It's an interesting project- but one mistake I don't want S32 making is over-extending themselves.
We all know S32 generates a fair amount of FCF- but with the Sierra Gorda acquisition all that cash on hand is now gone.
(correct me if I'm misunderstanding the situation).
In addition, it looks like roughly one billion dollars has been borrowed to complete the acquisition which leaves us with no cash on hand. Any further buyouts will have to be done by borrowing. This may be a good addition to the portfoilo but we need to tread carefully.
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