Hi Jimmy, thanks for the great contributions you have made to...

Hi Jimmy, thanks for the great contributions you have made to the conversations on HC. Just wondering how you came to the 5-6*EBITDA ratio for HSN.

I get around 10 times, with an EV of 630-640 million and FY18 EBITDA of 58 million.

Statement below for EBITDA:

Comparing FY18 to FY17:
• Operating revenue of approximately $230 million represents a 32% increase;
• EBITDA of approximately $58 million represents a 26% increase; and
• Earnings per share (based on net profit excluding the amortisation of acquired intangibles) is expected to be approximately 24% higher.

Still looks attractive to me as the EBITDA to cash conversion is pretty good. All the acquired amortisation also tends to mask actual cash generation when compared to stat earnings.