Weak Cash ConversionA sharp decline in operating cash flow and almost negligible free-cash-flow-to-net-income indicate poor cash conversion. This raises reliance on external financing for construction, constrains reinvestment, and increases liquidity and execution risk over multiple quarters.
Residual Leverage RiskWhile leverage has improved, the company still carries notable debt that poses refinancing and interest-rate exposure. Elevated indebtedness can raise fixed financial costs, limit capacity for new launches, and increase vulnerability during tighter credit conditions.
Declining EPSA negative EPS growth rate signals pressure on reported earnings versus the prior period. Persistent EPS decline can reduce retained earnings for reinvestment, weaken investor confidence, and may reflect margin, volume, or cost issues that affect medium-term profitability.