Ann: FY20 Interim Results Presentation, page-9

My analysis is not as sophisticated as yours, Dan.

This is my back-of-the-napkin analysis in regards to their debt:
- Debt is around $100m.
- Operating cash flow is around $15m (double of their H1 number).

It will take them around 7 years to take down that debt. To me, 7 years is a long time especially when your average contract PPA term is 5.5 years.

I would be more comfortable if their net debt/operating cash flow is less than 5 years.

To give you a comparison of a balance sheet I really like is Flight Centre (FLT).

Cash: $1172m.
Operating cash flow: $279m.
Debt: $185m.

FLT can easily pay down that debt within 1 year.

Of course, this is an extreme example because FLT is a very mature company and ZEN is still kind of like a start up.

Just my personal opinion in regards to debt.