This is correct. To clarify even further, the best way to think about this is that a shareholder now owns a bigger share of the company. So even if there isn’t

This is correct. To clarify even further, the best way to think about this is that a shareholder now owns a bigger share of the company. So even if there isn’t growth, the amount of cash flow your share(s) represent has still gone up. (Just wanted to clarify that the benefit is independent of the ticker price subsequently increasing)