RE:EBITDA C$400mm is ebitda which is pre tax for S and all of S's ebitda is a dividend from moa (save for energas which is small). Ebitda is not cash or available cash...which is why I deducted cash interest, cash taxes and Capex to get free cash flow...fcf is cash
make sense?
and rk why would S use the excess fcf to pay a small dividend, after bonds are retired or amended to remove the rp, when the ev is trading at 1x ebitda? Better to buy the stock back first then at some point pay a dividend.