How is this a fat pitch? You repeatedly mentioned about the opacity of the annual report & the difficulty to calculate certain metrics. If anything, this is an easy pass.
This writeup, unlike your previous ones, is pretty disappointing.
Interesting revisit. Hard times currently. Thus, how likely (true) maintenance Capex is as low as presented and designated growth Capex does not include a good portion of maintenance Capex?
How is this a fat pitch? You repeatedly mentioned about the opacity of the annual report & the difficulty to calculate certain metrics. If anything, this is an easy pass.
This writeup, unlike your previous ones, is pretty disappointing.
For me it is based on operating cash flow generation minus finance costs to market cap.
However that does not mean that everything is 100% clear in the annual report.
Interesting revisit. Hard times currently. Thus, how likely (true) maintenance Capex is as low as presented and designated growth Capex does not include a good portion of maintenance Capex?
I have to assume it is correct, since it is easy for the company to identify new location capex from old location capex.
Yes. But upgrading an existing office to keep customers with current rates OR earn higher rates is more blurry