Brokers like to use Ebitda as evaluation model. But I focus on...

Brokers like to use Ebitda as evaluation model. But I focus on net profit after tax and operating cash flow. Nuix's npat (fy18 to fy21f) is positive correlation with operating cash flow. And also npat is lower than operating cash flow. It is called net income quality. I found nuix is hidden its net profit from its P&L. We check Capital Expenditure - intangible assets is (fy21f 44.7million). It is too high. It is non-cash expense like depreciation. If you want to increase your net income, you can decrease your non-cash expenses. I learned accounting in my university. If nuix wants to do increase its net profit, it could decrease its intangible assets (it is lawable and reasonable). But nuix didn't, if nuix is willing to hide its net profit, it illustrated its share price is undervalued. (everyone can reread nuix ipo nuix historical and forecast cash flow)