The EY report is simply unbelievable - a further sorry nail in the coffin of the notion that "independent expert" reports have any use at all other than to justify the view of whoever requisitions them. Clearly this one has been written to meet the demands of the PWK directors who for some still unstated reason are keen to sell us out to TPM at bargain rates.
"Normalising" the earnings at the earnings of the domestic business at this years forecast level - completely ignoring 5 years of 90%+ earnings growth and no expectation of this slowing - and then multiplying this by an earnings multiple applicable to materially lower growth profile entities.
Does anyone else smell something?
The EY report is simply unbelievable - a further sorry nail in...
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