Been holding LHC since the restructure, question mark is whether the operational improvements actually flow…by @julianreins_jse on $LHC

Been holding LHC since the restructure, question mark is whether the operational improvements actually flow through to cash generation or we're just seeing margin management. Last set of numbers showed bed occupancy holding up decently but the real test is how much of that translates when you factor in bad debt and the load-shedding drag on theatre utilization. Could read as a value trap if management doesn't arrest the capex intensity, but if they can stabilize EBITDA margins around 30% and start deleveraging, the dividend story works at these levels.