Ann: Isentia AGM Chairman and CEO Addresses and Trading Update, page-62

I actually use EBITDA minus interest, tax, capex and intangible spending to derive at my own Owner Earnings (OE) which actually came to $31m for FY16. The reason I do this is because many software companies capitalise some or most research and development costs. To ISD's credit ISD doesn't. Check out the cashflow of new PE float bravura (BVS) and you can see a good amount of R&D in the statement of cashflow and thus inflating their earnings. Amortisation is not a cash expense so the PE ratio of ISD appears high when you compare it to peers. My back of envelope adjusted P/OE is around 15-17 times which I think compares better to P/E of other companies.