HUM Daily Price Movement/ Valuations, page-265

hum can't do buy back, they need the money to grow their new markets: UK and Canada.

Look at humm shares on issue over the years, the whole problem before was they didn't do capital raises early enough when the share price was much much higher.

humm shares on issue:
2015: 304
2016: 372
2019: 394
2021: 435

basically humm, whenever either the market, or because of company specific issues, has raised capital at suppressed prices.

a) No i don't want buy back, only to raise capital at distressed share prices
b) No I don't want debt at head office level, since this debt at head office level in previous years got themselves into trouble.

Basically I just don't want any more capital raises.

One reason why I think the market is so suspicious of hum is that they frequently raise capital. Market suspicious, I am suspicious.