Good issue
I think in that context "solid" is secret code for flat - if they said solid FCF growth - that would make a huge difference. Also I think using their EBITDA in debt metrics is flawed due to the zag zig I mentioned - but yes - if you use that number it looks highish (might be 2.3x approx. If you used my proxy EBITDA number - the leverage will be 19% higher (worse) than theirs based on the EBITDA 16 number I have. that would be 2.8x - which is very high - the covenant limit might commonly be 3x roughly. All IMO.
Wonder if there will be some sub shareholder notices out soon - there has been about 30m shares roughly changing hands in big crossed trades on Chi-x over the last 4 days - one 9.2m one today. that is roughly 5 or 6 %.
