Hi! Just saw that you made an error in your EV/EBITDA explanation. The market cap only reresents 51% of the EBITDA - instead of 27 you should have 13,5. So when you say that EV/EBITDA is 8, in fact is 16 once the 31% EBITDA margin is relative to group revenue and not parent revenue.
NPATA is the only number they disclose on the 5y plan that is "parent" which is more or less a EBITDA conversion to NPATA of 30%
Hi! Just saw that you made an error in your EV/EBITDA explanation. The market cap only reresents 51% of the EBITDA - instead of 27 you should have 13,5. So when you say that EV/EBITDA is 8, in fact is 16 once the 31% EBITDA margin is relative to group revenue and not parent revenue.
NPATA is the only number they disclose on the 5y plan that is "parent" which is more or less a EBITDA conversion to NPATA of 30%