controversial valuation, page-11

What a fornicating profanity filter!

If, consistent with their May reaffirmation, UEC makes $17m EBITDA on $55m sales, their EBITDA margin will be 17/55 =30.9%.

As anyone bar IE's should realise, UEC's ratios should not be compared with baggage burdened full service telcos, but with like for like segments.

Not easy to do, but TEL's AAP Business and Internet segment had 9 month $A comparative figures of 71/527 = 13.5%.

Clearly that segment would have great difficulties ever improving to UEC's margin, making a takeover very tempting. A number of others would have similar ideas.