Believe me, any stress testing on my part is for my own benefit. Call me selfish. But, if anyone else benefits from it, I'm more than happy.
I am grateful that you know the business well. So if you're willing I will keep quizzing you. I repeat, the reason I am here is that I've noticed a number of things that appeal to me about this business, not least, from my preliminary inspection, a very attractive FCF yield.
But you need to understand, I never invest in anything until I have done a good amount of due diligence. I would think that would be the case for any sensible investor.
But I stress, a business can have apparently attractive economic's today, but in a competitive environment, that can decidedly turn very quickly. And I stress again, that can be the case regardless of how attractive the industry growth prospects are. In fact, an industry with very attractive growth prospects can be the worst of all, as it tends to attract many new players.
But I accept that no business is perfect.
So if you'll allow me, I will go on potentially being a pain in the backside. But maybe tomorrow.
(20min delay)