I thought
@Jimmy_C broke it down pretty clearly and better than I could demonstrate, but I’ll give it a go for you.
As per guidance, pmp net debt is stable at the end of this fy. If they are buying a printer for 20mil (20 = a), it means they will have paid off 20mil of debt to end at the same point.
Now if we assume interest payments are about 6 mil, and business as usual capex at about 5mil with another 9mil allowance for restructuring costs, (another 20mil total = b)
Because net debt is staying stable and there aren’t any dividends or buybacks then a + b = ebitda (c)
So unless b is a lot higher than 20, from the above we can assume ebitda is 40.
Personally I think there under promising, but that my assumption and goes against the guidance. Having said that at current valuations they certainly don’t need to over deliver, they just need to stabilise
(20min delay)