if you calculate 12 x earnings based on EBITDA you could end up in a sorry state , EBITDA is basic operating revenue , doesn't take into acc. purchase of Land , plant , machinery , interest , host of other expenses , to give you an example a few years ago BSL had a EBITDA of $280 mill with an underlying loss of $89 mill , just calling a spade a spade
Ann: ABR Corporate Presentation - February 2021, page-37
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