Looking at the half year statement, the real cash flow form...

Looking at the half year statement, the real cash flow form operations is 436m as lease principal payments are part of operating expenses & also deduct interest from financing. Then you deduct capex and the negative change in WC basically its just over 310m in cash inflows from operations in only half a year although it does include the Christmas cycle.

Negative working capital at the moment when SUL normally operates in excess of 200m more so its likely they will need to spend to achieve a better balance in working capital. But with a market cap of 2.6 billion to achieve 12% of the market cap in FCF in 6 months is quite incredible. I was wondering what the go was & why wasn't the price isn't much higher. Then I go on Morningstar and find that the forecast earnings at the end of June 2021 are 1.21 per share, and in 2022 0.83 EPS.

So did SUL enjoy the super cycle of covid boredom with people going on a spending binge and such results will not be replicated?