in mind that they invested huge amounts of money is challenging because product quality, it's not ramped up yet. So big delays, bit costs, the EBITDA is 600 million euros, but still with the huge debt of 5 billion and the investments and the CapEx hard to achieve cash flows and they still, even with debt to EBITDA of 7, they still pay dividends. This is the worst reason to pay a dividend. This is intended to express our confidence for the current year. Pay down the debt, don't be confident management. But people love the dividends and they are willing to sustain. The fact that this is alive means that there is so much money in Europe that doesn't know where to go and fulfills the wishes of such a zombie company. As I said, they have 4.5 billion euros in debt. The debt to EBITDA is huge at 7, which is something crazy. The Bethu in mind will be completed only in 2023 and their target is to have lower cost one-third lower than their German plans. Cash unit costs 200 euros per ton, that's $260 per ton. Mosaic, Nutrient, their targeting costs lower than $100 per ton. So even if Betune is 40% lower than this, it will be even more expensive than Mosaic. Nutrients that can just turn on again a mine like Betune at no cost practically. Plus the Russians, White Russians, Belarus is much, much cheaper. The only thing keeping Kepler's assets alive are the European interest rates. So I would call this a zombie company. So this company with terrible debt levels, terrible management, terrible success based on just one promise can borrow money up to 2024 at 3%. 3%. Nutrient, the leader in the potash industry that can destroy this company, but just putting 5 million more tons of production that they have idled at very low cost. They are borrowing at 4.5%, 5%. So it's crazy how this thing is alive, but they can take tank the ECB. Turnarounds are always possible, but 9% growth per year over 15 years. Who are you? Bill Gates and Microsoft. So it's really crazy and of course pension funds, they look at the yield 3%. Yes, I know it's European junk, but I have so much money, I have to be diversified. Let's buy them and the ECB knows that and that's why the ECB will not increase interest rates because these guys would go bankrupt as would many, many other companies in Europe. So this is the situation. Unfortunately, this is not healthy because they have the money. They put up unprofitable businesses and the real businesses that really focus on lowering costs like Nutrient are again hit because it's not fair, the markets are rigged and it's not fair for let's say healthy competition. Sooner or later, this will have to end because even with low interest rates, these guys are not able to turn a profit. If they grow 9% per year over the next 15 years, the EBITDA might get revalued, go from 600 million to, I don't know, 3 billion, which is their target. Times 10, it's a 30 billion company. Current market cap is a 3 billion company, but it's impossible that they grow at that rate. They will grow at max, at best, at 3% per year. So they will go to 900 million in EBITDA over the next 10 years. Given the debt, they will be forced to sell their assets at minimal prices. Even the bondholders should lose their money. So really, really a bad situation, but kept alive by the situation in Europe. So Germany is saving also itself because there are lots of zombie companies in Europe and low interest rates are the only saviour. Thank you for watching, looking forward to your comments on this one and I'll see you in the next video.