RE:2022 net income help please Hi Captain, I would personally use cash flow before changes in working capital or adjusted ebitda as a proxy rather than net income. Then you need to determine the maintenance capex on both tangible and intangible assets and proceed from there. The reason I'm not fond of the net income approach is that it underestimates the cash flow potential which comes mostly from their intangible non cash expense. These are accounting gimmicks used mostly to reduce the taxes payable which is why cash flow is much more meaningful than net income.
If you're interested, I have provided an alternative cash flow analysis on a company which uses the free cash flow to firm calculation. You can apply the same sort of reasoning with Sangoma.
I Hope this helps
https://stockhouse.com/companies/bullboard?symbol=t.dcm&postid=33638234