so pvh can buy gzl for 7X trailing 12 month ebitda - debt in the...

so pvh can buy gzl for 7X trailing 12 month ebitda - debt in the event of dispute.

Really rough guestimate based on the trading update is that ebitda for the past 12 month will be around $50 mil (the JV is up 50% ebitda YOY). So unless i am missing a step (which I think I am) then ebitda will be $50 mil or so. 7 x gal's share is $175 mil. This is in the event of dispute. I suspect that gzl will be offered more than that.

If we add the $60 mil property to the min (based on my very quick guesstimate) $175 mil, then GZL is worth around $235 mil, around $5.22 per share.

Any thoughts?