I own MAH IRL and have done for 3 frustrating years but I am selling out because of the debt position which expands YOY from FY18 as follows: $106m - $166m - $203m - $312m & $413m in FY22.

Yes, but many might argue that eps have also expanded over the same years as follows 1.6c - 2.1c - 3c - 3.5c & 1.3c in FY22.

I just cannot see how they get out of this debt spiral because they just do not generate sufficient FCF when you add in 'repayment of lease liabilities' which is really an expense under the old accounting regime. In fact, I calculate FCF for the last two years as being just $3m in FY21 and -$8m in FY22.

Hardly satisfactory to cover dividends of $13m in each of these years!

Bottom line: all eps gets sucked back into the business on an average ROCE (past 6 years) of just 8% - which is ordinary - whilst they appease shareholders with a lowly div pay out ratio which needs to be borrowed.