Profit doesn't matter? that's one to frame. FCF is obviously important but unfortunately that's not been increasing over the years either. According to you presumably the share price should have gone up today because their FCF was good?
The reality unfortunately is that if they were really throwing off buckets of cash they wouldn't be looking at selling off properties to fund capital expenditure (and their debt would be lower).
Unfortunately for the share price I'm not the only one that can see (top right grey box) that if you're maintaining your FCF by lowering your Capital Expenditure then that will eventually have an impact on your future returns. Lower Capex more than making up for lower EBITDA, is that what you want?
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