RE: RE: Adjusted EPS Ahh yeah good points. My accounting courses are far.
I got my hand on the RBC research report dated march 1, 2012:
''We rate atb sector perform for the following reasons: free cashflow from the current portfolio yields 5%, in the low to mid-range of our coverage universe, however, capex to improve corporate infrastructure looks to be on the rise. Wobenzym will still take time to regain lost ground. Long term prospects look solid, but visibility in the near-term remains low.''
Target = 13$, implies 6.8x F2013E EBITDA (using prior year net debt), in line with atb's current trading multiple of 7.2x F2012E EBITDA. Low earnings visibility contributed to cheap valuation, atb at 7x 2012 PE vs peer group range of 18x to 20x PE and 11x to 13x EBITDA.