Maybe but EV uses the market cap as part of it's calculation for calculate a revised market cap, in any case, A2M has no debt to speak of according to their FR so I don't think it will make much different to the EV of either company which will obviously be substantially different. I just don't see the reason for trying to compare the EV to two vastly different companies.
News: BAL Bellamy's Australia Expects Additional One-Off Inventory Write-Down In H1, page-179
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