Most of what you are saying is strictly correct, however I very much disagree that the Jobkeeper initiative is not very valuable to FLT. In fact, Graham Turner, in a recent interview on RN (radio), said as much - though he did also state that it was, of its own, not sufficient (obviously). Clearly FLT operates across the globe - and this initiative is not relevant to OS operations. However, in terms of Australian staff, this is a way to effectively 'lock in' the best employees, without having to pay their wages over several months. This, clearly, is a very significant plus.
Of course, much depends on the lay-of-the-land in 6 months time.
FLT Price at posting:
$9.91 Sentiment: Buy Disclosure: Held
(20min delay)