The company, if it was fully converted to equity (with no debt).
Would be approx $180mil net debt + market cap of $80mil = 260mil EV
32,500 x 2200 x (2.6-1.6) = 71mil EBIT
less admin expenses 3mil
less 30% tax 20.4mil
NPAT 47.6mil
NPAT/ EV = 18% after tax return.
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