Caledonia rallies clients with 18-page essay amid underperformance - The Australian Financial Review

There’s a hot new publication out of Will Vicars and Mike Messara’s investment firm.

More akin to sell-side analysts notes, it makes free cash flow (measured as EBITDA less capital expenditure, interest and tax) forecasts for its core longs into 2025, without going too much into port… [+1773 chars]

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