Because at 20 x Historical EBITDA and 12 x Forward EBITDA, it...

Because at 20 x Historical EBITDA and 12 x Forward EBITDA, it aint cheap.

Compare that to :

TPI paid 12.1 x Historical EBITDA and 8 Xx Forward EBITDA for Waste Management NZ
TPI paid 10.2 x Historical EBITDA for Baxter
Brambles Sold Cleanaway Germany for 6.6 x Historical EBITDA
Typical M&A in European Waste management is 7.5 x EBITDA.
I dont have the details for what KKR paid for Cleanaway Australia

The real question is this : if you want exposure in this industry, is TOX the best company to invest in ?