My point however it they need to sustain the current level of collections, but have only $60-70m PDP purchasing capacity - just to break even given the interest burden. In your data table - PDP investment peaked in FY18, the following year (FY19) collections peaked and then declined the year after (FY20).
Sure I understand that. I was really trying to highlight that they don't have an issue servicing their debt, far from it. And the incremental cash flows from PDP purchases even with a modest amount of leverage are, quite frankly, pretty absurd. I'd be pretty surprised if the intention from here is to try and fund growth purely from cashflow, or cf+equity. The cashflow profile is so weighted toward the front that a moderately geared PDP purchase could be repaid within 12 months.
This has always been a financial leverage play, imo. PDP's just happened to be the vehicle.
Ann: 1H23 Results Presentation, page-24
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