hi pCap, been reading your post with regards to potential PE play on TRS.
First of all, I found them quite interesting. Thank you for all your contributions in the TRS threads.
As a self-learned investor curious to know more, can you elaborate how can a PE buyer lever TRS to 3x Debt/EBITDA on a lease adjusted basis and get A$130m in additional debt? If the lease adjusted basis is used, I would have thought the amount of additional debt a PE firm can take would be much less? That is assuming they implemented AASB16 on leases starting 1 July 2018.
I have to admit, there is a lot of things I need to learn still.
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