So you are saying the same level of capex will be there in future years and they won't generate free cash flow?
Who are their major competitors?
How has their market share changed since 2005?
Revenue is up every year since 2007. Why do you say it has not increased? Income has been shriking, but they throw off a lot of operating cash flow higher than net income. They take a lot of depreciation, as you would expect.