I did not have time yet to look into details at this result.
Interesting to see that the negative sentiment around offices has created an opportunity to invest in Servcorp at a low price (like for Shape Group, construction company focused on offices). So no surprise that both Servcorp and Shape have outperformed.
Still strange the way SRV defines the underlying free cash (72.5 m$ according to them) as it is calculated before capex.
It seems to me more logical to look at their cash flow statement which shows a free cash flow of 29 m$ (after lease).
It would probably be interesting to look at a free cash flow considering only maintenance Capex, but I do not know if they disclose it.
Ann: Results Presentation - Full Year Results, page-9
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