Light force,
Nothing wrong with the company using EBITDA, it's the industry norm to do so.
Something MUST be wrong with your model IMHO if it is giving a lower NPV with accelerated depreciation. Maybe you have a negative sign where a positive should be in one of your formula?
EL
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- arrowhead report $6.03 - $17.95 valuation
arrowhead report $6.03 - $17.95 valuation, page-20
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