$11m transaction costs

$11m transaction costs were there in latest acquisition. if you add $80mil, thats $91mil in costs excl. the corporate purposes $7m required.

91/15m ebit = 6.06x EBIT

all of GEM's purchases included transaction costs, many made from 2012- early 2014 at 4x EBIT including costs.

AFJ is being very sneaky with this latest transaction and frankly they are paying a bit too much i think.

to grow the SP they would need to buy around 4-5x EBIT including costs not at 6x ebit including costs!!!