mfs...ann out..market update nc, page-8

kop1000 you are full of s hit

FLT's current market cap is $2.36bn. net debt at 30/06/07 was -90.2m, so EV = $2.27bn

FLT's EBITDA excluding abnormals was $175m in FY07. Assume it grows by 15% in FY08, gives FY08 EBITDA = $201.3m

so FLT's EV / EBITDA for FY08 is 11.3x , and that's after the share price has fallen from above $30 to $23

so giving Stella a very reasonable 10x FY08 EBITDA sale price, gives EV for Stella of $2.2bn based on $220m FY08 EBITDA forecast.

based on CVC's previous offer price of $1.6bn, that values Stella at 7.3x FY08 EBITDA, which would be half what FLT was trading at when it's sp was $32.