I am not that close to the company, but it seems to me that if...

I am not that close to the company, but it seems to me that if they are cash flow positive for an extended period of time (and by more than their current investment activity) they would not need to increase debt.

If they did increase debt one must therefore assume it is to expand faster than their current rate of expansion.

If they did expand then, yes, one would therefore expect an increase in both revenue and cogs.

I did recall reading somewhere on this forum that the main limitation on expansion was not finance, but the shortage or qualified electricians (to sign off I think on completed installations?).

Why do I see them being taking out? - for the obvious reason that a company that has done the hard yards to secure a large secure and profitable client base is worth rather more than the 2.3c currently being valued. You would think it would be an easy target for another electricity reseller looking to expand into QLD.