RE: ANX19 Feb 2024 10:50
Takeover, take-private target perhaps with a clever financing structure?
There is a trade-off between speed of revenue growth (and cash gen) in the next few years vs debt levels. Once Anexo reaches a more steady state (i.e. change in trade receivables closer to flat), the company will start spitting out / generating high cash conversions. The market seems to be overlooking (not giving credit) to the level of cash Anexo is expected to generate with its current asset book. Sure, there is a risk that some trade receivables might not materialise / there might be a write-off. (