Just wondering if you guys also see their reporting of the effective multiples as a bit cheeky?
They calculate them based on total purchase price i.e. cash + clinic class shares but divided by total EBITDA (including minority interest they do not own). Technically it should be price paid over EBITDA they actually have ownership interest in. This seems to bump up the multiples by approx. 1x and also keen to understand how they value the clinic class shares. Surely they're trying to be a little cute there too i.e. undervalue the shares to make the multiples look smaller than they are.
HLA Price at posting:
92.0¢ Sentiment: None Disclosure: Held
