@suddsy1919 D&A last year was $1.7m. So $9m of EBITDA next year becomes maybe $7.7m of EBIT and around $6m of NPAT (depending on tax offsets).
In FY17 they had $0.8m of D&A and a tax benefit (rather than an expense) so $8.8m of EBITDA was $8m of EBIT but $9m of NPAT so your point is well made.
In terms of price targets $3 in 2017 is probably more like $2 in 2025 for a comperable level of EBITDA.
As an aside does anyone know why ADA pays tax when they have $36m of accumulated losses?
Ann: Appendix 4D and Half Year Report for period ended 31 Dec 23, page-13
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