If you remove whatever costs that go up you will obviously create an imaginary EBITDA which will always grow.
ESOP cost is part of employee cost. If the high profile employees did not get ESOP they would not have joined the company and they would not have put the effort to grow sales in the first place.
If you did not acquire companies the growth would have been lower. If you remove the amortization then you should remove the acquired companies sales contribution also.
Most experienced investors will see through this, but this is highly misleading to newbies!
| Subscribe To Our Free Newsletter |
