Fair points. I like to hear all arguments. I am not so sure...

Fair points. I like to hear all arguments. I am not so sure about the prepayments. they actually came down during the year, despite doubling revenues. so looks fair

Also, cash conversion from accounting profit also looking fine

Payables and receivables not really blowing out. On an days age basis it seems lower than last year, because revenues and expenses far higher.

margins been squeezed sure, but that's industry wide

value traps well understood. hence my questioning. however, on a peer basis it seems rather discounted, so if there's an issue it's going to be company specific.

that leaves one key issue for me, the raise. I don't get it at all. I've seen many times before non sensical raises for companies and when it all comes to light afterwards, it's usually for a bad reason.

I have to figure this part out !