RE:Seems Quite Easy To Understand - NO DIVIDEND CUT 💰 Targets (from annual reports and news releases over the past year)
Leverage ratio 3.4-3.6 debt/ebitda (40B/3.5 = 11.4B)
Div = 75% of FCF (4B/.75 = 5.3B FCF)
Ebitda of 11.4B means opex needs to shrink to 12.5B if Rev is at 24B
FCF of 5.3B means capex needs to shrink to under 4B if ebitda goes up 1.5 B
Again it all comes down to driving down opex and capex.