I think the problem with the underlying ebitda is the gap between actual performance and underlying is not closing. ebitda to cash conversion is not what it needs to be.
as a result the business is under capitalised and we need to see how management approach this. I'd like to see the company spin off the pizza business and grow the US market. Take on fresh debt and minimise tapping the equity market.
Ann: 1H23 Results Presentation, page-19
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