Michael West new report, page-3

Just on a quick flick through I have a few observations

-On the section about earnings management, the claim seems to be that earnings are deliberately misrepresented on a year to year basis in order to “smooth” the large variability of cash receipt in this operating model and show an averaged or consistent growth. Would love to see evidence for this.

-There also seems to be little consideration shown for how 2.5 years of Covid disruption might have slowed the pipeline of case progression.

Like others, I think the next results announcement will provide a lot of clarity.