My first look : There is something for everyoneBulls and bears will have something.
In an operational perspective, it is interesting with growth ahead. Helped by demographics and gegraphy (6 th freedom), AC show a growth strategy that could bring EBITDA almost at 6 B$.
But in a balance sheet perspective it is only CAPEX and CAPEX. FCF will be minimal for 3 years ahead and the debt ratio will stand at 2X; not sure that they wil get the investment grade level.