I think the negative is the poor cash generation of the...

I think the negative is the poor cash generation of the business, which became more apparent with the FY2017 result. The CFO (who comes across as very astute) is tearing his hair out trying to improve operating cash flow, and appeared to be downright annoyed that they can't reign in capex in FY2018. I put it to them that in the absence of asset sales a capital raising is on the cards. They dispute this, but do concede debt will not be reduced in FY2018. Until we see a credible path to debt reduction I can't personally see a share price re-rating, also bearing in mind that underlying earnings are expected to be pretty flat in FY2018 (if all goes well!).