clear path to $80 million ebtda by 2022/23, page-7

neither broker can get the NPAT figure right for two reasons:

acquired amortization rate is too hard to figure out and is quite high although non cash.

tax rate hard to know as they have substantial tax losses in Australia but pay different tax rates in Europe and US going forward.

a better way of valuing EML is on an EBTDA basis as majority of that will translate to free cash.

for now EML deserves 20x EBTdA compared to global peers at 17x but growing at much slower rates.

in 3-4 years if my scenario plays out then I anticipate that multiple to expand to 25-30x.