dose sales - sensitivity analysis, page-3

Ahh if only calculating the value of a business could be this simple.

10% dose sales growth =/= 10% earnings growth.

The beauty of the whole investment case for sirtex is built upon the fact that 10% revenue growth correlates to much higher rates of EBITDA growth as the fixed cost base becomes a smaller and smaller % of revenue.

The current issue is given the increased investment in the business its hard to know what this fixed cost base will look like going forward.