Hey @Asymmetric,Here are the two relevant screenshots from 2022...

Hey @Asymmetric,

Here are the two relevant screenshots from 2022 and 2021. In my post above, I've looked at ENA Australia on a standalone basis (the $1.4m of EBITDA in 2022). You are correct in that the EBITDA of ENA inclusive of head office costs will be lower. However, from a valuation basis, I view it as the value on offer to an acquirer (which is the likely end-game of ENA), and an acquirer would strip out all head office costs on consolidation. Moreover, at the pace ENA Australia is growing, by the end of FY23, it is likely that EBITDA will be well above $1.4m even at an overall group level.

Hope that helps,