The other problem that will cause big headaches in a year or two is their reliance on increasing debt to pay for dividends and capex. If their capex gives returns like recent capex then they’ll be struggling to service the debt without cutting capex or selling more of the business which will make the whole business worth less.
Cant wait for a. Watkins to leave. Not a fan of her management style. Year on year of disappointment with long term poor choices to cover the inadequacies of a strategy.
