Ann: VTG FY Results Announcement and Presentation, page-12

I had a look back at the 2015 annual report and see that 5 business centers were bought for 8.1m wtih EBITDA of 3.7m (rounded numbers). that is a 2.22x multiple. also the average price paid was 1.64m per center so the sale of three of these (plus vita enterprise solutions) to recover 4.9m during FY21 (and after the feb21 announcement of TLS intent to take over the retail outlets) looks like they are worth similar to what VTG paid for them. So if we trim a bit (say 4m) from the 71m FY21 ICT EBITDA given that the non continuing assets would have had made some contribution we could conservatively say 2.0x 67m = 134m as a valuation.