@LightForce, Thanks for the response. I don't buy into the...

@LightForce,

Thanks for the response.

I don't buy into the argument of "investors will switch from growth to value stocks in a high interest rate environment", because that already happened to a large extend around the middle of 2022.

(Unless, of course, interest rates are going to make another step function upwards leap which the market isn't expecting, but I very much doubt that will be the case because most economies are slowing down a lot already.)

But I do see the investment thesis of the equity value filling the space which gets rapidly vacated by the reduction in the debt, in the context of the Enterprise Value.

It's on this basis that I have started buying the stock.... with the caveat that I'm sensitised to the risks of the board doing dumb things with the surplus capital being generated by the business (they can continue buying back shares until the cows come home, as far as I'm concerned.)

.