RE:RE:RE:A Balanced View of Concordia's ValueAdjusted net earnings would be after interest deductions same as EBITDA it seems. Extraordary expenses not part of normal operations would not be deducted such as acquisition costs maybe but those were made in 2015. If we deduct $250 million interest from $610 million EBITDA leaving $360 adjusted net income.
jamesb14 wrote: adamchess wrote: Company guidance is adjusted net income of $330 million to $355 million - should that not be at least equal to cash flow? If so, it makes significant difference to fair value from what you say. I think more like $65 USD plus bonus for future growth projections. GLTA longs
Cash Flow would be less than adjusted earnings because interest payments affect cash. Concordia excludes interest from adjusted earnings which is very misleading when they have $3.3 billion in debt.