The analysis is wrong. You are trying to value BIN on an...

The analysis is wrong. You are trying to value BIN on an enterprise basis (i.e. the value of debt AND equity). You've added the debt to enterprise value to derive equity value, whereas you should be subtracting it. For example, for the low point an EV/EBITDA multiple of 5.0x FY20e EBITDA of $1193m is $596.7m, as per your spreadsheet. But then you have added $218.3m of net debt to get an equity valuation of $814.9m. You should be subtracting the net debt to get an equity valuation of $378.4m. Divide this by the number of shares on issue of 585.2m and this implies a value per share of $0.65. At $1.25 per share. this implies BIN is trading at an EV/EBITDA multiple of 8.0x FY20e earnings. This may still be cheap, just not as cheap as that spreadsheet suggests.