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Re: Decent Report <<<Glad to see Capex at high levels, Storey is reinvesting funds back into business as he promised. >>> continue to put money into CapEx but no revenue growth.. <<<Continues to pay down debt.>>> because EBIDTA and FCF is going down... <<<<Funding for dividend continues despite shorts press releases.>>> I bet you if they cut dividend, you will see investors dump the stock to $5. If you are not buying back stock and use all the money to reduce debt, that is the sign that FCF and EBIDTA heading lower.. and it is... <<< Stock buyback not announced, really don’t expect one till 2023 at earliest. >>>Because EBIDTA and FCF is heading lower.. <<< Ebitda at 8.9 good.>>> If you look backward, yes it is 8.9 excluding $334m Integration and transformation and special items. If you look forward, you know YoY, they lost $130M of EBIDTA vs 2019-2Q. Meaning you are looking at $500m lost of EBIDTA for next 4 quarters. $8.4B foward. <<<Plenty of FCF.>>> They lost $153M of FCF in compare to 2019-2Q.. Probably because they spent even more money on CapEx 19.4%, $52m more on CapEx at the time, they lost $183m of revenue vs 2019-2Q. I wish they can justify where they spent their CapEx. I think at this point, they are putting more money on consumer, which require a lot of CapEx but it is a very long-term return. |
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