Run with me for a second. If you don't know who Go-Ahead are, don't look them up, and let me take you on a tour of the company.
We'll start with the financials. Here is a cash flow profile of the company over the last ten years. The gold bar shows operating cash flow - cash coming into the company in the course of ordinary business. The grey bar shows investing cash flow - cash they've invested in growing the business, or at least maintaining the asset base. The black line shows the summation of the two, namely the cash profitability of the business before we start talking about capital structure issues (like interest and dividends):(more…)