my notes $SPMD $DEXO $YLO non crisis pricing
yellow pages non-crisis pricing. tldr; EV/EBITDA should at least be 3.5x
december 2009 spmd 856 EBITDA 2600 net debt $40/share 15.67M shares EV/EBITDA = 3.76 debt/ebitda = 3.0
Dexo 2009 ebitda 1151 net debt $2888 $30/share 50.81M shares EV/EBITDA = 3.83 debt/ebitda = 2.5
yellow media december 2010 price $6 shares outstanding 516M net debt $2152 EBITDA 898.8M EV/EBITDA = 5.83 debt/ebitda = 2.39
debt/ebitda for spmd/dexo merger is 3.0x. implies non-crisis market value should be 0.5x ebitda, but also that the debt shouldn't be trading at a discount anymore.
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