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2016-04-19 01:12:40 I'm sorry, I'm not ●●●●●●sted buy ●●●●●●●●●●●● ●●●●●● ●●●●●●cy On a ●●●●●●h-the-cycle basis, FCF is both a key ●●●●●●tor of ●●●●●●ial ●●●●●●th and a ●●●●●●e of a ●●●●●●y's ●●●●●●y to ●●●●●● ●●●●●●s of ●●●●●●lity ●●●●●●t ●●●●●●g ●●●●●● ●●●●●●y. P●●●●●●ent ●●●●●●ve flows ●●●●●●●●●●●●y ●●●●●● ●●●●●●ility, for ●●●●●●e by ●●●●●●ting a ●●●●●●y ●●●●●●ng its debt. Our ●●●●●● ●●●●●●st ●●●●●●tes that some ●●●●●●ies have ●●●●●●d the limit of their ●●●●●●y to ●●●●●●se capex while ●●●●●●ing ●●●●●●itive or are ●●●●●● ●●●●●●icant ●●●●●●or ●●●●●●tion to ●●●●●●nd cuts. But in the ●●●●●● term we ●●●●●● FCF to ●●●●●●e as the E●●●●●●n ●●●●●●y ●●●●●● ●●●●●●s to ●●●●●●nable ●●●●●●, and we ●●●●●●e ●●●●●●r cuts to capex and ●●●●●●nds could still be found if ●●●●●●ions ●●●●●●y ●●●●●●●●●●●●. |