Ann: Half Year Results Release , page-8

Camden, there is a tremendous amount of debt here. What makes you think the downside is contained? The free cash flow relative to both market cap - or free cash flow + interest payments relative to enterprise value - is not so enormous.

I do understand the idea that they can revalue as they use free cash flow to pay down debt, but 10 years is a long time to do that and the story can change a lot, particularly if there is a serious recession.