RE:RE:RE:RE:RE:Moody's upgrade to B1Yes that's what I'm saying. We've got no equity.The shareholders equity is $0 or negative. In 2 or 3 years we'll score, when the balance sheet is totaly cleaned up too. They don't need to pay off the LTD, there is no benefit. $3B LTD is ok to carry with $1B FCF yrly. Plus they have the $12B of tax insentive which they're enjoying. So everything is positive. It's nice to see some share buybacks too, to steady the SP. I'd rather see them acquire a company with defense technology and get their defense side going. Divi time is just not there yet. 2 years from now it could jell itself into the equation
Tempo1 wrote: In fact, at dec 31, 2023 the ROE was infinite ( 445$ / 0$=infinite). Strong return, but it is too risky, the debt level is too high, the balance sheet is unbalanced. Balance sheet will change gradually in the next years (after 2024) when the FCF will perform with full swing.
At one point, the debt reimbursment will be less productive than shares buybacks (or div, or reinvestment in M&A) in a share holder perspective.