You neglect that Australian MNOs operate with an EBITDA margin...

You neglect that Australian MNOs operate with an EBITDA margin of >30%, so despite AYS might not appear to be very profitable, there is very substantial value it unlocks on part of the underlying MNO which is why AYS' subscribers base has a far greater value for an MNO than for ordinary shareholders. So forget about AYS' EBITDA - it's the big share of subscribers and the generated revenue that counts as 30% of the latter can be converted into EBITDA by an MNO. Regardless of whether AYS will soon be taken over by Optus or TPG or not, the new Network Supply Agreement will improve its bottom line substantially changing the wider picture.