Net debt in 2024e excl. leases will be around zero, or possibly even a slight net cash position. Cash on hand was € 180m in Q3. Q4 FCF should be c. € 100m.
Agree with the calculations. Im including leases and non-current note loans here. Excluding both you should be on 0 for Q4 , 100%. They make most of the FCF on Q4.
I am less flexible with regard to non-current note loans than with leases, but I like to operate with a margin of safety in this regard. And even more so with a thesis that is debated at the limit!! Thanks for the comment.
Net debt in 2024e excl. leases will be around zero, or possibly even a slight net cash position. Cash on hand was € 180m in Q3. Q4 FCF should be c. € 100m.
Agree with the calculations. Im including leases and non-current note loans here. Excluding both you should be on 0 for Q4 , 100%. They make most of the FCF on Q4.
I am less flexible with regard to non-current note loans than with leases, but I like to operate with a margin of safety in this regard. And even more so with a thesis that is debated at the limit!! Thanks for the comment.