RE:RE:RE:RE:RE:RE:Nice Do a three statement model and make your revenue growth flat at 0%. Their FCF is still enough to service all their debt instruments.
With a sensitivity scenario test, put in negative growth rates for revenue, my model still shows enough FCF before financing to pay down more than enough debt.
In the base case where theres no substantial revenue growth and actual results become shy of their excellent guidance, it is still trading at an EXTREMELY undervalued share price relative to it's peers. You don't need to use NTM multiples, just use TTM EBITDA multiples and valuation is still way too low.