RE:RE:RE:RE:RE:RE:RE:Capital Allocation Again I agree 100%. I'm thinking, Industrial is easily worth 4G$ (and 5G in a not so depressed AG market). So this leaves Mobility to be worth enough to pay down the long term debt (think about all the assets they hold in the factories), they are worth more then the debt even in a liquidation event. More importantly, I love mobility, its profitable and permits organic growth when needed.
I love insider ownership, however, this doesnt leave room for activists. I like mgr strategy, to deversify out from mobility, even while growing mobility (possible with such a
low dividend). They certainly have advantages they can transfer to acquisition targets. With such a path to growth, in time, we can hope that mobility, while growing, represent, one day, 1/3 of the profits and then, that the company as a whole will be more consistent annually in terms of FCF, and please the market.
I think FCF is an important thing. However, the capacity to generate some is more important then generating it. LNR can generate lots of FCF and they will, but they do in between growth phases. I don't think this please any linear models.