Let's Get this Drinks Party Started!, page-23

"Once the euphoria fades and the hangover sets in expect $5."

Interesting take.

Not sure where the euphoria, about which you speak, is to be seen, but $5 a share equates to a Market Cap of less than $9bn and and EV of a little over $10bn.

For a business generating more than $950m in EBITDA and around $750m in EBIT

So that's around 13.5x EV/EBIT and 10.5x EV/EBITDA.

For a business which is almost certainly in the top single percentile of listed Australian companies in terms of commercial moats and earnings resilience.

I'd argue that, quality-wise, this company is on a par with the likes of Bunnings.

If Bunnings was a listed company, do you think the market will pay only a little over 10x for Bunnings' EBITDA?

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