"I have higher OPEX $7m taken from half year report and lower...

"I have higher OPEX $7m taken from half year report and lower depreciation number. This obviously affects valuation. Could you please outline where you sourced your figures from?"

Doesn't really impact valuation when one uses P/E multiple or EV/EBIT as the valuation metrics. Personally, my preferred measure is EV/EBIT because it captures the both the cash operating costs (Cost of Sales and Cost of Doing Business) as well as the capital charges (D&A), but avoids the non-operating distortions of Interest Expense and Provisions for Taxation.

But all it means in this particular case is that the D&A number is allocated above the EBITDA line as part of Cost of Doing Business (which is the way that the P&L is struck), whereas I strip it out below the EBITDA line (I prefer to model it like this, because it gives me a cleaner CoDB number)

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