largest nz private education provider, page-14

Axiomax. Op Cash Flow should be after debt costs and tax. So will in part depend on funding structure.

There will be material amortisatin that will reduce tax which is 28% in NZ.

If i take a stab at $2.5M interest, and tax of say $6m, then Op Cash flow might be $24m or so NZ Dollar.

Pick a multiple that u think is reasonable and that is ur value. IMO multiple 12 to 15 is very reasonable looking at asx peers. Maybe conservative if they maintain growth and as profile increases.