Yes gross margins (ie rev minus cogs) I would expect to be at least 20% but I’ve used a very conservative EBIT conversion of 8% to factor in other expenses. They’re two different P&L measures.
With EBIT we get the full earnings before debt and tax so for me it’s good way to not only assess the financials but it also gives a good metric to compare to other companies and it helps derive commonly accepted valuation methods such as EV/EBIT.
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