I did similar analysis to you winner, I accounted for every dollar in and out over 13 years from cash flow statements and made sure they roughly compared to earnings. I used earnings in my post above but it was really done on free cash flows over and above what was needed to be reinvested in the business.
If you did same chart for Synlait it looks completely different ...many years of cash burn
But punters seem happy to look through that
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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