Very good point re highlighting the 12 month net debt reduction...

Very good point re highlighting the 12 month net debt reduction instead of the 6 month increase. That's a really agitating little thing they've done there - I brushed over this when I first read it, but just checked last years H1 presso & indeed it was compared to 6 month 30 June balance. so they have changed their template from highlighting 6 months to highlighting 12 months.

As you say, it's not as if we weren't going to bloody notice this lol.

Re the cash tax, a big chunk of their loss last period was the intangibles write down, which wouldn't have been included in their taxable income.

I'm going to have to buy more today, this valuation still just doesn't stack up at all - markets just so intently short term focused