Lol they are saying the post-ADF business will surpass the FY19...

  1. 609 Posts.
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    Lol they are saying the post-ADF business will surpass the FY19 results (which includes ADF) by FY21. This is unambiguous.

    This should result in a material rerate IMO. Valuation is currently ridiculous. In my assessment FY21 FCF yield will be > 25% if FY21 is higher than FY19 (capex being assumed at 2% of revenue base)
 
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