Should I short APT now, page-32

That's a pretty typical ad hominem attack @Christos12

You know that I do.

I am asking genuine questions.

It's difficult to untangle APT's fixed costs.

They focus VERY heavily on users, underlying trans, NTM, etc and very little else..






So revenue doubled FY19 to FY20, but EBITDA grew by less, so at this point, your "fixed costs" are still growing as a %. I understanding investing to get USA up and running.

But difficult to model accurately..