“Their 2018 and 2019 consensus is negative cash flow in the billions in total”
DUDE, not based on ‘consensus’.
lmao They have a history of missing consensus, even after having to revise their outlook lower. They have missed consensus 5 out of the last 7 quarters. At the beginning of this year, consensus EBITDA for 2018 was $1.8 billion. It’s now $1.4 billion. At the beginning of this year, consensus EBITDA for 2019 was $3.7 billion and is now down to $3.3 billion. So yes, I discount consensus quite a bit - it’ll likely be worse.