EBITDA

TPG EBITDA

TPG ex IIN 14 ~ 484.5m EBITDA
TPG ex IIN 15 ~ 544m EBITDA
TPG ex IIN 16 ~ 600m EBITDA

IIN 14 ~ 200m EBITDA
IIN 15 ~ 250m EBITDA
IIN 16 with synergies ~ 300m EBITDA (conservative - look at AAPT synergies)

VODA TPG 16 EBITDA ~ 80m

16
TPG + IIN + VODA = 980m EBITDA

So TPG trades on a 9-10x EV/EBITDA multiple in 18 months. This is cheap as it flows down to 15-18x P/E