Not sure that the fixed cost claim is quite true. Over the past couple of years, as the company improves efficiencies the EBITDA margin has increased.
In FY 22 the EBITDA margin was 20%. In FY 23 it was 38%.
If we assume 38% EBITDA margin again for FY24 (I think it will be higher than 38%) then we get .38 x $25m rev = $9.5m EBITDA.
Happy for these numbers to be challenged.
Ann: Update - Kobe Auction June 2024, page-16
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