thats fine, but if ebit is $10 to $12 million, then interest ($1 mill) & taxation ($3 - $4mill) should enable a $6 - $8 mill net profit, which in turn would ensure plenty of free cash flow.
my issue is that i dont agree you can assess depreciation as affecting free cash flow.
ebit is a lot different from ebitda
EBIT will be lower than there stated 10 - 12m, page-62
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