Ann: Half Yearly Report and Accounts, page-7

@tessathedog
Hi Tessa,
Yes, good to see that there was no bad surprise in these results and that cash flow continues to regularly increase.
Honestly, it is still tough to understand their accounts. Probably one reason why the stock is so cheap.

Main element I saw : results are still driven by the services revenues* : + 15 % for H1 25 vs + 5 % for lease revenues.
A good mix as I estimate that service revenues are higher margin.

Based on my estimates of their maintenance Capex, the company has a free cash flow yield of 13 % (H1 25 annualised).

* in FY 24 : + 24 % for services revenues vs + 2 % for leases revenues