I do not see it so much as overly complicated but more as possibly paying too much for a business unless we are shown a clear path forward
, $18 million pounds (all values in British punds) for a business that has an EBITDA of $1.8M take out D and A and I wonder what the profit is ?
there is 5 m pounds value for the property so removing that value from 18 M = 13M and assuming the company owes no money then 13M is the value of the business (not including the land )
13M for a business generating 1.8M Ebitda isa 7.2 multiplier which seems about twice the value many private business's are bought for on a EBITDA basis of a 3 to 4 multiplier of earnings , however if it was a public company a 10* PE is normally a low multiplier to be bought out for and the business probably has existing contracts and difficult to replicate IP which will synergise with KTG's IP .
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