What if Zenith signed NOTHING in the next 2 years, page-10

Interesting you use that metric. What I have seen before re leverage is debt / market cap (I think).

I was reading today re EBITDA and finding analysts that say it is not a great metric to focus on. Then I read 'it depends on the company/situation'. Geez! Talk about hedging your bets.

I did read somewhere re Zenith 'interest coverage'. And I think it is 5.1. Which supposedly is OK. PEA I think has much higher coverage. (that is, the cash flow easily, easily pays the interest on debt)

I am not sure WHEN Zenith could get down to your 2 EBITDA/debt. In order to raise EBITDA they need to take on debt. In my scenarios above, it would take at least a couple of years of NO GROWTH to get to what you want. Say EBITDA sits at $30 mill. You need to get debt under $60 mill. That would be 2 or 3 years away I think - even more!