Good points and a good post.
It was only me who did not read the notes regarding depreciation and amortization. Don't think anyone else raised this issue.
With EV multiple, I usually don't use this method to value a company. Correct me if I am wrong but does this not take into account the cost of debt, I.e. Interest. So naturally a lower EV multiple is more realistic to compensate for this, as the multiple consists of both equity and debt.
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