We expect the group to be debt-free on an S&P Global Ratings-adjusted basis in 2019, providing significant headroom in metrics under the current rating level, which we believe the group might utilize to make significant acquisitions. High free operating cash flows are supported by strong EBITDA conversion and low capital expenditure (capex) requirements, despite negative working capital dynamics. The group annually generates sufficient cash flow to fund its share buybacks and fully repay its issued debt maturing in 2020. ICON has not clearly and publicly articulated its leverage targets. The group could consider significant debt-funded M&A, with leverage potentially spiking up to 3.5x. The current ratings factor in a degree of M&A activity, but do not incorporate credit metrics being
