How did you arrive at <7x EV/EBITDA? I had the following (happy to be corrected if you see an issue).
End of the day the company does have a lot of debt and margin pressure (input costs rising) in a low margin business. Having said that was pretty close to jumping on board today
EBITDA - 237m (this is ex the 23m of significant items - perhaps a better figure would include which would give 214m)
MC - 1140m
Cash Eq - 440m (I've included cash/inventories and trade receivables - probably should just be cash here strictly speaking which would raise the EV/EBITDA )
Debt - 1267m
EV = 1967m
EV/EBITDA = 8.3
Ann: Resignation of CEO & Managing Director, page-37
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