Ann: Market Update, page-59

My research suggests Blue Sky Private Equity Limited as responsible entity holds 33% of Beach Burrito.
This was setup in 2012 with a $3.1m raise.

https://www.investsmart.com.au/managed-funds/fund/blue-sky-beach-burrito-company/41444

The remaining 67% is owned by entity Sowerby, Reed and Watson and was done so back in 2006 for a mere $150,000.


That 67% portion is NOT a Blue Sky Fund held so should NOT be AUM recognised nor fee producing for BLA on that %?


This would suggest a business making $2m EBITA (not verified) has a business valuation of some $60m+, for BLA portion to be valued at $20m? It's just not correct.

My best guess on such EBITA valuation is circa $12- 15m as a going concern, putting BLA's AUM (fee producing) holding at $4.95m equivalent, not $20m nor $62m?