FY20 revenue and earnings estimates, page-13

The marketing spend could almost be counted as investment and added to the intangible assets (or goodwill).

People seem to be missing the point that the a2mc is targeting a much higher growth rate. If the brokers estimated $1500m revenue for next year, EBITDA at 32% would be $480. But if the a2mc can achieve $1700 revenue for next year and EBITDA is 28%, we still get around $480m of EBITDA. But we would at the same time be building a brand.

Its a simple matter of would we rather have higher profits or more revenue (i.e. increased market share) and as a long term holder I would always vote for increased market share. Once they develop themselves as a well established brand in the coming years, they could lower the advertisement spend and still retain that market share, so the EBITDA ratios will go back up.

Provided the marketing spend is highly targeted (from what I can gather the a2mc has hired consultants to advice them on where to focus their advertisment and how well it has worked so far), the more we spend on advertising the better.