The only thong I can think of is the negative working capital in...

The only thong I can think of is the negative working capital in a challenging operating environment.

Current assets currently arent large enough to cover current liabilities so your relying on cashflow to cover short term liabilities. There is potentially concern over the ability of cashflows in a challenging operating environment to cover these liabilities.

I personally dont share these views. However, probably need to improve this position before we get a re-rate to a higher PE.