Ann: MFD CY2020 Earnings Guidance, page-45

true, apologies, the fact that the fcf had nearly doubled compared to my original thesis should have rung an alarm bell or three in my head.

2019 obviously cleaner. Maybe I’m being too optimistic but the ‘wage and operational cost synergies’ of 2020 ‘being retained’ as well as the reduction in debt and the price rises being flagged should result in an improvement compared to 2019 (given occupancy is already back to 2019 levels).

so maybe 5mil - 1mil for ppe, should equate to fcf of 12%. Obviously those assumption will be where the investors money is made or lost in the next few months...