Thanks for the feedback ashleywd. I am using a 'cash' EBITDA as...

Thanks for the feedback ashleywd. I am using a 'cash' EBITDA as my reference for EPS, then subtracting likely D&A, interest and tax.

I don't believe Reported NPAT is an especially useful numerator for valuation metrics as accounting standards require TFC to report non-cash increases in plantation value as revenue. Maybe the bond holders like it as it increases NTA, but it doesn't help pay for that +$25m interest expense each year.

The interim result should be coming out on 26 Feb, so we will see what happens.