Somewhat unique business, very uniqe management, page-22

Hmmm.... I think, that despite the hyperbole, the guy has a prescient point....

How does the valuation of a private dentistry practice go from 8x EBITDA (sometimes less in the past!!!) to in excess of 12x EBITDA merely because a publicly listed conglomerate acquires it?

Yep - it is possible if the acquiring entity has a competitive advantage (economies of scale, systems, branding etc.), and it is fed into the acquired entity by association.

BUT - if there is no competitive advantage, then well, the revaluation consequences of mean reversion in the long-run are very severe.

Not a swipe at ONT, just a general comment on companies that, for the most part, grow by acquisition (consolidators).