Interesting to go back to the previous discussions in this...

Interesting to go back to the previous discussions in this thread.
One of the main question previously was to wonder if the large free cash flow of FY 23 was a one off.
In FY 24, Shape further increased its free cash flow, as the EBITDA increase (+ 33 % to 25.9 m$) was fully reflected in the increase of cash flow from operation (+ 27 % to 30 m$).

Cash flow from operation still largely benefits from the negative working capital model, as the change of working capital had a positive impact of 7.4 m$ on the cash flow, both in FY 23 and FY 24.
So, we can still estimate the free cash flow 24 at 16.8 m$, if we exclude the impact of working capital, after taking into account Capex, lease and share based payment.
It corresponds to a free cash flow yield of 12.4 %, which remains quite high.