just bear in mind you also have to write off the goodwill...

just bear in mind you also have to write off the goodwill associated with ICT. My calculation is that SHAW accounts for 21m (FY18 11.5+ FY19 5.6+ FY20 3.9) of the 135m "cost" of good will and is likely to remain around that mark so lets say there is around 90m of good will associated with ICT.


In terms of market multiples of EBITDA the two 2020 ICT VTG purchases (Whitsundays and lismore stores) were done at 2.7x.
There were no purchases in FY18&19.
The FY17 year purchases were done at 1.7x
The FY16 and 15 were done at 2.4x and 2.1x.
In total over the 2015-2020 financial years VTG paid 42.3m for 20.3m EBITDA or 2.1x.
if there is an exit clause the TLS can take back the stores at market value then 2.5x is not a bad start as the weighted average over past 5yrs is 2.1x and most recent is 2.7x. this is the key variable in the equation. the good will, franking credits etc are pretty much fixed numbers. perhaps we could look at a worst case, best case, and likely case.