Why I think ACL is ridiculously cheap., page-87

Agree. We need to view debt in context of where it was in the past and not that it was zero in the previous report. (See previous debt to equity analysis in Post #:66113534 )

Still digesting the results but I'm pleasantly surprised by the market reaction today. I'm not complaining. Still early but If I have to guess the re-rate is driven by how cheap ACL is compared to peers (as discussed in Post #:66113534), the markets forward looking aspect on the non-Covid revenue growth of +20% (+7% ex Medlab), or +22% (9% ex-Medlab) when compared to pro forma 1H20 (ie, pre-Covid). Non-Covid revenue in Jan-23 of +22% of pcp.... those are good numbers

This is enough to convince me and hopefully the market of future profitability via increased market share and/or a larger industry moving forward. Looking at the Medicare numbers the latter being more likely and all that is needed here is a mean reversion to pre-Covid Industry growth.