PE case study help: FCF conversion %

What is a good level of FCF conversion?Been asked to assess the FCF generation in the target company for a PE case study. It's in an industry i have no idea about, FCF conversion is 70%.Don't really have an idea of what to analyse, I was thinking the below:- FCF % (FCF/ebitda) historical and projected growth rates- Any other ideas would be greatly appreciated.

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