Huon traded at ~20x EV/EBITDA when you normalised their terrible Covid period (actual transaction was ~40x). At the time, Grant Thornton did a valuation of aquaculture companies, and Tassal was widely the cheapest - despite having one of the best growth profiles across the sector.
Note this is slightly dated. But essentially, trading at 10x EBITDA today is around ~40% discount to what other valuations are.
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