The brokerage firm, Canaccord Genuity, has been AMA's investment...

The brokerage firm, Canaccord Genuity, has been AMA's investment banker and so yes, they've been paid fees and may be presumed to be biased, but Bell Potter also rates AMA a buy with $0.13 price target and I don't think Bell Potter is getting banking fees from AMA.

On your point about working capital, one of the nice things about this kind of business is that it normally runs with negative working capital (current liabilities exceed current assets), which has been the case for AMA and its larger, much better run peer in North America, Boyd Group.

But still, as the business grows increases in working capital should be a drain on free cash flow, and this model shows a $16 mil. increase during 2024 but then almost no change in 2025 and 2026, which may be overly optimistic as you point out. I'm not sure what the right number should be, but I think the EBITDA margin should improve much faster than this model expects, which should more than offset a more "realistic" need for working capital.