sun has set on the golden age of banks , page-8

Camden, I haven't done the maths re ASL so unsure re FCF in relation to EV. U are far better at understanding balance sheets than I am. But regarding 'potential permanent capital destruction' i own ASL as i feel its long term contracts with world's biggest miners and fact that it is entrenched in rich gold sector in W.Africa... provides a decent level of security to this company. ASL has weathered several storms and come through. I rate it ahead of all other mining contractors.
Meanwhile financial sector holding-up better than i expected this morning.