With little due respect HT maturity is entirely relevant as by...

With little due respect HT maturity is entirely relevant as by the time the debt falls due the equation has altered because there is more wood grown to maturity, therefore there is more for sale. Plus the other lines of the coy such as the pharma are much more likely too have passed into Phase 3 or beyond.

To use another analogy when a a young couple buy a house they have much more debt than equity however by the time the loan falls due they have repaid the loan and THEN have more equity than debt.

Your continual harping on the debt equity position takes no account of the time factor -

All IMO and DYOR of course