High Absolute DebtDespite ratio improvement, absolute debt (~63.6B TTM) is material for a capital-intensive telecom operator. That exposure raises sensitivity to interest-rate moves, refinancing cycles and funding costs, and can constrain strategic flexibility if cash generation or market dynamics weaken over the medium term.
Cash-Conversion FrictionOperating cash covers well under 100% of EBIT, indicating persistent cash-conversion friction likely from working-capital timing or receivable dynamics. If unresolved, this can make free cash flow less predictable, complicate capex planning and debt servicing during slower revenue periods.
Earnings & Margin VolatilityThe company has recovered from prior losses but exhibits notable year-to-year swings and margin volatility. Such variability increases execution and forecasting risk, suggests sensitivity to non-recurring items or industry shifts, and can complicate long-term planning for investors and management.