Ann: Beam Half Year FY24 Investor Presentation, page-5

The results may not look good at first blush, but there are some less obvious positives that shouldn't be lost on investors. First, normalised EBITDA margins are higher despite the drop in revenue. This is unusual for companies as operating leverage means earnings typically falls faster when revenue slows.

Second, Beam still expects to be net operating CF positive despite the softer result. This tells me that Beam's balance sheet and quality of profits is much better than what it was in the recent past.

I am not saying that some of the criticisms aren't valid (in fact some have made very good points), but given where the SP and market cap is, I don't reckon any good news is in the price.