Getting cold feet, page-208

I've had a look at TLS voc tpm and I think tls is in a different category to the other 2. Their issue is the 3 billion hole in ebitda in a couple of years time but it looks like they will be 2 billion cashflow positive for Fy18 so they will be a bit like the us military with cash firepower. The key will be how they spend it.
Tpm and voc look to me like they will need to reinvest all their cash for years to come. Provided they grow the bottom line that's not necessarily a bad thing unless you need dividends.