To compare ratios - need to gross up capital (ie. shareholders + net borrowings). This would increase your trailing EBITDA ratio to ~8 (based on FY18 actual).
My calc above is a forward earnings EBITDA based on processing FY19 guidance numbers.
Can't understand why anyone would want to sell at current SP. In my view management have delivered in FY18 and I'm looking for them to do the same with their consolidation plans for FY19.
Ann: Preliminary Final Report, page-15
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