Ann: Acquisition of Trees Adventure, Launches $55m Equity Raise, page-5

The ratio of earnings from the acq to earnings from EXP is very high, but it seems like TA will have less upside once international tourism restarts, as it is more domestically focused.
Only getting pre AASB16 PF EBITDA is very lean for information, even with the lease details provided on pg 17. Maybe the EBIT figures look bad and expensive?

How quickly do the capital items that are sitting in a forest degrade and how quickly does it need to be depreciated?

Not enough information IMO - not that that is unusual for acquisition details on the ASX!

I flogged my EXP last week - hope it doesn't gap up now ;-)