Certainly interesting trying to pick EBITDA from underlying EBITDA. And on top of that how the market will value the two. I think erring on the side of caution (as per benj calcs) is the right way to go. however, after the last few trading days it appears the market may be coming around to the longer term underlying EBITDA argument. Either that or the market is happy to put a higher multiple on earnings. Either way, we may finally be seeing a rerate (never speak too soon with MBE). I'm happy taking the long term view and picking up a few more on any dips. Management have me convinced they are heading in the right direction, and I trust their one-offs are completely necessary to increase the long term value.
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Certainly interesting trying to pick EBITDA from underlying...
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