Thanks for pointing this out. Using profit is a very flawed...

Thanks for pointing this out.

Using profit is a very flawed metric because profit is very affected by non-cash items like depreciation. Profit is more for the purposes of tax calculation.

I think that enterprise value (market cap + net debt) / EBITDA is a more suitable metric.

In any case, IFN is generating plenty of cash, earnings and profit with multiple times debt service coverage and that won't be changing. Energy prices will stay high for as long as there is uncertainty with policy with the energy sector. And renewables will flourish when there is a change of government (which polls currently indicate will happen). Change of government might be happening soon too, given what's going on with federal politics.