Yes I am, but without wanting to bore everybody EBIT is usually a good approximation for, if not the same as, NPAT for early stage biotechs like CGS who carry little interest-bearing debt and pay little, if any, tax because they are carrying forward prior year tax losses. I probably should have pointed out I was using it as a proxy for clarity.
Without going down the valuation methodology rabbit hole, strictly speaking EV/EBIT would be a better ratio to use until they report NPAT (and possibly a better ratio anyway, one I commonly use), but I doubt will be significantly different so was just trying to keep it relatively simple...
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