Generally an EBITDA multiple is calculated at Enterprise Value...

Generally an EBITDA multiple is calculated at Enterprise Value level, with net debt deducted to arrive at the value of the equity.

FY19 underlying EBITDA was stated at $165.3m, so at an EV of $1.2b this gives a multiple of 7.26. This appears to be an unders offer unless future maintainable EBITDA is lower than last years underlying amount. FY20 half year underlying EBITDA was $98.2m so trend was heading in the opposite direction.