PGA photon group limited

true value??, page-9

  1. 180 Posts.
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    P/E multiples are not a good indicator of value in PGA's case because it does not take any account of the contingent liabilities that are the tranche 3 earnouts. These do not have interest payments, so don't get reflected in earnings, but do substantially impact on value. EV/EBITDA is much more useful.
 
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