BIGGEST RISK
The current spread misses the Band B0 hurdle before costs.
- The current spread misses the Band B0 hurdle before costs.
- Any additional direct cost makes the miss worse.
The current economics do not clear the hurdle. The Switch becomes interesting only if the complete all-in cost falls enough to create the required margin rather than relying on optimistic resale pricing.
BIGGEST RISK
WHAT CHANGES THIS
NEXT FACT: Seek an all-in cost of about $120 or less, then confirm the value case.
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