A2M Strategic Valuation, page-24

So comparing Bell Potters notes with A2M historicals:

An EBITDA of $300m would place it roughly between FY18 ($260 EBITDA) and FY19 ($397 EBITDA).

Through their 'pathway' to $445m EBITDA would equate to half way mark between FY 19 ($397 EBITDA) and FY 20 ($515 EBITDA).

If they can execute properly and hit the longer term forecast of $560m EBITDA, then this would represent FY20 results plus 10%.

However one must note that going forward D&A will be much higher than historically. Therefore we cannot make a direct translation of historical NPAT to EBITDA. ie the % NPAT compared to EBITDA will drop in the future as D&A rises.