upward creep, page-27

TGA is not a balance sheet play.

It is reinvesting lots of cash back into the business, instead of returning the cash to shareholders, because it can generate an average of 20% return on cash reinvested.

Debt increasing in a period of "flat" performance is a short term issue when you have 20% ROE on any debt deployed.

Equipment purchases only take place once a contract has been signed to secure a stream of cashflow in the future. It is not as if TGA is building a new factory and hope there is enough business to fill factory capacity.

The crucial issue is bad debt losses. TGA excels in keeping this low, really low, in the rentals area.

Nevertheless, it is a good post, powertool, because you raised very valid points requiring a considered response.