If half-on-half EBITDA is increased by a factor of 2.3 times, it certainly doesn't follow that NPAT increases by the same factor - which is what you seem to have done in deriving your $464m (1H NPAT = $202m x 2.3).
NPAT is a far smaller base than EBITDA, so it's multiplicand is a lot greater than 2.3x.
If you derived full-year NPAT from first principles, based on the guidance, you'll find JH2024 NPAT will be more like 3.3 times DH2023 NPAT)
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SHL Price at posting:
$29.37 Sentiment: None Disclosure: Not Held
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