I think the figure is wrong. Macquarie Media is not fully owned too.
280 + 274 - 50 (outsider share of domain) - 14 (outside share of Macquarie Media) = 490 mil EBITDA
About 4-5 times of EBITDA. That's comparable SWM. But if they can realise the cost synergy and cross promotion opportunity. It is much more attractive than SWM imho
The wild card is really Stan. Every one mill subscriber incremental growth almost equate to 100 mil EBITDA (provide no blowout in cost or fix cost) and therefore 500 mil market cap value (based on current valuation).
Ann: Change in substantial holding, page-17
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