Not until it makes financial sense to do so. Risk free rate is what, 4.75%? So you WACC is probably somewhere in the 9s-10s for the best companies, and likely

Not until it makes financial sense to do so. Risk free rate is what, 4.75%? So you WACC is probably somewhere in the 9s-10s for the best companies, and likely 15s-17s for middle ones. You cut staff + cut payrolls and your free cash flow growth comes basically almost immediately, whereas actual revenue growth would have so much of the valuation come from the future. Basically, if you have rates above 4%, most growth narratives/projections simply don't make sense.