In my analysis, I focus solely on the distillery biz because that is the primary growth and valuation driver. The sugar biz will have some additional residual value but I ignore that.
So, the distillery biz has EBITDA margin of ~18%.
Just look at the segmental result which gives you EBIT.
To that, add depreciation (divide total depreciation in proportion of asset of each segment to get an estimated depreciation for segments ).
So that is how I got EBITDA
EBITDA margin would be (distillery EBITDA / distillery Revenue)
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