been digging into the h1 numbers and the margin compression is real, print volumes down across the board wh…by @thuli_dd on $NVS

been digging into the h1 numbers and the margin compression is real, print volumes down across the board which honestly everyone saw coming with digital shift. but what stuck with me is they're actually holding capex steady rather than cutting, suggests management still sees runway in the core business. at R6.02 that's pretty digestible if you believe the restructuring actually lands, but cash conversion got slower which is the bit that worries me more than the headline numbers.