Looking at what the new debt profile might look like;FY20 Net...

Looking at what the new debt profile might look like;

FY20 Net Debt/LTM EBITDA is 2.69, with Net Debt at 966.4, so Long Term EBITDA they are using is $359m

I vaguely remember them stating a target Debt/EBITDA ratio, but cant remember where, if they ratio to be 2.0, a bit below the 2.25 that would allow them to pay dividends, we get;

NZ ebitda NZ$65m, so say, A$62m, leaving LTM EBITDA for Vocus minus NZ at A$297m, so net debt to get to ratio of 2.0 would be A$594m, so they would need to get A$372m for NZ, which is an EV/EBITDA of 6, if they couldnt get that for it, i expect they would delay the separation.

A$500m would be an EV/EBITDA of 8, that would be more reasonable.