Not relevant at all... No covenants linked to Mkt Cap
As a former investment banker, the most critical covenants for a professional services firm are:
- interest coverage (to protect the health of the P&L)
- debtors + wip (against net debt) - (to protect the health of the BS)
A lot of scaremongering going on right now... I feel this is the opportunity of a lifetime
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- Debt is 3 times larger than market cap
Debt is 3 times larger than market cap, page-5
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