How to Frame a Bullish Thesis for a Cyclic Stock

When looking at a cyclical stock like Zim, I would look to go ahead and in a way, normalize the earnings. Instead of just looking at recent earnings, which are very, very volatile, take freight rates over a longer period of time. And basically do a stress test where you ask yourself, okay, you know, how low do the freight rates have to go for ZIM, for ZIM to be at breakeven? How low does it have to gofor ZIM to start burning a significant amount of cash? How high does it has to go forZIM to have,. you know, a decent P-E ratio right there?