"Są na minusie 2 miliardy rocznie. To jest dywidenda, a biznes nie jest zrównoważony." "They are in the red 2 billion per year. That's the dividend and the business is not sustainable."

… Capital expenditure, 4.5 billion per year. This is what they have to invest to keep things afloat. Cash acquisitions, look again. A few billion now lately. When you add this and this, exactly what is left is 6 and 1/2 of free cash flows. They're doing 1 billion on buybacks, 7 billion, so 8.7. They are in the red 2 billion per year. That's the dividend and the business is not sustainable. However, let's make a valuation to see at what price even a declining non-sustainable situation is worth it. Because if you look at the dividend, if they keep on growing at 7%, that should be also the return. But the market is thinking differently. What's priced in? So, I have added it to our value intrinsic value template. You can download this o …