Ann: YBR - FY 2022 Investor Presentation, page-4

Problem with YBR is the definition of what can be ascribed as EBITDA and not all industries use this method of valuation. Current share price is probably reflective of an EBITDA multiple though. P/E multiples for financial stocks more realistic but on paper YBR earnings are negative - loss making so comparing to an AFG which has a multiple of just under 10 currently is difficult. Multiples of net trail are more common in this specific industry though. Challenge for shareholders is that they need an acquisition for this valuation method to bear fruit. IMO